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Record journal entries for Laker Company's sales and purchases transactions.

Record journal entries for Laker Company's sales and purchases transactions.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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! Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Units Acquired at Cost @ Date Activities Units sold at Retail Beginning inventory $ 6.00 = $ 840 January 1 January 10 January 20 January 25 January 30 140 units Sales 100 units @ $ 15 Purchase 60 units $ 5.00 = 300 Sales 80 units @ $ 15 Purchase 180 units $ 4.50 = 810 Totals 380 units $ 1,950 180 units 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.
Transcribed Image Text:! Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Units Acquired at Cost @ Date Activities Units sold at Retail Beginning inventory $ 6.00 = $ 840 January 1 January 10 January 20 January 25 January 30 140 units Sales 100 units @ $ 15 Purchase 60 units $ 5.00 = 300 Sales 80 units @ $ 15 Purchase 180 units $ 4.50 = 810 Totals 380 units $ 1,950 180 units 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.
! Required information View transaction list Journal entry worksheet 1 4 5 6 > Record the sale of goods. Note: Enter debits before credits. Date General Journal Debit Credit January 10 Record entry Clear entry View general journal
Transcribed Image Text:! Required information View transaction list Journal entry worksheet 1 4 5 6 > Record the sale of goods. Note: Enter debits before credits. Date General Journal Debit Credit January 10 Record entry Clear entry View general journal
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