FINAN&MANAGERIAL ACCT (LL)W/1TERM ACCESS
9th Edition
ISBN: 9781266178566
Author: Wild
Publisher: MCG
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Question
Chapter 5, Problem 12E
To determine
Introduction:
To prepare: Journal entries.
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From the general journal, record to the accounts payable subsidiary ledger and post to general ledger accounts as appropriate. Assume the perpetual inventory system. (For purposes of this problem, we will ignore posting references in the general
journal.)
General journal information attached in image and also the t accounts.
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. For specific identification,
ending inventory consists of 380 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units
from beginning inventory
Date
January 1
January 10
January 20
January 25
January 30
View transaction list
Activities
Beginning inventory
Sales
Purchase
Sales.
Purchase
Totals
Journal entry worksheet
1
<
3
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.
Record the sale of goods.
4
5
Units Acquired at Cost
240 units @ $16.50-
170 units @ $15.50
380 units @ $ 15.00-
790 units
6
$ 3,960
2,635
5,700
$ 12,295
Units sold at Retail
190 units 0 $25.50
e $25.50
190 units
380 units
Required information
[The following information applies to the questions displayed below.]
Home Hardware reported beginning inventory of 35 shovels, for a total cost of $175. The company had the following
transactions during the month:
Sold 9 shovels on account at a selling price of $10 per unit.
January 2
January 16 Sold 12 shovels on account at a selling price of $10 per unit.
January 18 Bought 4 shovels on account at a cost of $5 per unit.
January 19 Sold 12 shovels on account at a selling price of $10 per unit.
January 24 Bought 12 shovels on account at a cost of $5 per unit.
January 31 Counted inventory and determined that 15 units were on hand.
Chapter 5 Solutions
FINAN&MANAGERIAL ACCT (LL)W/1TERM ACCESS
Ch. 5 - Prob. 1QSCh. 5 - Prob. 2QSCh. 5 - Prob. 3QSCh. 5 - Prob. 4QSCh. 5 - Perpetual: Inventory costing with FIFO P1 A...Ch. 5 - Prob. 6QSCh. 5 - Prob. 7QSCh. 5 - Prob. 8QSCh. 5 - Prob. 9QSCh. 5 - A Periodic: Inventory costing with weighted...
Ch. 5 - Prob. 11QSCh. 5 - Prob. 12QSCh. 5 - Perpetual: Inventory costing with weighted average...Ch. 5 - Prob. 14QSCh. 5 - Prob. 15QSCh. 5 - Prob. 16QSCh. 5 - Prob. 17QSCh. 5 - Prob. 18QSCh. 5 - Prob. 19QSCh. 5 - Prob. 20QSCh. 5 - Prob. 21QSCh. 5 - Prob. 22QSCh. 5 - Prob. 23QSCh. 5 - Prob. 24QSCh. 5 - Prob. 25QSCh. 5 - Prob. 26QSCh. 5 - Prob. 1ECh. 5 - Prob. 2ECh. 5 - Exercise 5-3 Perpetual: Inventory costing methods...Ch. 5 - Prob. 4ECh. 5 - Prob. 5ECh. 5 - Prob. 6ECh. 5 - Prob. 7ECh. 5 - Prob. 8ECh. 5 - Prob. 9ECh. 5 - Prob. 10ECh. 5 - Prob. 11ECh. 5 - Prob. 12ECh. 5 - Prob. 13ECh. 5 - Prob. 14ECh. 5 - Prob. 15ECh. 5 - Prob. 16ECh. 5 - Prob. 17ECh. 5 - Prob. 18ECh. 5 - Prob. 19ECh. 5 - Prob. 20ECh. 5 - Prob. 21ECh. 5 - Prob. 1PSACh. 5 - Prob. 2PSACh. 5 - Prob. 3PSACh. 5 - Problem 5-4AA Periodic: Alternative cost flows...Ch. 5 - Prob. 5PSACh. 5 - Prob. 6PSACh. 5 - Prob. 7PSACh. 5 - Prob. 8PSACh. 5 - Prob. 9PSACh. 5 - Prob. 10PSACh. 5 - Prob. 1PSBCh. 5 - Prob. 2PSBCh. 5 - Prob. 3PSBCh. 5 - Prob. 4PSBCh. 5 - Prob. 5PSBCh. 5 - Prob. 6PSBCh. 5 - Prob. 7PSBCh. 5 - Problem 5-8BA Periodic: Income comparisons and...Ch. 5 - Prob. 9PSBCh. 5 - Prob. 10PSBCh. 5 - Prob. 5SPCh. 5 - Prob. 1.1AACh. 5 - Prob. 1.2AACh. 5 - Prob. 1.3AACh. 5 - Prob. 1.4AACh. 5 - Prob. 2.1AACh. 5 - Prob. 2.2AACh. 5 - Prob. 2.3AACh. 5 - Prob. 3.1AACh. 5 - Prob. 3.2AACh. 5 - Prob. 3.3AACh. 5 - Describe how costs flow inventory to cost of goods...Ch. 5 - Where is the amount of merchandise inventory...Ch. 5 - Prob. 3DQCh. 5 - Prob. 4DQCh. 5 - Prob. 5DQCh. 5 - Prob. 6DQCh. 5 - What factors contribute to (or cause) inventory...Ch. 5 - Prob. 8DQCh. 5 - Prob. 1BTNCh. 5 - Prob. 2BTNCh. 5 - Prob. 3BTNCh. 5 - Prob. 5BTN
Knowledge Booster
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