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Q. Illustrate perpetual inventory procedure?
Data from Exhibit serves like the basis for some of the entries. You would debit the Merchandise Inventory account to record the enhance in the asset due to purchase costs and transportation-in costs. You would credit Merchandise Inventory to record reduces in the asset brought about by purchase discounts, purchase returns and allowances and cost of goods sold to customers. The balance in the account is the cost of the inventory that must be on hand at any date and this entry records the purchase of 10 units on March 2 in Exhibit.
You would as well record the 10 units sold on the perpetual inventory record in Exhibit. Perpetual inventory procedure needs two journal entries for each sale. One entry is at selling price a debit to Accounts Receivable (or Cash) as well as a credit to Sales. The other entry is at cost a debit to Cost of Goods Sold as well as a credit to Merchandise Inventory. Assume that the 10 units sold on March 10 in Exhibit had a retail price of USD 13 each you would record the following entries.
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What is articulation
A bond sinking fund investment is started on January 5, 2010, by transferring $10,000 in cash to the fund. This $10,000 is invested and earns $1,100 during 2010. The entry to rec
does immaterial items have to be recorded
i dont get how it is done
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