Question

Marigold Ltd. had beginning inventory of 53 units that cost $103 each. During September, the company purchased 210 units on account at $103 each, returned 9 units for credit, and sold 154 units at $200 each on account.

Journalize the September transactions, assuming that Marigold Ltd. uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
enter an account title to record purchase on account	enter a debit amount	enter a credit amount
enter an account title to record purchase on account	enter a debit amount	enter a credit amount
(To record purchase on account)
enter an account title to record purchase return	enter a debit amount	enter a credit amount
enter an account title to record purchase return	enter a debit amount	enter a credit amount
(To record purchase return)
enter an account title to record sales on account	enter a debit amount	enter a credit amount
enter an account title to record sales on account	enter a debit amount	enter a credit amount
(To record sales on account)
enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
(To record cost of goods sold)

Answer 1

Date	Account Titles and Explanation	Debit	Credit
	Inventory [210*103]	$ 21,630
	Account Payable		$ 21,630
	(To record inventory purchased on account)
	Account Payable [9*103]	$       927
	Inventory		$    3,000
	(To record inventory returned and received credit)
	Account Receivable [154*200]	$ 30,800
	Sales Revenue		$ 30,800
	(To record sales made on account)
	Cost Of Goods Sold [154*103]	$ 15,862
	Inventory		$ 15,862
	( To record Cost of goods sold)