What was the balance of the inventory account

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Reference no: EM132846906

Question - Concord Products uses a perpetual inventory system. On January 1 the Inventory account had a balance of $84,500. During the first few days of January the following transactions occurred:

Jan. 2 Purchased merchandise on credit from Smith Company for $9,200.

Jan. 3 Sold merchandise for cash, $22,000. The cost of this merchandise was $14,300

Required -

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: EM132846906

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