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…
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Instructions Journalize the following merchandise transactions. Refer to the chart of accounts for the exact wording of the account itles. CNOW journals do not use ines for jounal explanations. Every Nne on a journal page is used for debit or aredit ents. CNOW journals will automaticaly indent a credit entry when a credit amount s entered. 1 Sold merchandise on account, $94,800 with terms 2/10, n30. The sost.ot the merchandise nold was Mar. $56,900. Received payment les the discount. 13 Issued a $500 oredit memo for damaged merchandise. The customer agreed to keep the merchandise
[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.
еВook Print Item Revenue Section, Multiple-Step Income Statement Instructions Income Statement Instructions Based on the information that follows: Sales $86,300 Sales Returns and Allowances 2,330 Sales Discounts 1,726 Required: Prepare the revenue section of a multiple-step income statement. %3D
Required information [The following information applies to the questions displayed below.] The transactions listed below are typical of those involving Southern Sporting Goods (SSG) and Sports R Us (SRU). SSG is a wholesale merchandiser and SRU is a retail merchandiser. Assume all sales of merchandise from SSG to SRU are made with terms n/30, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended December 31. a. SSG sold merchandise to SRU at a selling price of $140,000. The merchandise had cost SSG $100,000. b. Two days later, SRU complained to SSG that some of the merchandise differed from what SRU had ordered. SSG agreed to give an allowance of $4,500 to SRU. SRU also returned some sporting goods, which had cost SSG $13,500 and had been sold to SRU for $18,000. No further returns are expected c. Just three days later SRU paid SSG, which settled all amounts owed. . Prepare…
The journal entry for the purchase of inventory on account using the periodic inventory system is
Determine the cost of goods sold for the transaction on October 25 using the perpetual inventory system and the FIFO method Units Cost Total Date Item Beginning inventory $10 $50 5 October 4 Purchase 11 88 October 8 Sale 6 October 20 Purchase 15 12 180 October 25 Sale 12 a. $138 b. $137 c. $144 d. $180