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Prepare a tabular summary to record the transactions for the month using a perpetual inventor system.
(a) On March 2, Blossom Company sold $850,000 of merchandise to Sunland Company on account. The cost of the merchandise sold was $500,000.
(b) On March 6, Sunland Company returned $100,000 of the merchandise purchased on March 2. The cost of the merchandise returned was $60,000.
(c) On March 12, Blossom Company received the balance due from Sunland Company.
(Enter negative amounts using elther a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Respuesta :

Answer:

                                   Perpetual Inventor System.

                                                                              DR                                CR

                                                                                $                                  $  

March 2

(a) Accounts receivable                              $850,000

     Revenue                                                                                      $850,000

     Cost of goods sold                               $500,000

 Inventory                                                                                          $500,000

March 6

(b)  Inventory                                                  $60,000

Cost of goods sold                                                                           $60,000

Revenue                                                         $100,000  

Accounts receivable                                                                       $100,000

March 12

(c)  Bank/Cash                                                      $850,000                      

   Accounts receivable                                                                     $850,000

Explanation:

perpetual inventory system is an inventory system where inventory records are updated to reflect additions and subtractions inventory. Records will be made when  inventories are received, goods are sold items returned, etc.

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