Wildhorse Company sells one product. Presented below is information for January for Wildhorse Company. Inventory 118...
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Wildhorse Company sells one product. Presented below is information for January for Wildhorse Company. Inventory 118 Sale 93 Purchase 165 Sale Purchase Sale Jan. 1 4 11 13 20 27 units at $5 each units at $8 each units at $6 each 136 units at $9 each 163 units at $7 each 104 units at $11 each. Wildhorse uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Wildhorse uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date. Jan. 4 Jan. 11 Account Titles and Explanation Accounts Receivable Sales Revenue (To record the sale) Cost of Goods Sold Inventory (To record the cost of inventory) Inventory Accounts Payable Debit Credit Wildhorse Company sells one product. Presented below is information for January for Wildhorse Company. Inventory 118 Sale 93 Purchase 165 Sale Purchase Sale Jan. 1 4 11 13 20 27 units at $5 each units at $8 each units at $6 each 136 units at $9 each 163 units at $7 each 104 units at $11 each. Wildhorse uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Wildhorse uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date. Jan. 4 Jan. 11 Account Titles and Explanation Accounts Receivable Sales Revenue (To record the sale) Cost of Goods Sold Inventory (To record the cost of inventory) Inventory Accounts Payable Debit Credit
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Journal Entries FIFO Perpetual Date Account Titles and Explanation Jan 4 Accounts Rec... View the full answer
Related Book For
Introduction to Operations Research
ISBN: 978-1259162985
10th edition
Authors: Frederick S. Hillier, Gerald J. Lieberman
Posted Date:
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