Question

1.Utilize the following events to:

A. Record the general journal entries for each event assuming a Perpetual System.

B. Set up the following T-accounts: Cash (assume a $40,000 beginning balance), Inventory, Purchases, Cost of Goods Sold and Sales Revenue. Then post from your general journal entries in A. above to these accounts.

C. Prepare a short Income Statement and Balance Sheet.

Events:

a.Telly Visionpurchases 50 big screen sets for resale to his customers at a cost of $600 each, paying cash for the sets.

b.Telly Visionsells 35 of the sets for $800 each to customers for cash (make sure you record both the revenue and expense).

c.Telly Visioncounts his inventory, revealing a total of 14 sets in stock.

4.Utilize the events from problem 3 above for a Periodic Inventory System to:

A. Record the general journal entries for each event assuming a Periodic System.

B. Set up the following T-accounts: Cash (assume a $40,000 beginning balance), Inventory, Purchases, Cost of Goods Sold and Sales Revenue. Then post from your general journal entries in A. above to these accounts.

C. Prepare a short Income Statement and Balance Sheet.

Place New Order
It's Free, Fast & Safe

"Looking for a Similar Assignment? Order now and Get a Discount!