Use the perpetual inventory system image to answer the journal entry Neverstop Corporation sells item A as part of its product line. Information about the beginning inventory, purchases, and sales of itemA are given in the following table for the first six months of the current year. The company uses a perpetual inventory system:DateJanuary 1 (beginning inventory)January 24February 8March 16June 11Ending inventoryGross profit$ 4,668.51$PurchasesNumber of Units5706706701,093.00Unit Cost Number of Units$3.90$4.00$4.00370Required:1. Compute the cost of ending inventory by using the weighted-average costing method. (Do not round intermediate calculations andround the final answer to 2 decimal places.)Sales370Sales Price2. Compute the gross profit for the first six months of the current year by using the FIFO costing method. (Do not round intermediatecalculations and round the final answer to 2 decimal places.)$5.40$5.40 4. Prepare journal entries to record the purchase and sale transactions, as well as the cost of sales, assuming that all sales andpurchase transactions are on account and that the weighted-average method is used. (Do not round intermediate calculations andround the final answers to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in thefirst account field.)View transaction listJournal entry worksheet<12Note: Enter debits before credits.DateJanuary 24Record cost of sales on goods sold on account.Cost of salesInventoryRecord entry3General Journal5Clear entry(ODebit< PrevCreditView general journal1 of 3>Next >

Inventory Valuation Method - Inventory valuation method includes FIFO, LIFO, and Weighted Average…

4. Prepare journal entries to record the purchase and sale transactions, as well as the cost of sales, assuming that all sales and purchase transactions are on account and that the weighted-average method is used. (Do not round intermediate calculations and round the final answers to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

4. Prepare journal entries to record the purchase and sale transactions, as well as the cost of sales, assuming that all sales and purchase transactions are on account and that the weighted-average method is used. (Do not round intermediate calculations and round the final answers to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter12: Special Journals

Section: Chapter Questions

Problem 1MC: The first step in posting the sales journal to the general ledger is to total and verify the...

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Neverstop Corporation sells item A as part of its product line. Information about the beginning inventory, purchases, and sales of item A are given in the following table for the first six months of the current year. The company uses a perpetual inventory system: Date January 1 (beginning inventory) January 24 February 8 March 16 June 11 Ending inventory Gross profit $ 4,668.51 $ Purchases Number of Units 570 670 670 1,093.00 Unit Cost Number of Units $3.90 $4.00 $4.00 370 Required: 1. Compute the cost of ending inventory by using the weighted-average costing method. (Do not round intermediate calculations and round the final answer to 2 decimal places.) Sales 370 Sales Price 2. Compute the gross profit for the first six months of the current year by using the FIFO costing method. (Do not round intermediate calculations and round the final answer to 2 decimal places.) $5.40 $5.40
This information relates to Monty Co. 1. 2. 3. 4. 5. (a) (b) On April 5, purchased merchandise from Martinez Company for $45,000, on account, terms 4/10, net/30, FOB shipping point. On April 6, paid freight costs of $1,150 on merchandise purchased from Martinez Company. On April 7, purchased equipment on account for $32,800. On April 8, returned $3,900 of the April 5 merchandise to Martinez Company. On April 15, paid the amount due to Martinez Company in full. Assume that Monty Co. paid the balance due to Martinez Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (Credit account 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.) Date Account Titles and Explanation Debit Credit
In the Payments Journal window, invoices being paid will display the: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to sele a b с d Number of items sold on the invoice. The transaction due date. Credit terms. All of the above.
Using 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:
The first step in posting the sales journal to the general ledger is to total and verify the equality of the amount columns. enter the date in the Date column of the ledger account. enter the new balance in the Balance columns of the ledger account. enter the ledger account number below the column totals in the journal.
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Each time an entry is recorded in the purchases journal, the credit would be entered in the A. purchase column B. accounts payable column C. accounts receivable column D. none of the above
1 ) By using FIFO method: Post Journal entries for Sales and CGS?
Use the following to answer questions 16 - 19 For each transaction indicate whether it should: A. increase, B. decrease, or C. no effect. Credit sales transaction cycle Asskiabilitstockholders’ equRtøvenespenses 16. Provide services on account 17. Estimate uncollectible accounts 18. Write off accounts as uncollectible 19. Collect on account previously written off
. Prepare the journal entries SSG would record. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 Transaction a(1) 3 Note: Enter debits before credits. Record the sales on account of $150,000 to SRU. Record entry 4 5 General Journal Clear entry Debit Credit View general journal
Journalize the transaction using the perpetual inventory system,,,,,,,,,,,,,, please answer in text form without image every entry should be narrated
Registers in OBO: Multiple Choice Display more detailed information about accounts Display all transactions for the account Display a running balance for the account All of these choices are correct.