3. Assume Webster Company buys bicycle helmets at a unit cost of $30 and sells t

Question

3. Assume Webster Company buys bicycle helmets at a unit cost of $30 and sells them at a unit price of $52. There was no inventory at the beginning of the period. Required Provide the joumal entries required below by entering the account code of the appropriate account and the amount for each debit and credit: Account Name Account Code Inventory Purchases Cost of goods sold Sales revenue Cash Transactions Debits Credits Code Amount Code Amount Purchased 100 units for cash assuming the perpetual inventory system is used Purchased 100 units for cash assuming the periodic inventory system is used. Sold 100 units for cash assuming the perpetual inventory system used Sold 100 units for cash assuming the periodic inventory system is used A. C. D.

Explanation / Answer

Fill the table :

E

C

5200

3000

D

A

5200

3000

Transaction debit Crdit Code Amount Code Amount A Purchase 100 units for cash assuming the perpetual inventory system is used A 3000 E 3000 b Purchase 100 units for cash assuming the periodic inventory system is used B 3000 E 3000 c Sold 100 units for cash assuming the perpetual inventory system is used

E

C

5200

3000

D

A

5200

3000

d Sold 100 units for cash assuming the periodic inventory system is used E 5200 D 5200

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