Asked by Brianna Austin on May 09, 2024
Verified
Marshall Supplies is a janitorial supply store that uses perpetual inventory. Journalize the following transactions:July 4Marshall purchases inventory for sale from Tidy Wholesalers for $8,500 with terms 1/10, n/30.5Marshall pays Express Transfer $45 for freight on the July 4 order.7Marshall buys an additional $11,985 in inventory from Tidy Wholesalers with terms 1/10, n/30.13Marshall pays Tidy Wholesalers the balance due on both invoices.??? Journal Date Description Post. Ref. Debit Credit \textbf { Journal } \\\begin{array} { | c | c | c | c | c | } \hline \textbf { Date } & \textbf { Description } & \begin{array} { c } \textbf { Post. } \\\textbf { Ref. }\end{array} & \textbf { Debit } & \textbf { Credit } \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline\end{array} Journal Date Description Post. Ref. Debit Credit ?
Perpetual Inventory System
An inventory management system where updates are made continuously as transactions occur, keeping a real-time track of inventory levels.
Freight Charges
Costs associated with the transportation of goods, typically paid by the shipper to the carrier.
Inventory Purchase
The acquisition of goods and materials that a company holds for the purpose of resale or production.
- Develop the ability to log transactions in both the periodic and perpetual inventory systems.
- Familiarize yourself with the process and ramifications of entering sales and purchase transactions in journals, including aspects of sales tax and service charges.
Verified Answer
JE
Jesse EbingerMay 13, 2024
Final Answer :
?? Journal Date Description Post. Ref. Debit Credit July 4 Merchandise Inventory 8,415.00 A/P-Tidy Wholesalers 8,415.005 Merchandise Inventory 45.00 Cash 45.007 Merchandise Inventory 11,865.15 A/P-Tidy Wholesalers 11,865.1513 A/P-Tidy Wholesalers 20,280.15 Cash 20,280.15\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\textbf { Journal } \\\begin{array}{|c|c|c|c|c|}\hline \text { Date } & \text { Description } & \begin{array}{l}\text { Post. } \\\text { Ref. }\end{array} & \text { Debit } & \text { Credit } \\\hline \text { July } 4 & \text { Merchandise Inventory } & & 8,415.00 & \\\hline & \text { A/P-Tidy Wholesalers } & & & 8,415.00 \\\hline 5& \text { Merchandise Inventory } & & 45.00 & \\\hline & \text { Cash } & & & 45.00 \\\hline 7 & \text { Merchandise Inventory } & & 11,865.15 & \\\hline & \text { A/P-Tidy Wholesalers } & & & 11,865.15 \\\hline 13 & \text { A/P-Tidy Wholesalers } & & 20,280.15 & \\\hline & \text { Cash } & & & 20,280.15 \\\hline\end{array} Journal Date July 45713 Description Merchandise Inventory A/P-Tidy Wholesalers Merchandise Inventory Cash Merchandise Inventory A/P-Tidy Wholesalers A/P-Tidy Wholesalers Cash Post. Ref. Debit 8,415.0045.0011,865.1520,280.15 Credit 8,415.0045.0011,865.1520,280.15
Learning Objectives
- Develop the ability to log transactions in both the periodic and perpetual inventory systems.
- Familiarize yourself with the process and ramifications of entering sales and purchase transactions in journals, including aspects of sales tax and service charges.