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# PERIODIC INVENTORY SYSTEM. THe portion in red ONLY.

PERIODIC INVENTORY SYSTEM.  I only need assistance with the PERIODIC INVENTORY SYSTEM portion of this assignment.  THe portion in red ONLY.  Please explain the attached problem.  I am having a hard time getting this one and I really need assistance.
QS 5-1:
Prepare journal entries to record each of the following purchases transactions of a merchandising company.  Show supporting calculations and assume a perpetual inventory system.
Mar. 5    Purchased 600 units of product with a list price of \$10 per unit.  The purchase is
granted a trade discount of 20%; term of the sale are 2/10, n/60; invoice is dated
March 5.
Mar. 7    Returned 25 defective units from the March 5 purchase and received full credit.
Mar. 15  Paid the amount due from the March 5 purchase, less the return on March 7.
QS 5-9A:
Refer to QS 5-1 and prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used.
QS 5-2:
Prepare journal entries to record each of the following sales transactions of a merchandising company.  Show supporting calculations and assume a perpetual inventory system.
Apr.  1    Sold merchandise for \$3,000, granting the customer terms of  2/10, EOM;
invoice dated April 1.  The cost of the merchandise is \$1,800.
Apr.   4   The customer in the April 1 sale returned merchandise and received credit \$600.
The merchandise, which had cost \$360, is returned to inventory.
Apr. 11    Received payment for the amount due from the April 1 sale less the return on
April 4.

QS 5-10A:
Refer to QS 5-2 and prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used.

QS 5-1:
Prepare journal entries to record each of the following purchases
transactions of a merchandising company. Show supporting calculations
and assume a perpetual inventory system.
Mar. 5 Purchased 600 units of product with a list price of \$10 per
unit. The purchase is
granted a trade discount of 20%; term of the sale are
2/10, n/60; invoice is dated
March 5.
Mar. 7 Returned 25 defective units from the March 5 purchase and
Mar. 15 Paid the amount due from the March 5 purchase, less the return
on March 7.
QS 5-9A:
Refer to QS 5-1 and prepare journal entries to record each of the
merchandising transactions assuming that the periodic inventory system
is used.
QS 5-2:
Prepare journal entries to record each of the following sales
transactions of a merchandising company. Show supporting calculations
and assume a perpetual inventory system.
Apr. 1 Sold merchandise for \$3,000, granting the customer terms of
2/10, EOM;
invoice dated April 1. The cost of the merchandise is
\$1,800.
Apr. 4 The customer in the April 1 sale returned merchandise and
The merchandise, which had cost \$360, is returned to
inventory.
Apr. 11 Received payment for the amount due from the April 1 sale
less the return on
April 4.
QS 5-10A:
Refer to QS 5-2 and prepare journal entries to record each of the
merchandising transactions assuming that the periodic inventory system
is used.

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