Exercise 5-6A (Algo) Perpetual: Journalizing transactions LO P3 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. View transaction list Journal entry worksheet 13 2 Record the sale of goods. 3 Note: Enter debits before credits. Date January 10 Record entry 4 5 General Journal Clear entry 6 Debit Credit View general journal Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 232 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales January 20 Purchase January 25 Sales January 30 Purchase Totals Units Acquired at Cost $6.00 = 156 units @ 76 units e 180 units @ 412 units $ 5.00 $ 4.50 $ 936 380 810 $ 2,126 Units sold at Retail 84 units @ 96 units 180 units @ $ 15.00 $15.00
Exercise 5-6A (Algo) Perpetual: Journalizing transactions LO P3 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. View transaction list Journal entry worksheet 13 2 Record the sale of goods. 3 Note: Enter debits before credits. Date January 10 Record entry 4 5 General Journal Clear entry 6 Debit Credit View general journal Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 232 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales January 20 Purchase January 25 Sales January 30 Purchase Totals Units Acquired at Cost $6.00 = 156 units @ 76 units e 180 units @ 412 units $ 5.00 $ 4.50 $ 936 380 810 $ 2,126 Units sold at Retail 84 units @ 96 units 180 units @ $ 15.00 $15.00
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 3AP
Related questions
Question
1. Do the record of sale of goods on January 10
2. Record the cost of sales for January 10
3.Record the purchase of inventory for January 20
4.record the sale of goods for January 25
5. Record the cost of sale for January 25
6. Record the purchase of inventory for January 30 thank you
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