6-6 journel entry

Problem 6-6A (Algo) Record transactions using a perpetual system, prepare a partial income statement, and adjust for the lower of cost and net realizable value (LO6-2, 6-3, 6-4, 6-5, 6-6) At the beginning of Octobec, Bowser Compeny's imventory consists of 52 units with a cost per unit of $48. The following transactions occur during the month of October. Octobei 5 Pay caih for freight chargen related to the october 4 purehase, taz. october, Return 10 defective unita fran the betobet 4 purelise and receipt of eredit. Getober 12 Pay Waluigi Crapany in full. purchase imeludes $50 unit eost plue 17 per unit for freight less $1 per unit tor the purehse disceant, or \$56 per usit, oetobet 19 Recelve full payeent fres ewbtoont related to the wale on detober 15 . october 22 Seli 98 unitis of inventery to pustomerk for pakh, 57, t40. Required; 1. Assuming that Bowser Company uses a FIFO perpetual inventory system to maintain its inventory records, record the transections. 2. Suppose by the end of October that the remaining inventory is estimated to have a net realizable value per unit of $35. Record any necessary adjusting entry for lower of cost and net realizable value. 3. Prepare the top section of the multiple-step income statement through gross profit for the month of October after the adjusting entry for lower of cost and net realizable value: Complete this question by entering your answers in the tabs below. Assuming that Bowser Company uses a FLFQ perpetual inventory system to maintain its itrventocy records, record the transactions. (If no eritry is required for a transpition/event, neiect 'No Joumar Entry Required' in the first account field.) Journal entry worksheet (iecurd purchase of 128 units of inventory on account from Waluigl company for $50 per unit, terms 2/10, N/30. Natei freter drasa belore credei. Problem 6-6A (Algo) Record transactions using a perpetual system, prepare a partial income statement, and adjust for the lower of cost and net realizable value (LO6-2, 6-3, 6-4, 6-5, 6-6) As the beginning of Octobec, Bowser Company's inventary consists of 52 units with a cest per unit of \$4a. The following transactions occur during the month of October: betober 3 Meturn, 10 defective hite from the botober 4 patchape and receipt. af erndit, betobet 12 Tay Waluigl Consang in tell. 15t pert unit. Required: 1. Assuming that Bewser Company uses a FFO perpetual imventory system to maintain its inventory records, record the transactions. 2. Suppose by the end of October that the remaining inventory is estimated to have a net realizable value per unit of 535 . Record any necessacy adjusting entry for lower of cost ond net realizable valie. 3. Prepare the top section of the multiple-step income statement theough gross profit for the month of October after the adjusting entry for lower of cost and net realizable value. Complete this questien by entering your answers in the tabs below. Journal entry worksheet Recond patrintent of cach for freight elerges relaced to the Dctober 4 purchast, 4826. Problem 6-6A (Algo) Record transactions using a perpetual system, prepare a partial income statement, and adjust for the lower of cost and net realizable value (LO6-2, 6-3, 6-4, 6.5, 6-6) At the beginning of Octobec, Bowser Company's inventory consiats of 52 unts with a cost per unit of $48. The following transactions occur during the month of October. octeber's Piy essh lor freipht eharges related to the beteber 4 porebere. 3826 , Geteler, 12Tey waluigt conpasy in full. IS pier witit) Ootober is Teceive full payent frea euseobera zelated to the wate on Cotober 15 . Oetober 20 herebin 31 ualta of imventory from Maluity canpany for f6s per ubit. Required: 1. Assuming that Bowser Compary uses a FFO perpetual inventory system to maintain its inventory records. recerd the transactions. 