Solution-Prepare entries in general journal form

Prepare entries in general journal form

Assignment Help Financial Accounting

Reference no: EM133206289

Problem:

Caliente products uses a perpetual inventory system. On January 1 the Inventory account had a balance of $93,500. During the first few days of January the following transactions occurred:

Jan. 2 Purchased merchandise on credit from Bell Company for $12,500.

Jan. 3 Sold merchandise for cash, $9,000. The cost of this merchandise was $6,300.

Instruction:

a) Prepare entries in general journal form to record the above transactions.

b) What was the balance of the Inventory account at the close of business January 3?

Reference no: EM133206289

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Prepare entries in general journal form

Reference no: EM133206289

Reference no: EM133206289

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