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Help fix what is wrong Bonita uses the FIFO cost flow assumption. All purchases and sales are on account. (a) Your answer is partially correct.

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Bonita uses the FIFO cost flow assumption. All purchases and sales are on account. (a) Your answer is partially correct. Assume Bonita uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold, A physical count indicates that the ending inventory for January is 110 units, (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automotically indented when amount is entered. Do not Indent manualfy) \begin{tabular}{|c|c|c|c|} \hline Date & Account Titles and Explanation & Debit & Credit \\ \hline 2n4 & Accounts Recelvable & 680 & \\ \hline & Sales Revenue & & 680 \\ \hline m. 11 & Purchases & 959 & \\ \hline & Accounts Payable & & 959 \\ \hline in. 13. & Accounts Receivable & 981 & . \\ \hline & Sales Revenue & & 981 \\ \hline 10.20 & Purchases & 1057 & \\ \hline & Accounts Payable. & & 1057 \\ \hline in. 27 & Accounts Receivable & 1023 & \\ \hline & - Siles Revenue & & 1023 \\ \hline lan31> & Imentory & 440 & \\ \hline & CostantGioadsisald. & 148 & \\ \hline \end{tabular} 1n. 13 Accounts Receivable 981 Sales Revenue Sales Revente ln20 Purchases Accounts Payable in. 27 v Accounts Receivable Sales Revenue Inventocy 440 tan31= Cost of Goods Sold 1148 Purchases 1152 Inventory 436

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