2. Suppose by the end of October that the remaining imventary is estimated to have a net realizable value per unit of s35, Aecord ary necessary adjusting entry for lower of cost and net resizable value, 3. Prepare the top section of the multiple-step income statement through gross profit for the month of October after she atfiusting entry for lower of cost and net resirable value. Complete this question by entering your answers in the tabs below, Assuming thet Bowser Company uses a FIFO perpetual ifventory system to maintain its itventory records, recard the transactions. (if ne entry is recuired for a trathatationvevent, select "No Jeumal Entry Reculred" in the finst account fiedd.) Journal entry worksheet Nater Imer deble belure creifita. Problem 6-6A (Algo) Record transactions using a perpetual system, prepare a partial income statement, and adjust for the lower of cost and net realizable value (LO6-2, 6-3, 6-4, 6-5, 6-6) At the beginning of October, Bowser Company's inventory consists of 52 units with a cost per unit of $48, The following transactions occur during the month of October. IS 6 pet unite 1 . Required: 1. Assuming that Bowser Company uses a FIFO perpetual inventory system to maintain its imventory records, record the transactions. 2. Suppose by the end of Oetober that the remaining imventory is estimated to have a net realizable value per unit of 535 . Recerd any necessary adjusting entry for lower of cost and net reblizable value. 3. Prepare the top section of the muliple-step income stateanent through gross profit for the morth of October after the adjusting entry for lower of cost and net realzable value. Complete this question by entering your answers in the tabs below. Assuming thst Bowser Company uses a FIFO perpetual ieventary system to maihtaln its inventory records, record the transactions. (If no ontry as required for a transactiorvevent, select "No Jeuthal Entry Requlred" in the firs ascosnt ficio,) Journal entry worksheet Problem 6.6A (Algo) Record transactions using a perpetual system, prepare a partial income statement, and adjust for the lower of cost and net realizable value (LO6-2, 6-3, 6-4, 6-5, 6-6) At the beginning of Octobec, Bowser Company's inventory consists of 52 units with a cost per unit of 548 . The following trarisactions bccur during the month of October. Getinger 92 Bay Waluigd canpany in full. sis pets-unitit Roquired: 1. Assuming that Bowser Company uses a FIFO perpetual inventory system to maintain its inventory records, fecord the transactions. 2. Suppose by the end of October that the remaining inventory is estimated to have a not realaable vilue per unit of $35, Recotd any necessary adjusting entry for lower of cost and net realizable value. 3. Prepare the top section of the multiplo-stop incore statement through gross prodit for the month of October after the adjusting entry for lower of cost and net realizable value. Complete this question by entering your answers in the tabs below. entry a reguired for a transection/evnot, splect tWo Journat Entyy hequired in the first account field.) Journal entry worksheet Problem 6-6A (Algo) Record transactions using a perpetual system, prepare a partial income statement, and adjust for the lower of cost and net realizable value (LO6-2, 6-3, 6-4, 6-5, 6-6) At the beginning of October, Bowser Company's inventary consists of 52 units with a cost per unit of $48. The following transactions occur during the month of October. Oetaber 5 thy eakh for freight ehargen related to the botober 4 purohane, $826. Oetober 9 meturn io defeotive unita from the ooteber 4 pocehabe and receipt of eredit. Cetober ia 7ay walsigi Coepeny in full. $56 per wit, 1 Getobet 19 lleceive foll payaent f cos cuntumars related to the aale on geteber 15. Oetobet 26 Turehas 95 unita of imventery troe waluigl ceopany for $64 per enit. Oeteber 22 sel1 blt unite of inventary to eugecere for eash. $7,140+ Required: 1. Assuming that Bowser Company uses a FIFO perpetual imventory system to maintain its irventory racords, record the transactions. 2. Suppose by the end or October that the remaining inventory is estimated to have a net realizable value per unit of $35. Record any necessary adjusting entry for lower of cost and net realizable value. 