On September 1, Hendricks Supply had an inventory of 18 backpacks at a cost of $20 each. The...
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On September 1, Hendricks Supply had an inventory of 18 backpacks at a cost of $20 each. The company uses a periodic inventory system. During September, the following transactions and events occurred:
| Sept. | 4 | Purchased 50 backpacks at $20 each from Neufeld, terms 2/10, n/30. |
| 6 | Received credit of $100 for the return of 5 backpacks purchased on Sept. 4 that were defective. | |
| 9 | Sold 30 backpacks for $30 each to Brewer Books, terms 2/10, n/30. | |
| 13 | Sold 10 backpacks for $30 each to Stoner Office Supply, terms n/30. | |
| 14 | Paid Neufeld in full, less discount. |
Journalize the September transactions for Hendricks Supply.
Journalize Inventory Transactions Under a Periodic Inventory System
Firms maintaining inventories under a periodic inventory system record all purchases of inventories to a 'purchases' account, a temporary account which is closed out at the end of the period or the year when the inventory is physically counted and valued, and the value of that ending inventory is journalized and recorded on the books. Returns and purchase discounts are also recorded as part of the purchases account as they occur during the period.
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View this answerJournalize the September transactions for Hendricks Supply.
| Sept. | 4 | Purchased 50 backpacks at $20 each from Neufeld, terms 2/10, n/30. |
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