lots of journal entrys please help!!!
C7-3 through C7-5 (Algo) (Supplement 7A) Recording Inventory Purchases, Allowances, Sales, and Shrinkage Using Perpetual FIFO, Weighted Average, LIFO (Chapters 6 and 7) [LO 6-2, LO 6-3, LO 6-4, LO 7.S1] [The following information applies to the questions displayed below.] Tracer Advance Corporation (TAC) sells a tracking implant that veterinarians surgically insert into pets. TAC began January with an inventory of 200 tags purchased from its supplier in November last year at a cost of $21 per tag. plus 100 tags purchased in December last year at a cost of \$24 per tag. TAC uses a perpetual inventory system to account for the following transactions. January 3 TAC gave 250 tags to a courier company (ups) to deliver to veterinarian customers. The sales price was $70 per tag, and the inales terman were n/30, rob shipping point. January 4 UPS confirmed that all 250 tags wore delivered today to customers. January 4 UPS confirmed that all 250 tags wore delivered today to customers. January 9 TAC ordered 350 taga from its supplier. The supplier was out of stoek but promined to send then to TAC as soon as posible. ThC agreed to a cost of 531 per tag,n/30. January 19 The 350 tagn ordered on January 9 were shipped to apd received by TAC today. TAC complained about the delay between order and shipant date, so the supplier reduced the amount ThC owed by granting an allowance of $1 per tag ($350 total). January 23 TMC gave 375 tags to UPS, which were delivered "same day" to veterinarian customers at a price of $70 per tag, n/30, FOB shipping point. January 28 TAC received cash payment fron customers for 125 of the tags delivered January 4 . January 31 TAC counted its inventory and determined 20 tags were on hand. FAc made a "book-to-physical adjustment" to account for the missing 5 tags. C7-3 (Algo) FIFO Required: Assume TAC uses FIFO in its perpetual inventory system. Prepare the journal entry for each transaction. (If transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 4 5 6 7 8 9 Record the sale of tags to veterinarian customers. Note: Enter debits before credits. Journal entry worksheet Record the cost of tags sold to veternarian customers. Note: Enter debits before credits. Journal entry worksheet 1 5 Record the tags delivered to customers. Note: Enter debits before credits. Journal entry worksheet Record the order for tags made by TAC from its supplier. Note: Enter debits before credits. Journal entry worksheet Record the purchase of tags after deducting the allowance given by supplier for delay between order and shipment. Note: Enter debits before credits. Journal entry worksheet Record the sale of tags to veterinarian customers. Note: Enter debits before credits. Journal entry worksheet 1 5 Record the cost of tags sold to veternarian customers. Note: Enter debits before credits. Journal entry worksheet Record the cash collected from customers. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits
