Question
Blossom Company sells one product. Presented below is information for January for Blossom Company. Jan. 1 Inventory 123 units at $5 each 4 Sale 98
Blossom Company sells one product. Presented below is information for January for Blossom Company.
Jan. 1 | Inventory | 123 | units at $5 each | ||
4 | Sale | 98 | units at $8 each | ||
11 | Purchase | 136 | units at $6 each | ||
13 | Sale | 103 | units at $9 each | ||
20 | Purchase | 169 | units at $7 each | ||
27 | Sale | 108 | units at $11 each |
Blossom uses the FIFO cost flow assumption. All purchases and sales are on account.
Assume Blossom uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 119 units. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date | Account Titles and Explanation | Debit | Credit | |
---|---|---|---|---|
choose a transaction date Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31 | enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | ||
choose a transaction date Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31 | enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | ||
choose a transaction date Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31 | enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | ||
choose a transaction date Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31 | enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | ||
choose a transaction date Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31 | enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | ||
| enter an account title for the journal entry on January 31 | enter a debit amount | enter a credit amount | |
enter an account title for the journal entry on January 31 | enter a debit amount | enter a credit amount | ||
enter an account title for the journal entry on January 31 | enter a debit amount | enter a credit amount | ||
enter an account title for the journal entry on January 31 | enter a debit amount | enter a credit amount |
eTextbook and Media
List of Accounts
Compute gross profit using the periodic system.
Gross profit | $enter Gross profit in dollars |
Assume Blossom uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
|
Compute gross profit using the perpetual system.
Gross profit | $enter gross profit in dollars |
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