The following supplementary records summarize Tesla Company’s merchandising activities for year 2017 (it uses a perpetual inventory system).

Exercise 4-8 Inventory and cost of sales transactions in T-accounts LO P1, P2

The following supplementary records summarize Tesla Company’s merchandising activities for year 2017 (it uses a perpetual inventory system).

 
           
Cost of merchandise sold to customers in sales transactions     $     293,000
Merchandise inventory, December 31, 2016           42,544
Invoice cost of merchandise purchases, gross amount           300,384
Shrinkage determined on December 31, 2017           750
Cost of transportation-in           3,004
Cost of merchandise returned by customers and restored to inventory           1,950
Purchases discounts received           2,403
Purchases returns and allowances           3,500

 

Record the summarized activities in the T-accounts below.