GEN. COMBINED FIN.+MAN.ACCT LCPO
9th Edition
ISBN: 9781266151231
Author: Wild
Publisher: MCG
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Question
Chapter 5, Problem 12E
To determine
Introduction:
To prepare: Journal entries.
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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
Chapter 5 Solutions
GEN. COMBINED FIN.+MAN.ACCT LCPO
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
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Similar questions
- 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.arrow_forwardPrepare the journal entries to record the following sales transactions in Blue Spruce Corp's books. Blue Spruce uses 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. 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.) Jan. 2 5 6 Feb. 11 Blue Spruce sold $54,000 of goods to Xtra Inc., terms n/45, FOB destination. The cost of the goods sold was $30,240. Blue Spruce expected a return rate of 15%. The appropriate company paid freight costs of $1,080. Xtra returned $6,600 of the merchandise purchased from Blue Spruce on January 2, because it was not needed. The cost of the merchandise returned was $3,696, and it was restored to inventory. Blue Spruce received the balance due from Xtra.arrow_forwardRecording transactions—purchases journal Requirements Prepare headings for a purchases journal. Journalize the transactions that should be recorded in the purchases journal. The company uses the perpetual inventory system. Total each column of the purchases journal.arrow_forward
- 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.arrow_forwardhelp me finish thiswith complete working ! Journalize the December transactions using a perpetual inventory system. (Credit occount titles are automatically indented when 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.)arrow_forwardUsing the following purchases journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required:arrow_forward
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