Date Account/Explanation Ref. Debit Credit anuary 03 to record purchase of 3,000 units of inventory at $5 per unit. 06 to record sale of 2,750 units at $10 per unit. to record LIFO cost of 2,750 units of inventory sold. 15 to record purchase of 5,000 units at $6. 22 to record sale of 4,500 units of inventory at $10 each. 22 to record LIFO cost of 4,500 units of inventory sold.
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
![and determine cost of goods sold and ending merchandise inventory. Use cell references from Data Table
for quantities and unit cost. Use Excel formulas for total costs and total quantities. Format weighted
average unit cost and total cost to display two decimal places.
DATA
Date
Description
Units
Per Unit
Jan 1
Inventory on hand
1,000
4
Jan 3
Purchase
3,000
24
Jan 6
Sale
2,750
10
Jan 15
Purchase
5,000
6.
Jan 22
Sale
4,500
2$
10
LIFO
Purchases
COGS
Inventory on Hand
Date
Unit cost
Total Cost
Quantity
Unit cost
Total Cost
Quantity
1,000 $
Unit cost
Total Cost
Quantity
Jan 1
4,000
Jan 3
3,000 $
5 $
15,000
1,000 $
4.00 $
4,000.00
3,000 $
5.00 $
15,000.00
Jan 6
2,750 $
5.00 $
13,750.00
1,000 $
4.00 $
4,000.00
250 $
5 $
1,250
Jan 15
5,000 $
6 $
30,000
1,000 $
250 $
4.00 $
4,000.00
5.00 $
1,250.00
5,000 $
6.00 $
30,000.00
Jan 22
4,500 $
6.00 $
27,000.00
1,000
4
4,000
250
1,250
500 $
6 $
3,000
8,000
%2.
45,000
7,250
2$
40,750.00
1,750
8,250.00 should be 8,250
Weighted-Average
Purchases
COGS
Inventory on Hand
Date
Quantity
Unit cost
Total Cost
Quantity
Unit cost
Total Cost
Quantity
Unit cost
Total Cost
L000 S 4.00 S 4.000.00
Jan 1
Instructions
inventory worksheet
Journal Entries FIFO
Journal Entries LIFO
Journal Entries Wt Avg](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F80f920af-346e-4ea0-9b9d-9315737cd92e%2F1f3523a4-ce17-4a29-8605-cbd3cdc3bbe6%2F2jfv8uh_processed.jpeg&w=3840&q=75)
![C
E
F
A
Post.
Ref.
Debit
Credit
Date
Account/Explanation
January
03
to record purchase of 3,000 units of inventory at $5 per unit.
06
to record sale of 2,750 units at $10 per unit.
to record LIFO cost of 2,750 units of inventory sold.
15
to record purchase of 5,000 units at $6.
22
to record sale of 4,500 units of inventory at $10 each.
22
to record LIFO cost of 4,500 units of inventory sold.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F80f920af-346e-4ea0-9b9d-9315737cd92e%2F1f3523a4-ce17-4a29-8605-cbd3cdc3bbe6%2F3h2ecv_processed.jpeg&w=3840&q=75)
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