3. Prepare the top section of the multiple-step incorne statement through gross profit for the month of October after the odjusting entry for lower of cost and net realizable value. Complete this question by entering your answers in the tabs below. Assuming that Bowser Company uses a FFO perpetusi inventory system to maintain its inventory records, recerd the thafisactions. (If no entry is required for a transactionvevent, seiect "No Joumal Entry Required" in the first account field.) Journal entry worksheet Problem 6-6A (Algo) Record transactions using a perpetual system, prepare a partial income statement, and adjust for the lower of cost and net realizable value (LO6-2, 6-3, 6-4, 6-5, 6-6) At the beginning of October, Bowser Company's inventory conslsts of 52 units with e cost per unit of $48, The following transections occur during the month of October. Deteber 3 Tey cans tor freight eharges related to the october 4 purchise, 5326. Cetober 9 Return te defective unite from ebe oetober 4 parchase asd receips of eredit. Deteben 12 Pey walulgit canpany in tull. Qctober 15 sell ist enits of inventory to euetemers on accesst, $12,640. Nint t Th cont of unita aald froe the Dotober 4 porchase Ifielude $59 inlt cost plus 57 per unit for frelght less 11 per unit for the purchsse dispount, or 55e per niliti Detobet 19 Recelve full payent, fron-customere related to the alle on oetelber 15 . Dotober 20 Purchate is vnitin of inventory froe Haleigl coepany for ise per enit. Dotober 22 Sel1 s1 yaite of inventoty to cuatonera for bab, 87,840 . Requireds 1. Assuming that Bowser Compary uses a FFO perpetual inventory system to maintain its inventory records, record the transactions. 2. Suppose by the end of Octpber that the remaining imventory is estimated to have a net realizable value per unit of $35, Record any necessary adjusting entry for lower of cost and net reacroble value. 3. Prepare the top section of the multiplestep income stasement through gross protit for the month of October after the adjusting entry for iower of cost and not realrable volue. Complete this question by entering your answers in the tabs below. Assuming that Eowser Compony uses a FIFO perpetual imentory system to maintain its inventory records, record the transactions, (If no entry is required fer a transactionfevent, select "No Journal Entry Required" in the first account fieid,) Journal entry worksheet 12 3. 4 5 6. 8 9 10 Record recelpt of full payment from customers related to the sale on Dctober 15. Mule Tuter debits before anden. Problem 6-6A (Algo) Record transactions using a perpetual system, prepare a partial income statement, and adjust for the lower of cost and net realizable value (LO6-2, 6-3, 6-4, 6-5, 6-6) At the beginning of Octobet, Bowser Company's inventory consists of 52 units with a cost per unit of $48. The following transactions occur during the month of October. Geteber 4 Parchaen 120 units of inventory on aecoubt frea waluigi Coppeny for $50 per uhit, terms 2/10, n/30. Oeteber 5 . Pay canh for freight eharzes relaked to the october 4 purehase, 5826 . Geteber 9 Brtura 10 defective unita from the october 4 porehale and receipe of eredit. betober 12 Wuy Waluigi Conpany in full. oetober is sel1 158 usite of inventory ta eoetomern oo ecoent, 512,640 . (Irintr The eost of unita nold fron the oetober purehase iscluden $50 unit eost plun $7 per unit for freight lean $1 per whic for the parehase discoust, or 156 per unit.) Oetober is keceive full payeent from cuttomers related to the sale on october 15 . Octobns 20 Purchase 98 unite of inventory froa Walulgl conpany for 168 per unit. Detober 12 Bel1 9t unith of inventory to custonera foz cath, 57,846 . Required: 1. Assuming that Bowser Company uses a FIFO perpetual inventory system to maintain its inventory records, record the transactions. 2. Suppose by the end of October that the remaining inventory is estimated to have a net realizable value per unit of $35. Record any necessary adjusting entry for lower of cost and net reslizoble value. 