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1 June, 04:52

Dole Company uses the periodic inventory system. At the end of the accounting period, ending inventory is $10,000 and beginning inventory is $5,000. Purchases for the period are $99,000. How many journal entries are necessary at the end of the accounting period?

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  1. 1 June, 08:34
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    The one entry is recorded

    Explanation:

    The journal entry is shown below:

    Inventory A/c Dr (Ending inventory) $10,000

    Cost of goods sold A/c Dr (Balancing figure) $94,000

    To Inventory A/c Dr (Beginning inventory) $5,000

    To Purchase account $99,000

    In mathematically,

    Cost of goods sold = Beginning inventory + purchase - ending inventory

    = $5,000 + $99,000 - $10,000

    = $94,000
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Home » Business » Dole Company uses the periodic inventory system. At the end of the accounting period, ending inventory is $10,000 and beginning inventory is $5,000. Purchases for the period are $99,000.
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