Record journal entries for Laker Company's sales and purchases transactions.
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.
| Date | Activities | Units Acquired at Cost | Units sold at Retail |
|----------------|----------------------|---------------------------------------|-----------------------------|
| January 1 | Beginning inventory | 140 units @ $6.00 = $840 | |
| January 10 | Sales | | 100 units @ $15 |
| January 20 | Purchase | 60 units @ $5.00 = $300 | |
| January 25 | Sales | | 80 units @ $15 |
| January 30 | 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdaff1811-7080-4257-99e1-4551c4de7ff7%2Fae95516a-140b-48f3-bb75-c8bc3a56c79a%2F1e1grrp_processed.png&w=3840&q=75)
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.
| Date | Activities | Units Acquired at Cost | Units sold at Retail |
|----------------|----------------------|---------------------------------------|-----------------------------|
| January 1 | Beginning inventory | 140 units @ $6.00 = $840 | |
| January 10 | Sales | | 100 units @ $15 |
| January 20 | Purchase | 60 units @ $5.00 = $300 | |
| January 25 | Sales | | 80 units @ $15 |
| January 30 | 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:**Journal Entry Worksheet**
This is an interactive form typically used in accounting to document financial transactions. It consists of several sections and features:
**Tabs**:
- There are six tabs labeled from 1 to 6, indicating different tasks or entries that can be filled in.
**Instructions**:
- The prompt reads: "Record the sale of goods."
**Note**:
- "Enter debits before credits."
**Table**:
- Includes columns for "Date," "General Journal," "Debit," and "Credit."
- The table shows that on "January 10," a journal entry needs to be created. Users are expected to fill in the remaining details.
**Buttons**:
- "Record entry" allows users to save the entered information.
- "Clear entry" enables users to reset the current input fields.
- "View general journal" provides an overview of all recorded entries.
This layout is designed to guide students or users through the process of accurately documenting transactions, ensuring debits are entered before credits in accordance with accounting principles.
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