3. Prepare the top section of the mulliple-step income statement through gross profit for the month of October after the adjusting entry for iower of cost and net realizable value: Complete this auestion by entering your answers in the tabs below: Assuming that Bowser Company uses a FIFO pepetual inventory system to maintain its inventory records, record the transactions. (LI no entry is required for a transactionyevert, seiect "No Joumal Entry Fequired" in the first accocunt field.) Journal entry worksheet Problem 6-6A (Algo) Record transactions using a perpetual system, prepare a partial income statement, and adjust for the lower of cost and net realizable value (LO6-2, 6-3, 6-4, 6-5, 6-6) At the beginning of October, Bowser Company's inventory consists of 52 units with a cost per unit of 548 . The following transactions occur during the month of October. Qctober 4 Durohase 128 units of Inventery en account fron Kaluigi cotpany for 550 per unit, terta 2/10, n/30. Oetober 5 pay cash for freight chargen related to the october 4 purehase, $ th6. oetober 9 Reture 10 defective unita fren the Oetober 4 purchase and recelpe of eredit. Detober 12 Ray waluigi conpany in full. Oetober 15 sel1 ts 1 unite of inventory to euetosers on aocount, $12,640+( (Irint, The oost of unitin abld fron the getober 4 parchage ineludes $50 unit cost ples \$t per-unit for trefght lese il per unit for ehe purehase discount, or $56 per usit, Octeber is Meceive ful1. payment fron cuatoenra related te the male on Gatober 15 . Oetober 70 Farohase 5i unit of inyestory fron Maluigi conpany for 568 per usit. october 22 sel1 kg ueith of inventory to eantoseri for eanh, $7,840. Required: 1. Assuming that Bowser Company uses a FIFO perpetual inventory system to maintain its inventory records, fecord the transactions. 2. Suppose by the end of October that the remaining inventory is estimated to have a net realizable value per unit of $35. Record any necessary adjusting entry for lower of cost and net realizable value. 3. Prepare the top section of the mulsiple-step income statement through gross profit for the month of October after the adfusting entry for lower of cost and net realizable value. Complete this question by entering your answers in the tabs below. Assuming that Bowser Company uses a FIfO perpetual inventory system to maintain its inventory records, recard the transactions. (If no entry ia required for a transactionjevent, select "No Journat Entry. Required" in the first occount feld.) Problem 6-6A (Algo) Record transactions using a perpetual system, prepare a partial income statement, and adjust for the lower of cost and net realizable value (LO6-2, 6-3, 6-4, 6-5, 6-6) At the beginning of October, Bowser Company's inventory consists of 52 units with a cost per unit of $48. The following transactions occur during the month of October: October 4 Purchase 12E units of inventory on aceount trom waluigi Conpany for 550 per unit, terab 2/10, A/30. Octobef 5 Pay cash. for fralght charges related to the oetober 4 purchise, 8826. betober 9 . Return 16 defective units from the oetober 4 purehase and reeeipb af eredit. Getober 12 Pay Waluigl Conpsny in full. porehbse includes 550 anlt eost plus 57 per unit for frelght less $1 per unit for the purehabe diacoust, or s5s pex 4sit,1 Oetobet 19 Meceive ful1 phyment froe cestonern relaced to tha eale on october IS. Oetober 20 Purehase 98 units of imventery from Waluigl Conpany for 56 per unit, Getober 225sel si enits of inventory to cuntomera tor cath, 57 , iso, Required: 1. Assuming that Bowser Company uses a FIFO perpetual inventory system to maintain its inventory records, record the transactiens. 2. Suppose by the end of October that the remaining inventory is estimated to have a net realizable value per unit of s35, Record any necessary adjusting entry for iower of cost and net realizable value. 3. Prepare the top section of the muitiple-step income statement through gross protit for the month of October after the adjusting entry for lower of cost and nef realizable value. Complete this question by entering your answers in the tabs below. Assuming that Bowser Company uses a FIFO pepetual inventory system to maintain its inventory records, record the transections. (If no entry is required for a transactionyevent, select "No Journal Entry Hequired in the first account field.)