can someone help me out fill in the journal chart?
BOOK Instructions The beginning inventory at Midnight Supplies and data on purchases and sales for a three month period ending March 31 are as follows: Date Number of Units Per Unit Total Jan. 1 Transaction Inventory Purchase 3,000 $56.00 $168,000 10 7.100 64.00 454,400 28 Sale 4,200 112.00 30 Sale 1,300 112.00 Feb 5 Sale 500 112.00 10 Purchase 18.500 66.00 470,400 145,600 50,000 1,221,000 1,041,300 950,400 980,200 16 Sale 8.900 117.00 28 Sale 117.00 8.200 14,500 Mar 5 Purchase 67.60 14 Sale 10,000 117.00 1,170,000 25 Purchase 3,400 68.00 231,200 30 Sale 8,000 117.00 936,000 Instructions 1. Record the inventory, purchases, and cost of goods soll data in a perpetual inventory record similar to the one ilustrated in Exhibit 3. using the first-in, first-out method 2 Determine the total sales and the total cost of goods sold for the period Journalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on account and date your journal entry March 31. Refer to the Chart of Accounts for exact wording of account willes, 3. Determine the gross profit from sales for the period 4. Determine the ending inventory cost as of March 31. 5. Based upon the preceding data, would you expect the ending inventory using the last-in. first-out method to be higher or lower? Check My Work CHART OF ACCOUNTS Midnight Supplies General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 515 Credit Card Expense 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Insurance Expense 534 Office Supplies Expense 535 Rent Expense 536 Repairs Expense 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment 537 Selling Expenses LIABILITIES 210 Accounts Payable 538 Store Supplies Expense 561 Depreciation Expense-Office Equipment 562 Depreciation Expense-Store Equipment 221 Notes Payable 610 Interest Revenue 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable EXPENSES 132 Interest Receivable 510 Cost of Goods Sold 515 Credit Card Expense 141 Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Insurance Expense 534 Office Supplies Expense 535 Rent Expense 536 Repairs Expense 537 Selling Expenses 538 Store Supplies Expense 561 Depreciation Expense-Office Equipment 562 Depreciation Expense-Store Equipment 590 Miscellaneous Expense LIABILITIES 210 Accounts Payable 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Journal Shaded cells have feedback 2 Determine the total sales and the total cost of goods sold for the period. Journal the entries in the sales and cost of goods sold accounts. Assume that all sales were on account and date your journal entry March 31. Refer to the Chart of Accounts for exact wording of accountsties How does grading work? PGE 10 JOURNAL Score: 27/51 ACCOUNTING EQUATION DESCRPTION POST RER DENT DATE Mat 5 CREDIT ASSETS LIABILITIES EQUITY 1 Accounts Receivable Sales 3 11,700,000.00 1 5 Mar 30 Accounts Receivable 540,800.00 1 4 Sales 956,000.00 + Points: 5.29/10 FOON Check My Work Total sales are obtained by taking the number of units sold times the sale prices for all sales and adding these amounts together. The total out of the nine
