Prepare journal entries for these January transactions assuming that Monty Ltd. uses FIFO under a periodic inventory system. Also, record the adjusting entry at the end of the month to update the Inventory and Cost of Goods Sold accounts. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Jan. 3 Jan. 3 Jan. 9 Account Titles and Explanation Accounts Receivable Sales Cost of Goods Sold Inventory Inventory Accounts Payable Debit 9490 4380 7000 Credit C A

Prepare journal entries for these January transactions assuming that Monty Ltd. uses FIFO under a periodic inventory system. Also, record the adjusting entry at the end of the month to update the Inventory and Cost of Goods Sold accounts. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Jan. 3 Jan. 3 Jan. 9 Account Titles and Explanation Accounts Receivable Sales Cost of Goods Sold Inventory Inventory Accounts Payable Debit 9490 4380 7000 Credit C A

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Description: answer in text form please (without image), Note: .Every entry should have narration please Prepare journal entries for these January transactions assuming that Monty Ltd. uses FIFO under a periodic inventory system.Also, record the adjusting entry

Principles of Accounting Volume 2

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Chapter4: Job Order Costing

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Problem 6EB: Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a...

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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answer in text form please (without image), Note: .Every entry should have narration please

Prepare journal entries for these January transactions assuming that Monty Ltd. uses FIFO under a periodic inventory system.
Also, record the adjusting entry at the end of the month to update the Inventory and Cost of Goods Sold accounts. (List all debit
entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the
problem.)
Date
Jan. 3
Jan. 3
Jan. 9
Account Titles and Explanation
Accounts Receivable
Sales
Cost of Goods Sold
Inventory
Inventory
Accounts Payable
Debit
9490
4380
7000
Credit
C
A

At the beginning of the year, Monty Ltd. had 900 units with a cost of $6 per unit in its beginning inventory. The following inventory
transactions occurred during the month of January:
Jan. 3 Sold 730 units on account for $13 each.
9
15
Purchased 1,000 units on account for $7 per unit.
Sold 780 units for cash at $12 each.

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