0.22 / 1.67 Question 2 of 6 View Policies Show Attempt History < > Current Attempt in Progress Wildhorse Company sells one product. Presented below is information for January for Wildhorse Company. Jan. 1 Inventory 118 units at $5 each 4 Sale 93 units at $8 each 11 Purchase 165 units at $6 each 13 Sale 136 units at $9 each 20 Purchase 163 units at $7 each 27 Sale 104 units at $11 each Wildhorse uses the FIFO cost flow assumption. All purchases and sales are on account. (a) Your answer is partially correct. == !!! Assume Wildhorse uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 113 units. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Jan. 11 Purchases Accounts Payable Jan. 20 Purchases Jan. 4 Accounts Payable Accounts Receivable Sales Revenue Debit 990 1141 744 1224 Jan. 13 Accounts Receivable Credit Assume Wildhorse uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 113 units. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Jan. 11 Purchases Accounts Payable Jan. 20 Purchases Accounts Payable Debit 990 1141 Jan. 4 Accounts Receivable 744 Sales Revenue Jan. 13 ✓ Accounts Receivable 1224 Sales Revenue Jan. 27 Accounts Receivable 1144 Sales Revenue Jan. 31 Cost of Goods Sold 1930 Inventory Purchases Inventory eTextbook and Media 791 Credit Accou

0.22 / 1.67 Question 2 of 6 View Policies Show Attempt History < > Current Attempt in Progress Wildhorse Company sells one product. Presented below is information for January for Wildhorse Company. Jan. 1 Inventory 118 units at $5 each 4 Sale 93 units at $8 each 11 Purchase 165 units at $6 each 13 Sale 136 units at $9 each 20 Purchase 163 units at $7 each 27 Sale 104 units at $11 each Wildhorse uses the FIFO cost flow assumption. All purchases and sales are on account. (a) Your answer is partially correct. == !!! Assume Wildhorse uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 113 units. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Jan. 11 Purchases Accounts Payable Jan. 20 Purchases Jan. 4 Accounts Payable Accounts Receivable Sales Revenue Debit 990 1141 744 1224 Jan. 13 Accounts Receivable Credit Assume Wildhorse uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 113 units. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Jan. 11 Purchases Accounts Payable Jan. 20 Purchases Accounts Payable Debit 990 1141 Jan. 4 Accounts Receivable 744 Sales Revenue Jan. 13 ✓ Accounts Receivable 1224 Sales Revenue Jan. 27 Accounts Receivable 1144 Sales Revenue Jan. 31 Cost of Goods Sold 1930 Inventory Purchases Inventory eTextbook and Media 791 Credit Accou

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 2EB: X Company accepts goods on consignment from C Company, and also purchases goods from P Company...

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