Requirement 1b. Journalize Northern Tire's inventory transactions for the yoar under the periodic system. (Record...
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Requirement 1b. Journalize Northern Tire's inventory transactions for the yoar under the periodic system. (Record debits first, then credits. Explanations are not required. Show all amounts in thousands.) The first transaction is the purchase of inventory. Reoord the entry Journal Entry Date Accounts Debit Credit Accounting records (Amounts in thousands) Inventory, December 31, 2016 Purchases of inventory (on account) Sales of inventory-78% on account, 22% for cash (cost $1,560) S 580 1,800 2,900 820 The last transaction is the sale of inventory. Record the entry. (Record debits first, then credits. Explanations are not required. Show all amounts in thousands.) Journal Entry Date Accounts Debit Credit at FIFO, December 31, 2017 Print Done Requirement 2. What differences do you notice in the journal entries between the perpetual system and the periodic system? Purchases of inventory the perpetual syetem uses the | account while the periodic system uses | account. Sale of inventory-the | records two journal entries, one to record the Bales and one to update the inventory record& while the I only records the
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