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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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