Homework Help is Here – Start Your Trial Now!
Business
Accounting
Required a. Record the inventory transactions in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Date 03/05 Inventory Cash 04/10 04/10 06/19 06/19 09/16 11/28 11/28 Cash Sales revenue Cost of goods sold Inventory Cash Sales revenue Cost of goods sold Inventory Inventory Cash General Journal Cash Sales Cost of goods sold Gross margin Sales revenue Cost of goods sold Inventory journal entry worksheet $ 67,110 Debit 18,810 22,195 24,125 14,560 20,790 Credit 18,810 22,195 24,125 14,560 Calculate the gross margin Pam's Creations would report on the 2016 income statement. (Amounts to be deducted should be indicated with a minus sign.) 20,790

Required a. Record the inventory transactions in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Date 03/05 Inventory Cash 04/10 04/10 06/19 06/19 09/16 11/28 11/28 Cash Sales revenue Cost of goods sold Inventory Cash Sales revenue Cost of goods sold Inventory Inventory Cash General Journal Cash Sales Cost of goods sold Gross margin Sales revenue Cost of goods sold Inventory journal entry worksheet $ 67,110 Debit 18,810 22,195 24,125 14,560 20,790 Credit 18,810 22,195 24,125 14,560 Calculate the gross margin Pam's Creations would report on the 2016 income statement. (Amounts to be deducted should be indicated with a minus sign.) 20,790

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question

Please do not give solution in image format thanku 

Required a. Record the inventory transactions in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Date 03/05 Inventory Cash 04/10 04/10 06/19 06/19 09/16 11/28 11/28 Cash Sales revenue Cost of goods sold Inventory Cash Sales revenue Cost of goods sold Inventory Inventory Cash Cash Sales Cost of goods sold Gross margin General Journal Sales revenue Cost of goods sold Inventory journal entry worksheet $ 67,110 Debit 18,810 22,195 24,125 14,560 20,790 Credit 18,810 22,195 24,125 14,560 Calculate the gross margin Pam's Creations would report on the 2016 income statement. (Amounts to be deducted should be indicated with a minus sign.) 20,790
Transcribed Image Text:Required a. Record the inventory transactions in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Date 03/05 Inventory Cash 04/10 04/10 06/19 06/19 09/16 11/28 11/28 Cash Sales revenue Cost of goods sold Inventory Cash Sales revenue Cost of goods sold Inventory Inventory Cash Cash Sales Cost of goods sold Gross margin General Journal Sales revenue Cost of goods sold Inventory journal entry worksheet $ 67,110 Debit 18,810 22,195 24,125 14,560 20,790 Credit 18,810 22,195 24,125 14,560 Calculate the gross margin Pam's Creations would report on the 2016 income statement. (Amounts to be deducted should be indicated with a minus sign.) 20,790
Pam's Creations had the following sales and purchase transactions during 2016. Beginning inventory consisted of 210 items at $89 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records. Date Mar. 5 Apr. 10 June 19 Sept. 16 Nov. 28 Transaction Purchased Sold Sold Purchased Sold Description 190 items @ $ 99 115 items @ $ 193 125 items @ $ 193 140 items$ 104 105 items @ $ 198
Transcribed Image Text:Pam's Creations had the following sales and purchase transactions during 2016. Beginning inventory consisted of 210 items at $89 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records. Date Mar. 5 Apr. 10 June 19 Sept. 16 Nov. 28 Transaction Purchased Sold Sold Purchased Sold Description 190 items @ $ 99 115 items @ $ 193 125 items @ $ 193 140 items$ 104 105 items @ $ 198
Expert Solution
steps

Step by step

Solved in 5 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS