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Assignment

This assignment will demonstrate the following learning objectives:

• Analyze and Record Transactions for Merchandise Purchases and Sales Using the Perpetual Inventory System
• Analyze and Record Transactions for Merchandise Purchases and Sales Using the Periodic Inventory System

Record the following transactions using the perpetual and periodic inventory system. (50 Points)

Then discuss the differences between the two systems. (5 Points)

Transactions for the Turi Company
Date	Transaction
May 1, 2020	The Turi Company purchased 1,000 widgets from the Smith Company for $25 each. Purchase was on credit, terms 3/10, n/30.
May 2, 2020	The Smith Company shipped the goods FOB Shipping point, $100.
May 3, 2020	The Turi Company sold 10 widgets for $45 each.
May 4, 2020	The Jones Company purchased 25 widgets from the Turi Company on credit, $45 each. Will pay in 30 days.
May 7, 2020	The Turi Company sent back 75 widgets to the Smith Company due to low sales.
May 9, 2020	On May 9th we paid the Smith Company for goods purchased.
May 12, 2020	The Jones Company purchased 25 additional widgets at $45 each, on credit but wanted them delivered. FOB Destination, $75 (Cash).
May 20, 2020	The Jones Company returned 10 widgets. They didnt need them.
May 30, 2020	The Jones Company paid there account off.
May 31, 2020	The Turi Company purchased 250 widgets from the Smith Company for $35 each. Purchase was on credit, terms 3/10, n/30.

Attachments use this formate to write the answer

Module 7 Homework Assignment Answer Key.xlsx

	Turi Company - General Journal - Perpetual Inventory System
	Date	Account/Journal Entry Description	Ref.	Debit	Credit

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