At the beginning of the year, Pina Ltd. had 910 units with a cost of $6 per unit in its beginning inventory. The following inventory transactions occurred during the month of January: Jan. 3 9 15 Sold 670 units on account for $15 each. Purchased 1,000 units on account for $7 per unit. Sold 800 units for cash at $14 each. Prepare journal entries for these January transactions assuming that Pina Ltd. uses FIFO under a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date List of Accounts Account Titles and Explanation (To record sale) Date (To record cost of goods sold) (To record sale) eTextbook and Media (To record cost of goods sold) Debit Prepare journal entries for these January transactions assuming that Pina Ltd. uses FIFO under a periodic inventory system. Also, record the adjusting entry at the end of the month to update the Inventory and Cost of Goods Sold accounts. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Credit Debit Credit
At the beginning of the year, Pina Ltd. had 910 units with a cost of $6 per unit in its beginning inventory. The following inventory transactions occurred during the month of January: Jan. 3 9 15 Sold 670 units on account for $15 each. Purchased 1,000 units on account for $7 per unit. Sold 800 units for cash at $14 each. Prepare journal entries for these January transactions assuming that Pina Ltd. uses FIFO under a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date List of Accounts Account Titles and Explanation (To record sale) Date (To record cost of goods sold) (To record sale) eTextbook and Media (To record cost of goods sold) Debit Prepare journal entries for these January transactions assuming that Pina Ltd. uses FIFO under a periodic inventory system. Also, record the adjusting entry at the end of the month to update the Inventory and Cost of Goods Sold accounts. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Credit Debit Credit
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 2E: Cost of Goods Sold and Income Statement Schuch Company presents you with the following account...
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Transcribed Image Text:At the beginning of the year, Pina Ltd. had 910 units with a cost of $6 per unit in its beginning inventory. The following inventory
transactions occurred during the month of January:
Jan. 3
9
15
Sold 670 units on account for $15 each.
Purchased 1,000 units on account for $7 per unit.
Sold 800 units for cash at $14 each.
Prepare journal entries for these January transactions assuming that Pina Ltd. uses FIFO under a perpetual inventory system. (List
all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.
Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for
the amounts.)
Date
List of Accounts
Account Titles and Explanation
(To record sale)
Date
(To record cost of goods sold)
(To record sale)
eTextbook and Media
(To record cost of goods sold)
Debit
Prepare journal entries for these January transactions assuming that Pina Ltd. uses FIFO under a periodic inventory system. Also,
record the adjusting entry at the end of the month to update the Inventory and Cost of Goods Sold accounts. (List all debit entries
before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is
required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.)
Account Titles and Explanation
Credit
Debit
Credit
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