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Debits Credits Cash $100,000 Accounts Receivable $20,000 Inventory (1000 units) $25,000 Accounts Payable $20,000 Wages Payable $5,000 Common Stock Retained Earnings $50,000 $30,000 Sales
Debits Credits Cash $100,000 Accounts Receivable $20,000 Inventory (1000 units) $25,000 Accounts Payable $20,000 Wages Payable $5,000 Common Stock Retained Earnings $50,000 $30,000 Sales Revenue Cost of Goods Sold Wages Expense $40,000 $10,000 $10,000 $155,000 $155,000 Part 1: Complete the journal entries for each of the following transactions. Assume a FIFO periodic inventory method. Dr. Cr. a) March 5th: Bob Dog Company receives and pays cash for 200 units of inventory that cost $26 per unit. b) March 6th: Bob Dog Company returns 50 units of inventory and receives a corresponding return of cash in the amount of $1,300. c) March 10th: Bob Dog Company sells 700 units of inventory at a sales price of $50 per unit for cash. Recall that Bob Dog uses the FIFO method for inventory. d) March 15th: Bob Dog Company pays $10,000 toward the amount owed on account. e) March 17th: Bob Dog Company sells 400 units of inventory at a sales price of $50 per unit on account. f) March 20th: Bob Dog Company receives 500 units of inventory that cost $27 per unit. The inventory is charged to an account. g) March 27th: Bob Dog Company sells 300 units of inventory at a sales price of $50 per unit on account.
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