Perpetual inventory system

by | Aug 22, 2021 | Assignment

Lamprino Appliance uses a perpetual inventory system. The following are three recent merchandising transactions:June10Purchased 10 televisions from Mitsu Industries on account. Invoice price, $300 per unit, for a total of $3,000. The terms of purchase were 2/10, n/30.June 15 Sold one of these televisions for $450 cash.June 20 Paid the account payable to Mitsu Industries within the discount period.Instructionsa. Prepare journal entries to record these transactions assuming that Lamprino records purchases of merchandise at:1. Net cost2. Gross invoice price..

Get your custom paper done at low prices


275 words/page


Double spacing


Free formatting (APA, MLA, Chicago, Harvard and others)


12 point Arial/Times New Roman font


Free title page


Free bibliography & reference


What Students Are Saying

Outstanding, thank you very much.

Undergraduate Student

English, Literature

Awesome. Will definitely use the service again.

Master's Student

Computer Science