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5. The physical count of the inventory did not include goods costing 5182,000 that were bought FOB destination, on December 27, 2017 and were still in transit at 2017 year-end. they December 30, 2017. The goods were received by Gardunord on January 8 included in Beta Company's inventory Recording Sales Transactions-Perpetual Inventory System On June 24, 2017 Reed Company sold merchandise to Emily Clark for $75,000 with terms 2/10, 1/30. On June 30, Clark paid $39,200, receiving the cash discount on her payment, and returned $10,000 of merchandise, claiming that it did not meet contract terms. Assuming that Reed uses the perpetual inventory system, record the necessary journal entries on June 24 and June 30, The cost of merchandise to Reed Company is 60% of its selling price. Perpetual Inventory System Orser Furniture purchases and sells dining room furniture. Its management uses the perpetual system of inventory accounting Journalize the following transactions that occurred during October 2017: Oct. 2. Purchased on account HKS27,000 of inventory with payment terms 2/10, n/30, and paid HKS650 in cash to have it shipped from the vendor's warehouse to the Orser showroom. 5 Sold inventory costing HRS4,900 for HK$8,250 on account 10 Paid HK$13,950 of accounts payable (from October 2 purchase) and received the cash discount. 14 Returned two damaged tables purchased on October 2 (costing HK$550 each) to the vendor. 19 Received payment of HK$4,560 from customers. 20 Paid the balance of the account from October 2 purchase. 22 Sold inventory costing HK$3,800 for HK$5,200 on account. 24 A customer returned a dining room set that she decided didn't match her home. She paid HK$3,250 for it, and its cost to Orser was HK$1,800, Assuming the balance in the inventory account is HK$12,000 on October 1, and no other transactions relating to inventory occurred during the month, what is the inventory balance at the end of October? Recording Sales Transactions-Periodic Inventory System On June 24, 2017, Mowen Company sold merchandise to Jack Simpson for $105,000 with terms 2/10, n/30. On June 30, Simpson paid $58,800, receiving the cash discount on his payment, and returned $15,000 of merchandise, claiming that it did not meet contract terms. Assuming that Mowen Company uses the periodic inventory system, record the necessary journal entries on June 24 and June 30

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