Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

0.75 9 points eBook Hint Print o References Required information [The following information applies to the questions displayed below.] FindMe Incorporated, (FI) has developed a

0.75 9 points eBook Hint Print o References Required information [The following information applies to the questions displayed below.] FindMe Incorporated, (FI) has developed a coin-sized tracking tag that attaches to key rings, wallets, and other items and can be prompted to emit a signal using a smartphone app. Fl sells these tags, as well as water-resistant cases for the tags, with terms FOB shipping point. Assume FI has no inventory at the beginning of the month, and it has outsourced the production of its tags and cases. Fl uses FIFO and has entered into the following transactions: January 2 FI purchased and received 230 tags from Xioasi Manufacturing (XM) at a cost of $8 per tag, n/15. January 4 FI purchased and received 40 cases from Bachittar Products (BP) at a cost of $3 per case, n/20. January 6 FI paid cash for the tags purchased from XM on January 2. January 8 FI mailed 130 tags via the U.S. Postal Service (USPS) to customers at a price of $32 per tag, on account. January 11 FI purchased and received 330 tags from XM at a cost of $11 per tag, n/15. January 14 FI purchased and received 130 cases from BP at a cost of $4 per case, n/20. January 16 FI paid cash for the cases purchased from BP on January 4. January 19 FI mailed 90 cases via the USPS to customers at a price of $13 per case, on account. January 21 FI mailed 230 tags to customers at a price of $32 per tag, on account. Required: 1. Prepare journal entries for each of the above dates, assuming Fl uses a perpetual inventory system. (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 1 2345678 12 Record the purchase of 230 tags. Note: Enter debits before credits. Date January 02 General Journal Debit Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Strategy In Managerial Accounting

Authors: Shahid Ansari

1st Edition

0256256225, 978-0256256222

More Books

Students also viewed these Accounting questions

Question

5) Determine if the variables are independent.

Answered: 1 week ago

Question

1. Who is responsible for resolving this dilemma?

Answered: 1 week ago