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8 December, 03:49

Bingerton Industries uses a perpetual inventory system. The company began the year with an inventory of $93,000. Purchases of inventory on account during the year totaled $318,000. Inventory costing $343,000 was sold on account for $536,000. Record the transactions for the purchase and sale inventory.

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  1. 8 December, 05:53
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    Bingerton Industries

    Perpetual Inventory System

    Merchandise Inventory $318,000 Dr

    Accounts Payable $ 318,000 Cr

    Purchases of inventory on account during the year totaled $318,000.

    Accounts Receivable $ 536,000Dr.

    Sales $ 536,000 Cr.

    Cost of Goods Sold $ 343,000 Dr.

    Merchandise Inventory $ 343,000 Cr.

    Inventory costing $343,000 was sold on account for $536,000
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Home » Business » Bingerton Industries uses a perpetual inventory system. The company began the year with an inventory of $93,000. Purchases of inventory on account during the year totaled $318,000. Inventory costing $343,000 was sold on account for $536,000.
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