At the beginning of the year, Bramble Ltd. had 910 units with a cost of $7 per unit in its beginning inventory. The followinginventory transactions occurred during the month of January:Jan. 3Sold 690 units on account for $13 each.9Purchased 1,040 units on account for $8 per unit.15Sold 760 units for cash at $12 each. Prepare journal entries for these January transactions assuming that Bramble Ltd. uses FIFO under a periodic inventory system.Also, record the adjusting entry at the end of the month to update the Inventory and Cost of Goods Sold accounts. (List all debitentries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If noentry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in theproblem.)DateAccount Titles and ExplanationDebitCredit

Step 1: Record Sale on Jan. 3Transaction: Sold 690 units on account for $13 each.No entry for cost…

Answered: At the beginning of the year, Bramble…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EB: Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a...

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Frigid Supplies reported beginning inventory of 200 units, for a total cost of $2,000. The companyhad the following transactions during the month:Jan. 3 Sold 20 units on account at a selling price of $15 per unit.6 Bought 30 units on account at a cost of $10 per unit.16 Sold 30 units on account at a selling price of $15 per unit.19 Sold 20 units on account at a selling price of $20 per unit.26 Bought 10 units on account at a cost of $10 per unit.31 Counted inventory and determined that 160 units were on hand.Required:1. Prepare the journal entries that would be recorded using a periodic inventory system.2. Prepare the journal entries that would be recorded using a perpetual inventory system,including any “book-to-physical” adjustment that might be needed.TIP: Adjust for shrinkage by decreasing Inventory and increasing Cost of Goods Sold.3. What is the dollar amount of shrinkage that you were able to determine in (a) requirement 1,and (b) requirement 2? Enter CD (cannot determine) if…
At the beginning of the year, Grouper Ltd. had 910 units with a cost of $5 per unit in its beginning inventory. The following inventory transactions occurred during the month of January: Jan. 3 Sold 730 units on account for $10 each. 9 Purchased 970 units on account for $6 per unit. 15 Sold 840 units for cash at $9 each. Prepare journal entries for these January transactions assuming that Grouper Ltd. uses FIFO under a periodic inventory system. Grouper updates records at month end. Date Account Titles and Explanation Debit Credit Jan. 3 9 15 31
Halifax Fisheries Inc. began the month of March with $760,000 of current assets, a current ratio of 2.5 to 1, and a quick ratio of 1.1 to 1. During the month, it completed the following transactions:Mar. 6 Bought $86,000 of merchandise on account. (The company uses a perpetual inventory system.) 11 Sold merchandise that cost $70,000 for $118,000. 15 Collected a $30,000 account receivable. 17 Paid a $32,000 account payable. 19 Wrote off a $14,000 bad debt against Allowance for Doubtful Accounts. 24 Declared a $1.75 per share cash dividend on the 41,000 outstanding common shares. 28 Paid the dividend declared on March 24. 29 Borrowed $90,000 by giving the bank a 30-day, 19% note. 30 Borrowed $110,000 by signing a long-term secured note. 31 Used the $200,000 proceeds of the notes to buy additional machinery.Required:Prepare a schedule showing Halifax Fisheries Inc.’s current ratio, quick ratio, and working capital after each of the transactions. (Round ratios to 2 decimal places and other…
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