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The following came from the purchase and sales records of Isaac Co. for item DVD...

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Accounting

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The following came from the purchase and sales records of Isaac Co. for item DVD Balance, January 1 Purchases : February 14 Jun 26 Quantity Per unit 2.000 P 24.00 4.000 25.60 1,000 26.50 3,000 28.00 Total 48,000 102.400 26,500 84,000 Nov 03 Sales: 37.00 May 27 Dec 09 3,200 2,800 118,400 106,400 38.00 Requirement: Based on the given information, prepare inventory subsidiary ledgers and journalize the above transaction assuming it uses a perpetual system to answer the questions below. Journalize the above transaction assuming that Padz uses the perpetual system and FIFO. Assume sales and purchases are on account. Use the following accounts provided for your journal. Accounts Payable Accounts receivable Cost of goods sold Merchandise Inventory Sales [ Question 7 1 pts Nov 3 Debit Credit Question 8 2 pts Dec 9 Debit Credit Debit Credit

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