Kingbird Company sells one product. Presented below is information for January for Kingbird Company
Kingbird Company sells one product. Presented below is information for January for Kingbird Company
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Kingbird Company sells one product. Presented below is information for January for Kingbird Company.
Jan. 1
4
11
13
20
27
Inventory 121 units at $4 each
100 units at $8 each
159 units at $6 each
126
units at $9 each
175 units at $7 each
114 units at $11 each
Sale
Purchase
Sale
Purchase
Sale

Transcribed Image Text:Assume Kingbird uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the
account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent
manually. List all debit entries before credit entries.)
Date
Jan. 4
Jan 1
Jan 13.
Jan 13
Account Titles and Explanation
Accounts Receivable
Sales Revenue
(To record the sale)
Cost of Goods Sold
Inventory
(To record the cost of inventory),
Inventory
Accounts Receivable
Sales Revenue
(To record the sale)
Debit
Credit
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