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Bonita Company sells one product. Presented below is information for January for Bonita Company. Jan. 1 Inventory 109 units at $4 each 4 Sale 85
Bonita Company sells one product. Presented below is information for January for Bonita Company. Jan. 1 Inventory 109 units at $4 each 4 Sale 85 units at $8 each 11 Purchase 137 units at $7 each 13 Sale 109 units at $9 each 20 Purchase 151 units at $7 each 27 Sale 93 units at $11 each Assume Bonita uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Jan. 4 Accounts Receivable Jan. 4 Jan. 11 Sales Revenue (To record the sale) Cost of Goods Sold Inventory (To record the cost of inventory) Inventory Accounts Payable Jan. 13 Accounts Receivable Sales Revenue (To record the sale) Jan. 13 Cost of Goods Sold Jan. 20 Inventory (To record the cost of inventory) Inventory Accounts Payable Jan. 27 Accounts Receivable Sales Revenue (To record the sale) Debit 680 959 981 1057 1023 Credit 68 95 98 105 102
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