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The following data was taken from ledger account balances and
supplementary data for the Whisk Company. Whisk Company uses
periodic inventory method to account for its inventory.
Required:
WHISK COMPANY
Income Statement
For the Year Ended December 31, 2017
Koda Company is a wholesale company that had the following purchase and sales
transactions related to its merchandise inventory during the month of May.
2 Received and paid the $1,000 shipping bill from Interstate Shipping for
the goods purchased on March 1
6 Received a credit memo for the return of $5,000 of the goods purchased
on March 1 which had arrived damaged.
17 Dover returned $1,000 of the goods they purchased on March 15. You
had sent them the wrong merchandise.
Requirement 2: Record the transactions assuming that Koda Company uses periodic
system.
PERPETUAL INVENTORY SYSTEM PERIODIC INVENTORY SYSTEM
5-1 Inventory 20,000 5-1 Purchases 20,000
Accounts Payable 20,000 Accounts 20,000
Payable
17 Inventory 600
Cost of Goods 600
sold