Continuous and Periodic Inventory System Assignment
Eighth Company: You are assigned to prepare the accounting treatments related to the continuous and periodic inventory system:
Here are the following operations in the books of Al-Rapidan Trade, Import and Export for the month of January 2019:
1- On January 1, merchandise was purchased from Manama Company for an amount of 30,000 with a cash discount (15/15, N 30).
2- On January 3, expenses for transferring the purchased goods were paid in the amount of 300 dinars in cash.
3- On January 4, it was found that half of the merchandise purchased from Manama was not in conformity with the specifications and was returned.
4- On January 5, the value of the remaining merchandise purchased from Manama Company was paid in cash.
5- On January 6, goods were sold to Riffa for 10,000 dinars, on condition (10/10/30).
6- On January 10, 100 dinars of expenses for transporting goods abroad were paid in cash.
7- On January 12, half of the goods sold to Riffa were returned.
8- On January 15, the amount of goods sold to Riffa was received in cash.
9- On January 20, goods were sold to Al-Muharraq Company for an amount of 25,000 dinars in cash, knowing that the cost of the goods was 15,000 dinars.