One of Concord’ customers paid $17,000 to Concord in December 2020. This amount was included in...
One of Concord’ customers paid $17,000 to Concord in December
2020. This amount was included in Concord’ revenue for 2020.
However, the product was not actually shipped to the customer until
2021. Assume a periodic inventory system is being used.
(Credit account titles are automatically indented when
the amount is entered. Do not indent manually. If no entry is
required, select "No Entry" for the account titles and enter 0 for
the amounts.)
Homework Answers
Under periodic inventory system, the companies do not make entries to merchandise inventory account nor do they maintain unit records during the accounting period. Thus at the end of the period the companies do not compare the inventory unit with up to date balance . So, here journal entry is not required.
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One of Concord’ customers paid $17,000 to Concord in December 2020. This amount was included in...
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