During January 2018, FRS Company completed the following transactions. Beginning inventory as of January 1 include...
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During January 2018, FRS Company completed the following transactions. Beginning inventory as of January 1 include 225 units $80 each which totals $18,000: • Jan 1: Paid 6 months insurance in advance for $10,800. Jan 2: Purchased 400 units of inventory for 32,000$ from Great Company, on terms, 3/10, n/eom. And paid $2,000 of commissions and freight charges for the purchase from Great Company. • Jan 4: Purchased 150 units of inventory from Deluxe Company on account with terms 2/5, n/30. Total invoice is $13,500. • Jan 5: Paid accrued salary of the December 2016, $16,000. Jan 13: Paid to Great Company. • Jan 15: Sold 600 units of goods to Shine Company for $90,000 ($150 each) on account with terms 2/10, n/30. • Jan 17: Received 50 units of goods back from Shine Company (Returned goods are from $85 of cost each). • Jan 20: Received payment from Shine Company, settling the amount due in full. • Jan 23: Sold 40 units on account, $6,000 ($150 each) to Bridget Company. • Jan 27: Purchased supplies for cash of $13,000. Requirements: 1. Journalize January transactions 2. Prepare FIFO schedule to calculate the Cost of Goods Sold (COGS) on the Jan 15th, and 23th. During January 2018, FRS Company completed the following transactions. Beginning inventory as of January 1 include 225 units $80 each which totals $18,000: • Jan 1: Paid 6 months insurance in advance for $10,800. Jan 2: Purchased 400 units of inventory for 32,000$ from Great Company, on terms, 3/10, n/eom. And paid $2,000 of commissions and freight charges for the purchase from Great Company. • Jan 4: Purchased 150 units of inventory from Deluxe Company on account with terms 2/5, n/30. Total invoice is $13,500. • Jan 5: Paid accrued salary of the December 2016, $16,000. Jan 13: Paid to Great Company. • Jan 15: Sold 600 units of goods to Shine Company for $90,000 ($150 each) on account with terms 2/10, n/30. • Jan 17: Received 50 units of goods back from Shine Company (Returned goods are from $85 of cost each). • Jan 20: Received payment from Shine Company, settling the amount due in full. • Jan 23: Sold 40 units on account, $6,000 ($150 each) to Bridget Company. • Jan 27: Purchased supplies for cash of $13,000. Requirements: 1. Journalize January transactions 2. Prepare FIFO schedule to calculate the Cost of Goods Sold (COGS) on the Jan 15th, and 23th.
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Journal Entries Date Account title Explanation Debit Credit 01Jan Prepaid Insurance 10800 Cash ... View the full answer
Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
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