Instructions: Use the T - Accounts on the following page to make the necessary ledger entries for
COOKIE Inc. for the transactions described below AND be sure to make all appropriate closing
entries. You do NOT need to show journal entries Fill in the blanks (when you?re done with the
problem): Net Purchases: Net Sales: Cost of goods Sold: Gross Margin: Cash Ending Balance:
Net Income: Assumptions: 1) COOKIE Inc. uses a periodic inventory system. June 2 Sold
merchandise for $1050 to BROWNIE Inc. on account. 5 Purchased supplies worth $100 with
cash. No supplies were used during June. 8 Purchased $600 of inventory on account on terms
2/10 n/30. 12 BROWNIE Inc. returns $200 of defective merchandise. 14 Returned $150 of the
inventory purchased on June 8. 16.Paid entire balance for purchases made on June 8.
Solution
Net Purchase 541 Net Sale 850 Cost of Good Sold 441 Gross Margin 409 Cash Ending Balance
309 Net Income 409