Exercise 8-14

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

July	1		Inventory		100 units at $16.00 each
	4		Sale		80 units at $20.00 each
	11		Purchase		150 units at $16.30 each
	13		Sale		120 units at $18.90 each
	20		Purchase		160 units at $16.90 each
	27		Sale		100 units at $20.50 each

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

Assume Pina Colada uses a periodic system. Prepare all journal entries needed, including the end-of-month adjusting entry to record cost of goods sold. A physical count indicates that the ending inventory for July is 110 units. (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	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	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	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	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	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
July 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
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount