ofit on the appropriate financial statement (amounts in thousands), assuming the perpetual inventory system is use i for the Accounting records X Wired. Show $ 540 (Amounts in thousands) Inventory, December 31, 2016. Purchases of inventory (on account) Sales of inventory - 77% on account: 23% for cash (cost $1,340) Inventory at FIFO, December 31, 2017 ... 1,700 HIER 2,700 900 MEHHIKER not ye Print Done Debit Credit Accounting records for Rockford Tire Ltd, yield the following data for the year ended December 31, 2017 (mounts in thousands) Click the icon to view the accounting records) Requirements 1. Journalire Rockford Tire's inventory transactions for the year under (n) perpetual system and the periodic system. Show all amounts in thousands 2. What differences do you notice in the journal entries between the perpetual system and the periode wylem? 3. Report ending inventory, sales, cont of goods sold, and gross proft on the appropriate financial statement (amounts in thousands), assuming the perpetual invertory wom is used Requirement 10. Journalie Rockford Tire's inventory transactions for the year under the perpetual system. (Record debits first, then eredits. Explanations are not required. Show all mountain thousands.) The first transaction is the purchase of inventory. Record the entry Journal Entry Date Accounts Debit Credit December 31 The next transaction is the sale of inventory Record the entry (Do not yet record the cost related to the sale. We do this in the next journal entry) Journal Entry Date Accounts Debit Credit December 31 Choose from any list or enter any number in the input fields and then continue to the next question Accounting records for Rockford Tire Ltd. yield the following data for the year ended December 31, 2017 (amounts in thousanda): (Click the Icon to view the accounting records.) Requirements 1. Journalize Rockford Tire's inventory transactions for the year under (a) perpetual system and (b) the periodic system. Show all amounts in thousands. 2. What differences do you notice in the journal entries between the perpetual system and the periodic system? 3. Report ending inventory, salon, cost of goods sold, and gross profit on the appropriate financial statement (amounts in thousands), assuming the perpetual inventory system The last entry is recording the cost of inventory. Record the entry Journal Entry Date Accounts December 31 Debit Credit Requirement 1b. Journalize Rockford Tire's inventory transactions for the year under the periodic system (Record debits first, then credits. Explanations are not required. She The first transaction is the purchase of inventory. Record the entry Journal Entry Date Accounts Dobit Credit December 31 Choose from any list or enter any number in the input fields and then continue to the next question, This Question 15 pts 4 of 20 complete This Quiz: 100 pts po Accounting records for Rockfordre Lad yield the following data for the year ended December 31, 2017 amounts in thousands Click the icon to view the counting records) Requirements 1. Journalire Rockford Tire's Inventory transactions for the year under (a) perpetual system and (b) the periodic wytem. Show all amounts in thousands 2. What differences do you notice in the journal entries between the perpetual stem and the periode som 3. Report ending inventory was cost of goods sold and gross profit on the appropriate financial statement amounts in thousands assuming the perpetual inventory system is used The last transaction is the sale of inventory Record the entry Record debits first, then cruce plans are not required. Show all amounts in thousands) Journal Entry Accounts Debit Credit Date December 31 Requirement 2. What differences do you notice in the journal entries between the perpetual ystem and the periodic system Purchases of inventory--the perpetual system uses the scount with persona account Sale of the recordswojuma trone to record the sales and one to update the inventory records while the only records Requirement Report ending inventory sales.cost of goods sold and profit on the appropriate financial statements in thousands), assuming the perpetual Inventory system is set. (Show all amounts in thousands. Leave unused cells blank.) Accounting records for Rockford Tire Lad yield the following data for the year ended December , 2017 amounts in thousands Click the icon to view the counting records) Requirements 1. Joumaline Rockford Tire's inventory tractions for the year under (s) perpetual system and the periodic system Show i monitoin thousands 2. What differences do you notice in the journal entries between the perpetual system and the periodic system? 3. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate francia valement amounts in thousands suming the perpetual inventory system is used Purchases of inventory the perpetual system uses the account while the periodic system uses a account toe of inventory--the records to jumal entries, one to record the was done to update the inventory records while the only records the Requirements. Report ending inventory, sales, cost of goods sold, and gross proft on the appropriate facilement amounts in thousands), assuming the perpetual inventory system is used(Show all amounts in thousands Lare unused cells blank.) Report the appropriate accounts) on the balance sheet Balance Sheet: Current as Report the appropriate accounts) on the income statement Income Statement ofit on the appropriate financial statement (amounts in thousands), assuming the perpetual inventory system is use i for the Accounting records X Wired. Show $ 540 (Amounts in thousands) Inventory, December 31, 2016. Purchases of inventory (on account) Sales of inventory - 77% on account: 23% for cash (cost $1,340) Inventory at FIFO, December 31, 2017 ... 