! Required information [The following information applies to the questions displayed below.] Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 Activities Beginning inventory January 3 Sales February 14 February 15 June 30 November 6 November 19 Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost Units Sold at Retail 40 units @ $2 = $ 80 30 units @ $8 70 units @ $3 = $ 210 60 units @ $8 90 units 20 units 220 units @ $4 = $ 360 @ $5 = $ 100 $ 750 86 units @ $8 176 units 13 Record journal entries for Tree Seedlings' sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and LIFO. All sales and purchases are made on account, and no discounts are offered. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 Record the sale of goods. Note: Enter debits before credits. Date January 03 General Journal Debit Credit Record entry Clear entry View general journal
! Required information [The following information applies to the questions displayed below.] Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 Activities Beginning inventory January 3 Sales February 14 February 15 June 30 November 6 November 19 Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost Units Sold at Retail 40 units @ $2 = $ 80 30 units @ $8 70 units @ $3 = $ 210 60 units @ $8 90 units 20 units 220 units @ $4 = $ 360 @ $5 = $ 100 $ 750 86 units @ $8 176 units 13 Record journal entries for Tree Seedlings' sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and LIFO. All sales and purchases are made on account, and no discounts are offered. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 Record the sale of goods. Note: Enter debits before credits. Date January 03 General Journal Debit Credit Record entry Clear entry View general journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Herry
![Required information
[The following information applies to the questions displayed below.]
Tree Seedlings has the following current-year purchases and sales for its only product.
Date
January 1
Activities
Beginning inventory
January 3
Sales
February 14
Purchase
February 15
June 30
Sales
November 6
November 19
Purchase
Sales
Purchase
Totals
Units Acquired at Cost
40 units
Units Sold at Retail
@ $2 =
$ 80
30 units
70 units
@ $3 =
$ 210
60 units
@ $8
@ $8
90 units
@$4=
$ 360
86 units
@ $8
20 units
220 units
@ $5 =
$ 100
$ 750
176 units
13
Record journal entries for Tree Seedlings' sales and purchases transactions. Assume for this assignment that the company uses a
perpetual inventory system and LIFO. All sales and purchases are made on account, and no discounts are offered.
View transaction list
Journal entry worksheet
2
3
4 5 6
7
8
9
Record the sale of goods.
Note: Enter debits before credits.
Date
January 03
General Journal
Debit
Credit
Record entry
Clear entry
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdfe087e8-3e31-43c0-a59d-4a7e8bf9f1d3%2F20b4501d-dda5-4bc1-a9bb-703ac902d12e%2Fq8vaf3r_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Tree Seedlings has the following current-year purchases and sales for its only product.
Date
January 1
Activities
Beginning inventory
January 3
Sales
February 14
Purchase
February 15
June 30
Sales
November 6
November 19
Purchase
Sales
Purchase
Totals
Units Acquired at Cost
40 units
Units Sold at Retail
@ $2 =
$ 80
30 units
70 units
@ $3 =
$ 210
60 units
@ $8
@ $8
90 units
@$4=
$ 360
86 units
@ $8
20 units
220 units
@ $5 =
$ 100
$ 750
176 units
13
Record journal entries for Tree Seedlings' sales and purchases transactions. Assume for this assignment that the company uses a
perpetual inventory system and LIFO. All sales and purchases are made on account, and no discounts are offered.
View transaction list
Journal entry worksheet
2
3
4 5 6
7
8
9
Record the sale of goods.
Note: Enter debits before credits.
Date
January 03
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
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