Please don't provide answer in image format thank you !Required Information[The following information applies to the questions displayed below.]The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations:Jan. 20Apr. 21July 25Sept. 19During the year, The Shirt Shop sold 840 T-shirts for $25 each.b. Record the above transactions in general journal form and post to T-accounts using (1) FIFO, (2) LIFO, and (3) weighted average. Usea separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions.PurchasedPurchasedPurchasedPurchasedComplete this question by entering your answers in the tabs below.View transaction listRequired B Required B GJ Required B GJ Required B GJ Required B T Required B T Required B TFIFOLIFOWAAcc FIFOAcc LIFOAcc WA<410 units @ $ 9 =210 units @ $ 11 =@ $11=$ 14 =100 units @ $ 16 =290 units @Record the above transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required"in the first account field.)Journal entry worksheet1DateJan. 202 3 4Note: Enter debits before credits.$3,6902,3104,0601,600Record the entry for purchase of inventory for cash on January 20.Record entryGeneral JournalClear entry< Required BDebitCreditView general journal>Required B GJ FIFO >

Journal entries:Journal entry records the accounting transactions of a business in a journal book.…

The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 410 units @ $9 = $3,690 210 units @ $11 2,310 290 units @ $ 14 = 100 units @ $ 16 = 4,060 1,600 During the year, The Shirt Shop sold 840 T-shirts for $25 each.

The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 410 units @ $9 = $3,690 210 units @ $11 2,310 290 units @ $ 14 = 100 units @ $ 16 = 4,060 1,600 During the year, The Shirt Shop sold 840 T-shirts for $25 each.

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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