Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribed

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 $84 89 Explanation Beginning inventory Purchases Sales Purchases Sales Purchases 1 6 8 15 20 27 Units 50 110 (130) 120 (120) 20 $117 69 101 58 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 Debit Credit April 1 6 8 (To record sales) 8 (To record cost of goods sold) 15 20 (TO rd sales) 20 (To record the inventory sold) 27

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 for Non-Accounting Students

Authors: John R. Dyson

8th Edition

273722972, 978-0273722977

More Books

Students also viewed these Accounting questions