Check my [The following information applies to the questions displayed below.] Kangaroo Jim Company reported beginning inventory of 320 units at a per unit cost of $20. It had the following purchase and sales transactions during the year: Jan. 14 Sold 240 units at unit sales price of $40 on account. Apr. 9 Purchased 230 additional units at a per unit cost of $20 on account. Sept. 2 Sold 250 units at a sales price of $45 on account. Dec. 31 Counted inventory and determined 60 units were still on hand. Required: . Record each transaction, assuming that Kangaroo Jim Company uses a periodic inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Check my [The following information applies to the questions displayed below.] Kangaroo Jim Company reported beginning inventory of 320 units at a per unit cost of $20. It had the following purchase and sales transactions during the year: Jan. 14 Sold 240 units at unit sales price of $40 on account. Apr. 9 Purchased 230 additional units at a per unit cost of $20 on account. Sept. 2 Sold 250 units at a sales price of $45 on account. Dec. 31 Counted inventory and determined 60 units were still on hand. Required: . Record each transaction, assuming that Kangaroo Jim Company uses a periodic inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![[The following information applies to the questions displayed below.]
Kangaroo Jim Company reported beginning inventory of 320 units at a per unit cost of $20. It had the
following purchase and sales transactions during the year:
Jan. 14 Sold 240 units at unit sales price of $40 on account.
Apr. 9 Purchased 230 additional units at a per unit cost of $20 on account.
Sept. 2 Sold 250 units at a sales price of $45 on account.
Dec. 31 Counted inventory and determined 60 units were still on hand.
Check my wa
Required:
b. Record each transaction, assuming that Kangaroo Jim Company uses a periodic inventory system. (If no entry is required
for a transaction/event, select "No Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
1
2
3 4
5
6
7
Record the sale of 240 units at $40 on account.
Note: Enter debits before credits.
Date
Jan. 14
General Journal
Debit
Credit
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Transcribed Image Text:[The following information applies to the questions displayed below.]
Kangaroo Jim Company reported beginning inventory of 320 units at a per unit cost of $20. It had the
following purchase and sales transactions during the year:
Jan. 14 Sold 240 units at unit sales price of $40 on account.
Apr. 9 Purchased 230 additional units at a per unit cost of $20 on account.
Sept. 2 Sold 250 units at a sales price of $45 on account.
Dec. 31 Counted inventory and determined 60 units were still on hand.
Check my wa
Required:
b. Record each transaction, assuming that Kangaroo Jim Company uses a periodic inventory system. (If no entry is required
for a transaction/event, select "No Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
1
2
3 4
5
6
7
Record the sale of 240 units at $40 on account.
Note: Enter debits before credits.
Date
Jan. 14
General Journal
Debit
Credit
< Prev
12
82
of 13
Next >
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