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Journalize the september transactions

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Question - Blue Spruce Ltd. had beginning inventory of 55 units that cost $ 103 each. During September, the company purchased 205 units on account at $ 103 each, returned 8 units for credit, and sold 150 units at $ 200 each on account.

Journalize the September transactions, assuming that Blue Spruce Ltd. uses a perpetual inventory system.

Journalize the September transactions, assuming that Blue Spruce Ltd. uses a periodic inventory system.

Assume that Blue Spruce Ltd. uses a periodic system and prepares financial statements at the end of each month. An inventory count determines that there are 102 units of inventory remaining at September 30. Prepare the adjusting entry that is needed at September 30 to report cost of goods sold.

Reference no: EM133066239

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