As a result of its annual inventory count, Martinez Corp. determined its ending inventory at cost and at lower of cost and net realizable
value at December and December December was Martinez's first year end. This information is as
follows: Prepare journal entries for the September transactions, assuming that Ayayai uses a periodic inventory system. 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 for the amounts. List all debit entries before credit entries.
Account Titles and Explanation
Debit
Credit
To record purchase on account
To record purchase return
To record sales on account
