Exercise 8-14

Bramble Corporation sells one product, with information for July as follows:

July	1		Inventory		100 units at $15.00 each
	4		Sale		80 units at $18.00 each
	11		Purchase		150 units at $16.40 each
	13		Sale		120 units at $18.60 each
	20		Purchase		160 units at $17.60 each
	27		Sale		100 units at $20.50 each

Bramble uses the FIFO cost formula. All purchases and sales are on account. Ignore any estimated returns on purchases and sales.

Assume Bramble uses a perpetual system. Prepare all July journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date July 1July 4July 11July 13July 20July 27July 31	enter an account title to record sales on account	enter a debit amount	enter a credit amount
	enter an account title to record sales on account	enter a debit amount	enter a credit amount
	(To record sales on account)
choose a transaction date July 1July 4July 11July 13July 20July 27July 31	enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	(To record cost of goods sold)
choose a transaction date July 1July 4July 11July 13July 20July 27July 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 July 1July 4July 11July 13July 20July 27July 31	enter an account title to record sales on account	enter a debit amount	enter a credit amount
	enter an account title to record sales on account	enter a debit amount	enter a credit amount
	(To record sales on account)
choose a transaction date July 1July 4July 11July 13July 20July 27July 31	enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	(To record cost of goods sold)
choose a transaction date July 1July 4July 11July 13July 20July 27July 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 July 1July 4July 11July 13July 20July 27July 31	enter an account title to record sales on account	enter a debit amount	enter a credit amount
	enter an account title to record sales on account	enter a debit amount	enter a credit amount
	(To record sales on account)
choose a transaction date July 1July 4July 11July 13July 20July 27July 31	enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	(To record cost of goods sold)

SHOW LIST OF ACCOUNTS

Calculate gross profit using the perpetual system. Gross profit / (loss) $enter Gross profit or loss in dollars