Misty Company reported beginning inventory of 117 units at a unit cost of $24. I

Question

Misty Company reported beginning inventory of 117 units at a unit cost of $24. It engaged in the following purchase and sale transactions during 2011: Jan. 14 Sold 20 units at unit sales price of $47.00 on open account. April 9 Purchased 20 additional units at unit cost of $24 on open account. Sept. 2 Sold 44 units at sales price of $52 on open account. At the end of 2011, a physical count showed that Misty Company had 73 units of inventory still on hand. Required: a. Record each transaction, assuming that Misty Company uses a perpetual inventory system (including any necessary entries at the end of the accounting period on December 31). (In cases where no entry is required, please select the option "No journal entry required" for your answer to grade correctly. Leave no cells blank- be certain to enter "O" wherever required. Omit the "$" sign in your response.) General Journal Jan 14 (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Apr 9 (Click to select) Sep 2 (Click to select) (Click to select) (Click to select) (Click to select) End of year Click to select) Click to select

Explanation / Answer

a. Under perpetual inventory system

b. Periodic inventory system

Date account titles debit credit Jan 14 account receivable 940 Sales 940 Apr 9 inventory 489 Account payable 480 Sep2 account receivable 2288 Sales 2288 Cost of good sold 1056 Inventory 1056 End of year no adjusting entry

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