Please provide only typed answer solution no handwritten solution needed allowed...Please do it neat and clean correctly please Date1-May Beginning Balance2-May Purchase3-May Purchase10-May Sale15-May Purchase17-May Sale30-May SaleDateMay 2May 3May 10Units Cost Total Sales Price85 12 $1,0208011 $88060 10 $6008035 16 $56050May 15115Using the FIFO method, prepare the required journal entries for each transaction assuming all purchasesand sales are made on credit.NDescription$40Debit$40$40Credit

FIFO is first in first out method used for inventory valuation. As per this method, inventories or…

Date 1-May Beginning Balance 85 12 $1,020 2-May Purchase $880 3-May Purchase 10 $600 10-May Sale 15-May Purchase 17-May Sale 30-May Sale Date May 2 Units Cost Total Sales Price May 3 May 10 Using the FIFO method, prepare the required journal entries for each transaction assuming all purchases and sales are made on credit. 80 11 60 80 35 16 $560 50 115 219 Description $40 Debit $40 $40 Credit

Date 1-May Beginning Balance 85 12 $1,020 2-May Purchase $880 3-May Purchase 10 $600 10-May Sale 15-May Purchase 17-May Sale 30-May Sale Date May 2 Units Cost Total Sales Price May 3 May 10 Using the FIFO method, prepare the required journal entries for each transaction assuming all purchases and sales are made on credit. 80 11 60 80 35 16 $560 50 115 219 Description $40 Debit $40 $40 Credit

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 7PB: Purchase-related transactions using periodic inventory system Selected transactions for Niles Co....

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1 ) By using FIFO method: Post Journal entries for Sales and CGS?
purchased merchandise from weir campany for 25000 under credit term of 1/5, n/45 FOB destination and invoice date april1 preparing journal entries useing perodic inventory system
Directions: Read each problem and do what is required. Write your answer on the table provide. Take note that the perfect score in each item Is 20 points with a corresponding one-point deduction in every incorrect Activity 2: Problem Solving answer. I. A company had the following transactions during December: 12/1/2020 - Sold merchandise on credit for PHP5.000, terms 3/10, n/30. The items sold had a cost of PHP3,500. 12/2/2020 - Purchased merchandise for cash, PHP720. 12/4/2020 - Purchased merchandise on credit for PHP2,600, terms 1/20, n/30. 12/6/2020 - Issued a credit memorandum for PHP300 to a customer who returned merchandise purchased on November 29. The returned items had a cost of PHP210. 12/10/2020 - Received payment for merchandise sold on December 1. 12/14/2020 - Received a credit memorandum for the return of faulty merchandise purchased on December 4 for PHP600. 12/20/2020 - Paid freight charges of PHP200 for merchandise ordered last month (FOB shipping point). mal…
Journal entry worksheet < 3 4 Record the cost of the sale, $17,400. Note: Enter debits before credits. Transaction General Journal Debit Credit 1-b
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[The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances: Accounts Debit Credit $ 59,000 25,600 Cash Accounts Receivable Allowance for Uncollectible Accounts $ 2,500 Inventory Notes Receivable (5%, due in 2 years) 36,600 15,600 Land 158,000 Accounts Payable 15,100 Common Stock 223,000 Retained Earnings 54,200 Totals $294,800 $294,800 During January 2021, the following transactions occur: January 1 Purchase equipment for $19,800. The company estimates a residual value of $1,800 and a six-year service life. January 4 Pay cash on accounts payable, $9,800. January 8 Purchase additional inventory on account, $85,900. January 15 Receive cash on accounts receivable, $22,300. January 19 Pay cash for salaries, $30,100. January 28 Pay cash for January utilities, $16,800. January 30 Sales for January total $223,000. All of these sales are on account. The cost of the units sold is $116,500.…
Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Oct. 1 Purchased inventory on account from Price Inc. for $2,400. Oct. 3 Purchased inventory on account from Cabrera Inc. for $3,400. Oct. 8 Returned half of the inventory to Price Inc. Oct. 9 Purchased inventory on account from Price Inc. for $4,200. Record the above transactions using a parchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory. If an amount box does not require an entry, leave it blank. Page: 121 DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 1 Oct. 8 2. PURCHASES JOURNAL Page: 113 Purchase Merchandise Accounts Date Account Order No. Ref. Inventory DR Payable CR 2019 Oct. 1 Oct. 3 Oct. 9 Total Accounts Payable Subsidiary Ledger #AP-1 Account: Price Inc. 2.
A. Prepare for the month of september 2012 the I. Purchases ledger control account II. Sales ledger control account B.state three functions of control accounts
Merchandise With a sales price of $5000 is sold on account with terms 2/10, n/30. The journal entry is to record the sale which would include a a. Credit to sales for $4900 b debit to sales discount for $100 c. Debit to cash for $5000 d.
10.The entry to record a sale of P1,800 with terms of 2/10, n/30 will include a a. debit to Sales Discounts for P36. b. debit to Sales Revenue for P1,764. c. credit to Accounts Receivable for P1,800 d. credit to Sales Revenue for P1,800
Please Make All Relevant Journal Entries Related To Above Transactions