Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

All information is provided the first image is question 1 and the other 2 images is another question Ayayai Inc. has provided you with the

image text in transcribed

image text in transcribed

image text in transcribed

All information is provided

the first image is question 1 and the other 2 images is another question

Ayayai Inc. has provided you with the following information. This company purchases its inventory from a supplier for cash and has only cash sales. Ayayai uses the average cost formula in a perpetual inventory system. Increased competition has recently reduced the price of the product Unit Price Date Apr. Unit Cost $79 94 Explanation Beginning inventory Purchases Sales Purchases Sales Purchases 1 6 8 15 20 27 Units 50 110 (130) 120 (120) 20 $116 70 102 63 (a) Prepare all journal entries for the month of April for Ayayai. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, eg 1.25. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation April Debit Credit 1 6 8 (To record sales) 00 (To record cost of goods sold) 15 20 (To record sales) 20 To record the inventory sold) 27 e Textbook and Media List of Accounts At the beginning of the year Blue Ltd. had 870 units with a cost of $5 per unit in its beginning inventory. The following inventory transactions occurred during the month of January Jan 3 Sold 730 units on account for $11 each 9 Purchased 980 units on account for $6 per unit. 15 Sold 760 units for cash at $10 each (a) Your answer correct Prepare journal entries for these anary transactions assuming that Blue Ltd used under perpetua inventory system List all debit entries before credit entries Credit xccount cities are automatically indented when the amount is entered Do not indent manually. Record journal entries in the order presented in the problem no entry required select "No Entry for the accountitles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Jan. 3 Accounts Receivable 2030 Sales To record sale Cost of Goods Sold 3 50 3650 Inventory To record the inventory Inventory 9 5880 Accounts Payable THAT IN EIN TO 15 Cash 7600 7600 (To record sale Cost of Goods Sold 15 Inventory (To record the inventory (b) Your answer is partially correct. Prepare journal entries for these January transactions assuming that Blue Ltd uses FIFO under a periodic inventory system Blue updates records at month end. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts Date Account Titles and Explanation Debit Credit Jan. 3 8030 Accounts Receivable 8030 Sales 9 Purchases 5880 Accounts Payable 5880 15 Cash 7600 7600 Sales 31 Cost of Goods Sold Inventory

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

Step: 3

blur-text-image

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

Accounting Principles

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

9th Edition

978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475

More Books

Students also viewed these Accounting questions