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Prepare the journal entries under periodic inventory system

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Reference no: EM132977662

Question - Worried Co. had the following transactions during the period:

a) Purchased goods worth 50,000 on accounts. Freight of 4,000 was paid on the shipment

b) Returned damaged goods, costing 5,000, to the supplier

c) Sold goods costing 30,000 for 90,000 on account.

d) Received goods with sale price of 6,000 and cost of 2,000 from customers

Requirement - Prepare the journal entries under

a) Perpetual inventory system

b) Periodic inventory system

Reference no: EM132977662

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