Kangaroo Jim Company reported beginning inventory of 140 units at a per unit cos

Question

Kangaroo Jim Company reported beginning inventory of 140 units at a per unit cost of $15. It had the following purchase and sales transactions during the year:

Record each transaction, assuming that Kangaroo Jim Company uses a PERIODIC inventory system.

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This is what I am confused on:

Kangaroo Jim Company reported beginning inventory of 140 units at a per unit cost of $15. It had the following purchase and sales transactions during the year:

No Date General Journal Debit Credit Jan. 14Accounts Receivable 2,100 Sales Revenue 2,100 2 Jan. 14 Cost of Goods Sold 900 Inventory 900 3 Apr. 9 Inventory 750 Accounts Pavable 750 4 Sept. 2Accounts Receivable 3,200 Sales Revenue 3,200 Sept. 2 No Journal Entry Required

Explanation / Answer

Journal Entries: Date General Journal Debit Credit 31-Dec Cost of Good sold Account Dr. 2850      Inventory Account (140*15) 2100      Purchases Account (50*15) 750 31-Dec Inventory Account Dr. (50*150) 750      Cost of Goods sold 750

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