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I need help with Accounting Homework. I need help filling out all the T accounts and in the journal for year 1, all the cost
I need help with Accounting Homework. I need help filling out all the T accounts and in the journal for year 1, all the cost of goods sold and merchandise inventory. Please and Thank you ]
Required information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. During the year, The Shirt Shop sold 1,200 T-shirts for $24 each. Record the above transactions in general journal form and post to T-accounts assuming (1) FIFO, (2) LIFO, and (3) weighted-average lethods. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions. Record the above transactions in general journal form. (If no entry is required for a transaction/event, select "No jour required" in the first account field.) \begin{tabular}{|l|l|l|l|l|l|} \hline No & \multicolumn{1}{|c|}{ Date } & \multicolumn{1}{c|}{ General Journal } & Debit & Credit \\ \hline 1 & Year 1 & Cash & & 28,800 & \\ \hline & & Sales revenue & & & 28,800 \\ \hline & & & & & \\ \hline 2 & Year 1 & Cost of goods sold & & & \\ \hline & & Merchandise inventory & & & \\ \hline \end{tabular} Record the above transactions in general journal form using LIFO method. Assume all transactions are cash transactions. no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Record the above transactions in general journal form using weighted average method. Assume all transactions are cash transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.) Post to T-accounts using FIFO method. Assume all transactions are cash transactions. Post to T-accounts using LIFO method. Assume all transactions are cash transactions. Post to T-accounts using weighted average method. Assume all transactions are cash transactions. (Rour decimal places and final answers to the nearest whole dollar amount.)
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