1,700 HIER 2,700 900 MEHHIKER not ye Print Done Debit Credit Accounting records for Rockford Tire Ltd, yield the following data for the year ended December 31, 2017 (mounts in thousands) Click the icon to view the accounting records) Requirements 1. Journalire Rockford Tire's inventory transactions for the year under (n) perpetual system and the periodic system. Show all amounts in thousands 2. What differences do you notice in the journal entries between the perpetual system and the periode wylem? 3. Report ending inventory, sales, cont of goods sold, and gross proft on the appropriate financial statement (amounts in thousands), assuming the perpetual invertory wom is used Requirement 10. Journalie Rockford Tire's inventory transactions for the year under the perpetual system. (Record debits first, then eredits. Explanations are not required. Show all mountain thousands.) The first transaction is the purchase of inventory. Record the entry Journal Entry Date Accounts Debit Credit December 31 The next transaction is the sale of inventory Record the entry (Do not yet record the cost related to the sale. We do this in the next journal entry) Journal Entry Date Accounts Debit Credit December 31 Choose from any list or enter any number in the input fields and then continue to the next question Accounting records for Rockford Tire Ltd. yield the following data for the year ended December 31, 2017 (amounts in thousanda): (Click the Icon to view the accounting records.) Requirements 1. Journalize Rockford Tire's inventory transactions for the year under (a) perpetual system and (b) the periodic system. Show all amounts in thousands. 2. What differences do you notice in the journal entries between the perpetual system and the periodic system? 3. Report ending inventory, salon, cost of goods sold, and gross profit on the appropriate financial statement (amounts in thousands), assuming the perpetual inventory system The last entry is recording the cost of inventory. Record the entry Journal Entry Date Accounts December 31 Debit Credit Requirement 1b. Journalize Rockford Tire's inventory transactions for the year under the periodic system (Record debits first, then credits. Explanations are not required. She The first transaction is the purchase of inventory. Record the entry Journal Entry Date Accounts Dobit Credit December 31 Choose from any list or enter any number in the input fields and then continue to the next question, This Question 15 pts 4 of 20 complete This Quiz: 100 pts po Accounting records for Rockfordre Lad yield the following data for the year ended December 31, 2017 amounts in thousands Click the icon to view the counting records) Requirements 1. Journalire Rockford Tire's Inventory transactions for the year under (a) perpetual system and (b) the periodic wytem. Show all amounts in thousands 2. What differences do you notice in the journal entries between the perpetual stem and the periode som 3. Report ending inventory was cost of goods sold and gross profit on the appropriate financial statement amounts in thousands assuming the perpetual inventory system is used The last transaction is the sale of inventory Record the entry Record debits first, then cruce plans are not required. Show all amounts in thousands) Journal Entry Accounts Debit Credit Date December 31 Requirement 2. What differences do you notice in the journal entries between the perpetual ystem and the periodic system Purchases of inventory--the perpetual system uses the scount with persona account Sale of the recordswojuma trone to record the sales and one to update the inventory records while the only records Requirement Report ending inventory sales.cost of goods sold and profit on the appropriate financial statements in thousands), assuming the perpetual Inventory system is set. (Show all amounts in thousands. Leave unused cells blank.) Accounting records for Rockford Tire Lad yield the following data for the year ended December , 2017 amounts in thousands Click the icon to view the counting records) Requirements 1. Joumaline Rockford Tire's inventory tractions for the year under (s) perpetual system and the periodic system Show i monitoin thousands 2. What differences do you notice in the journal entries between the perpetual system and the periodic system? 3. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate francia valement amounts in thousands suming the perpetual inventory system is used Purchases of inventory the perpetual system uses the account while the periodic system uses a account toe of inventory--the records to jumal entries, one to record the was done to update the inventory records while the only records the Requirements. Report ending inventory, sales, cost of goods sold, and gross proft on the appropriate facilement amounts in thousands), assuming the perpetual inventory system is used(Show all amounts in thousands Lare unused cells blank.) Report the appropriate accounts) on the balance sheet Balance Sheet: Current as Report the appropriate accounts) on the income statement Income Statement