Fiscal Year 2021 Transactions Month January Day 15 SUV Tent Systems to Camping World on Sold 1,000 units account Sales Price/Unit COGS/Unit 650 275 January 30 Sold 2,500 units Truck Tent Systems to Cabela's account on Sales Price/Unit COGS/Unit 850 325 January 31 Paid monthly employee salaries 42,000 February 12 Received payment from Camping World 650,000 February 17 Purchased inventory from supplier in Alaska 1,000,000 on account February 28 Paid monthly employee salaries 42,000 March Received payment from Cabela's 2,125,000 March 10 Paid supplier in Alaska for February purchase 1,000,000 March 25 Sold 3,000 units Car Tent Systems to Scheels on account Sales Price/Unit COGS/Unit 550 250 March 31 Paid monthly employee salaries 42,000 %24
Fiscal Year 2021 Transactions Month January Day 15 SUV Tent Systems to Camping World on Sold 1,000 units account Sales Price/Unit COGS/Unit 650 275 January 30 Sold 2,500 units Truck Tent Systems to Cabela's account on Sales Price/Unit COGS/Unit 850 325 January 31 Paid monthly employee salaries 42,000 February 12 Received payment from Camping World 650,000 February 17 Purchased inventory from supplier in Alaska 1,000,000 on account February 28 Paid monthly employee salaries 42,000 March Received payment from Cabela's 2,125,000 March 10 Paid supplier in Alaska for February purchase 1,000,000 March 25 Sold 3,000 units Car Tent Systems to Scheels on account Sales Price/Unit COGS/Unit 550 250 March 31 Paid monthly employee salaries 42,000 %24
Chapter7: Budgeting
Section: Chapter Questions
Problem 12EA: Desiccate purchases direct materials each month. Its payment history shows that 70% is paid in the...
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Question
-
Using EXCEL => Prepare the appropriate
journal entry for each of the transactions for CampIn Inc. during the first three months of 2021 (see Attached file).
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Using EXCEL =>
Post the journal entries to the appropriate “T-Accounts.”
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