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Record the period-end adjusting entry to cost of goods sold

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Question - DS Unlimited has the following transactions during August.

August 6 Purchases 74 handheld game devices on account from GameGirl, Incorporated, for $220 each, terms 3/10, n/60.

August 7 Pays $420 to Sure Shipping for freight charges associated with the August 6 purchase.

August 10 Returns to GameGirl four game devices that were defective.

August 14 Pays the full amount due to GameGirl.

August 23 Sells 54 game devices purchased on August 6 for $240 each to customers on account. The total cost of the 54 game devices sold is $11, 848.00.

Required -

1. Record the transactions of DS Unlimited, assuming the company uses a periodic inventory system.

2. Record the period-end adjusting entry to cost of goods sold on August 31, assuming the company has no beginning inventory and ending inventory has a cost of $3,510.

Reference no: EM133135049

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