Prepare general journal entries

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Reference no: EM13753483

Merry land's had inventory balance $32 570 at close of accounting period. the following sales & purchases are for current period.

(1) purchased goods on account for $27 190 (2) returned part of the above purchase that had an original purchase price of $1590 (3) paid for the balance of the purchase in time to receive discount of 2% of the purchase price (4) sold goods costing $24 900 for $49 820. cash of $23 000 was received, with the balance due on account. (5) goods sold on credit for $2020 (cost $1010) were returned required:

(a) Prepare general journal entries (ignoring GST) assuming: 1. a periodic inventory system is used 2. a perpetual inventory system is used.

(b) Same as for requirement (a) except that GST is to be added to the figures where appropriate.

(c) Suppose that a physical count of the inventory at the end of the current period shows inventory of $30 000 to be on hand. Present the entries (if any) required under each inventory system to adjust for any discrepancy.

(d) Comment on which system would best disclose any discrepancy.

Reference no: EM13753483

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