XYZ Gardening Company had the following transactions

QUESTION

Please show work.XYZ Gardening Company had the following transactions:Jan 1 Purchased merchandise on credit for $2,400Jan 7 purchased merchandise for cash for $4,200Jan 9 Sold merchandise costing $4,700 for $7,500 on credit(A) Prepare journal entries for XYZ Gardening assuming the Company uses the gross method when accounting for purchases and a perpetual inventory.(B) Prepare journal entries for XYZ Gardening assuming the Company uses the gross method and a periodic inventory.

ANSWER

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