Bonita Company sells one product. Presented below is information for January for Bonita Company. Jan. 1 4 11 13 20 27 Inventory 109 units at $4 each Sale 85 units at $8 each 137 units at $7 each 109 units at $9 each 151 units at $7 each 93 units at $11 each Purchase Sale Purchase Sale Bonita uses the FIFO cost flow assumption. All purchases and sales are on account.
Bonita Company sells one product. Presented below is information for January for Bonita Company. Jan. 1 4 11 13 20 27 Inventory 109 units at $4 each Sale 85 units at $8 each 137 units at $7 each 109 units at $9 each 151 units at $7 each 93 units at $11 each Purchase Sale Purchase Sale Bonita uses the FIFO cost flow assumption. All purchases and sales are on account.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text:Assume Bonita uses a perpetual system. Prepare all necessary journal entries. (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.)

Transcribed Image Text:Bonita Company sells one product. Presented below is information for January for Bonita Company.
Jan. 1
4
11
13
20
27
Inventory 109
units at $4 each
85
units at $8 each
137
units at $7 each
109
units at $9 each
151 units at $7 each
93
units at $11 each
Sale
Purchase
Sale
Purchase
Sale
Bonita uses the FIFO cost flow assumption. All purchases and sales are on account.
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