Exercise 5-6A (Algo) Perpetual: Journalizing transactions LO P3 Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. View transaction list Journal entry worksheet 13 2 Record the sale of goods. 3 Note: Enter debits before credits. Date January 10 Record entry 4 5 General Journal Clear entry 6 Debit Credit View general journal Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 232 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales January 20 Purchase January 25 Sales January 30 Purchase Totals Units Acquired at Cost $6.00 = 156 units @ 76 units e 180 units @ 412 units $ 5.00 $ 4.50 $ 936 380 810 $ 2,126 Units sold at Retail 84 units @ 96 units 180 units @ $ 15.00 $15.00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. Do the record of sale of goods on January 10 2. Record the cost of sales for January 10 3.Record the purchase of inventory for January 20 4.record the sale of goods for January 25 5. Record the cost of sale for January 25 6. Record the purchase of inventory for January 30 thank you

Exercise 5-6A (Algo) Perpetual: Journalizing transactions LO P3
Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a
perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered.
View transaction list
Journal entry worksheet
13 2
Record the sale of goods.
3
Note: Enter debits before credits.
Date
January 10
Record entry
4
5
General Journal
Clear entry
6
Debit
Credit
View general journal

Use the following information for the Exercises 3-7 below. (Algo)
[The following information applies to the questions displayed below.]
Laker Company reported the following January purchases and sales data for its only product. The Company uses a
periodic inventory system. For specific identification, ending inventory consists of 232 units, where 180 are from the
January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory.
Date
Activities
January 1 Beginning inventory
January 10 Sales
January 20
Purchase
January 25
Sales
January 30
Purchase
Totals
Units Acquired at Cost
$6.00 =
156 units @
76 units e
180 units @
412 units
$ 5.00
$ 4.50
$ 936
380
810
$ 2,126
Units sold at Retail
84 units @
96 units
180 units
@
$ 15.00
$15.00

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