Dow Cong poroms seteris cimateg and has the long post dosing bandes af December 2016 Clek the con view the pit desing balances Duing January Dew Cong coped the lowing tanan and cooned the big accounts began saling accounting software and us the petal tiny syin to account of 0 ack Requirement Pope to records for for Dung the F O entry toning for You made the cast of goods sold on the 10, 2, and 314) end of the sky is Pre Lis Cest of Goses Sold Inventory on Mand U Tal Dala Jef Quarnity Co TAM Com Quart C CH Only Cost Cest 22 and uses January f new inver Cost of G ty 959 s an Cash Accounts Payable Bal 22,260 inces Service Revenue 4,100 Bal 0 Bal Accounts Receivable Unearned Revenue Rent Expense Bal. 1,400 2,400 Bal Bal Bal Office Supplies 150 Salaries Payable Utilities Expense of mer 400 Bal Bal 0 Bal Equipment 900 Accumulated Depr-Equipment Furniture Bal 3,900 Common Stock 18,000 Bal Bal Supplies Expense Retained Earnings Salaries Expense 15 Bal 3,630 Ball Bal Accumulated Depr-Furniture Get more help- 65 Bal Dividends Ball Print Done Depreciation Expense-Equipment Bal Bal Depreciation Expense-Furniture During January, Drew Consulting c (Click the icon to view th ber 31, 2016. i More info Jan. 2 Completed a consulting engagement and received cash of $8,300. 2 Prepaid three months office rent, $1,800. 7 Purchased 65 units software inventory on account, $1,525, plus freight in, $100. 18 Sold 50 software units on account, $4,750. 19 Consulted with a client for a fee of $2,600 on account. 20 Paid employee salaries, $1,200, which includes accrued salaries from December. 21 Paid on account, $1,510. 22 Purchased 190 units software inventory on account, $5,510. 24 Paid utilities, $340. 28 Sold 130 units software for cash, $5,200. 31 Recorded the following adjusting entries: a. Accrued salaries expense, $400 b. Depreciation on Equipment, $15, Depreciation on Furniture, $65 c. Expiration of prepaid rent, $600 d. Physical count of software inventory, 57 units Print Done Requirement 1. Prepare perpetual inventory records for January for Drew using the FIFO inventory costing method. (Note: You must calculate the cost of goods sold on the 18th, 28th, and 31st.) Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Units Total Units Total Unit Total Date Jan. 7 Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost 18 22 28 31 Totals Cash Bal 22,260 Accounts Payable Service Revenue 4,100 Bal 0 Bal Accounts Receivable Unearned Revenue Rent Expense Bal. 1,400 2,400 Bal Bal Office Supplies Salaries Payable Utilities Expense Bal. 150 400 Bal Bal. Equipment Bal. 900 Common Stock Supplies Expense 18,000 Bal. Bal Accumulated Depr.-Equipment Retained Earnings Salaries Expense 15 Bal. 3,630 Bal. Bal Furniture Bal. 3,900 Accumulated Depr.-Furniture Dividends Bal. Print Done Depreciation Expense-Equipment Bal Depreciation Expense-Furniture More info Jan. 2 Completed a consulting engagement and received cash of $8,300. 2 Prepaid three months office rent, $1,800. 7 Purchased 65 units software inventory on account, $1,525, plus freight in, $100. 18 Sold 50 software units on account, $4,750. 19 Consulted with a client for a fee of $2,600 on account. 20 Paid employee salaries, $1,200, which includes accrued salaries from December. 21 Paid on account, $1,510. 22 Purchased 190 units software inventory on account, $5,510. 24 Paid utilities, $340. 28 Sold 130 units software for cash, $5,200. 31 Recorded the following adjusting entries: a. Accrued salaries expense, $400 b. Depreciation on Equipment, $15; Depreciation on Furniture, $65 c. Expiration of prepaid rent, $600 d. Physical count of software inventory, 57 units Print Done