Company sells one product. Presented below is information for January: Jan.1 Inventory 118 Units at 5 each Jan. 4. Sale 93 units at 8 each Jan. 11 Purchase 165 units at 6 each Jan. 13 Sale 136 units at 9 each Jan. 20 Purchase 163 units at 7 each Jan. 27 sale 104 units at 11 each
Company sells one product. Presented below is information for January: Jan.1 Inventory 118 Units at 5 each Jan. 4. Sale 93 units at 8 each Jan. 11 Purchase 165 units at 6 each Jan. 13 Sale 136 units at 9 each Jan. 20 Purchase 163 units at 7 each Jan. 27 sale 104 units at 11 each
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
That is all the information available in the Quetion
Transcribed Image Text:Company sells one product. Presented below is information for January:
Jan.1 Inventory 118 Units at 5 each
Jan. 4. Sale 93 units at 8 each
Jan. 11 Purchase 165 units at 6 each
Jan. 13 Sale 136 units at 9 each
Jan. 20 Purchase 163 units at 7 each
Jan. 27 sale 104 units at 11 each
Transcribed Image Text:1
2
3
4
5
6
Date
Jan. 4
Jan.11
Jan.13
Jan.20
7
8
9
10
11 Jan.31
Jan.27
Account
Accounts Receivable
Sales revenue
Purchase
Accounts Payable
Accounts Receivable
Sales Revenue
Purchase
Accounts Payable
Accounts Receivable
Sales Revenue
Cost of goods sold
Inventory
Purchases
To record the sale
Debit
To record the sale
To record the sale
1,224
744
1,141
To record the cost of inventory
990
1,144
1,930
201
To record the cost of inventory
To record the cost of inventory
Credit
12
13
2,131
Assume the company uses a periodic system. Prepare all the necessary journal entries, include 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 required, select no entry)
Date
Account
Debit
Credit
|
744
990
1,224
1,141
1,144
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