Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory. Date January 1 Activities Beginning inventory Units Acquired at Cost 185 units @ $ 11.00 = $ 2,035 Units sold at Retail January 10 January 20 January 25 January 30 Sales Purchase Sales Purchase Totals 145 units @ $ 20.00 100 units @ $ 10.00 = 270 units @ 555 units 1,000 125 units $ 20.00 $ 9.50 = 2,565 $ 5,600 270 units ecord journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses. erpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. Answer is not complete. No 1 Date January 10 General Journal Accounts receivable Sales 2 January 10 Cost of goods sold Merchandise inventory 3 January 20 Merchandise inventory Accounts payable 4 January 25 Accounts receivable Sales >> Debit Credit 2,900 2,900 800X 800X 1,000 1,000 2,500 2,500 57 January 25 Cost of goods sold Merchandise inventory © 6 January 30 Merchandise inventory 2,565 Accounts payable 2,565
Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory. Date January 1 Activities Beginning inventory Units Acquired at Cost 185 units @ $ 11.00 = $ 2,035 Units sold at Retail January 10 January 20 January 25 January 30 Sales Purchase Sales Purchase Totals 145 units @ $ 20.00 100 units @ $ 10.00 = 270 units @ 555 units 1,000 125 units $ 20.00 $ 9.50 = 2,565 $ 5,600 270 units ecord journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses. erpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. Answer is not complete. No 1 Date January 10 General Journal Accounts receivable Sales 2 January 10 Cost of goods sold Merchandise inventory 3 January 20 Merchandise inventory Accounts payable 4 January 25 Accounts receivable Sales >> Debit Credit 2,900 2,900 800X 800X 1,000 1,000 2,500 2,500 57 January 25 Cost of goods sold Merchandise inventory © 6 January 30 Merchandise inventory 2,565 Accounts payable 2,565
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1
2
3
Laker Company reported the following January purchases and sales data for its only product. For specific identification,
ending inventory consists of 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 10 units
from beginning inventory.
4
5
Date
January 1
January 10
January 20
January 25
January 30
6
Date
January 10
January 10
January 20
January 25
January 25
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Totals
January 30
Accounts receivable
Sales
Cost of goods sold
Merchandise inventory
Merchandise inventory
Accounts payable
Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a
perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered.
Accounts receivable
Sales
Cost of goods sold
Merchandise inventory
Units Acquired at Cost
$ 11.00 =
Merchandise inventory
Accounts payable
185 units @
100 units
270 units
555 units
@
@
General Journal
$ 10.00 =
$9.50 =
X Answer is not complete.
$ 2,035
> >
1,000
2,565.
$ 5,600
Debit
2,900
1,000
2,500
Units sold at Retail
145 units
800 X
2,565
125 units.
270 units
Credit
2,900
@
@
800 x
1,000
2,500
$ 20.00
2,565
$ 20.00
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