Skysong Company sells one product. Presented below is information for January for Skysong Company. Jan. 1 4 11 13 20 Inventory 106 units at $5 each 85 units at $8 each Purchase 155 units at $7 each 128 units at $9 each 173 units at $7 each 116 units at $11 each Sale Sale Purchase 27 Sale Skysong uses the FIFO cost flow assumption. All purchases and sales are on account.
Skysong Company sells one product. Presented below is information for January for Skysong Company. Jan. 1 4 11 13 20 Inventory 106 units at $5 each 85 units at $8 each Purchase 155 units at $7 each 128 units at $9 each 173 units at $7 each 116 units at $11 each Sale Sale Purchase 27 Sale Skysong uses the FIFO cost flow assumption. All purchases and sales are on account.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Assume Skysong uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the
account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent
manually. List all debit entries before credit entries.)
Account Titles and Explanation
Date
Debit
Credit
Transcribed Image Text:Current Attempt in Progress
Skysong Company sells one product. Presented below is information for January for Skysong Company.
Jan. 1
4
11
13
20
27
Inventory 106
units at $5 each
85
units at $8 each
155
units at $7 each
128
units at $9 each
173 units at $7 each
116 units at $11 each
Sale
Purchase
Sale
Purchase
Sale
Skysong uses the FIFO cost flow assumption. All purchases and sales are on account.
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