Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
Need all the correct journal entries {The following information applies to the questions displayed below) Laker Company reported the following January purchases and sales data
Need all the correct journal entries {The following information applies to the questions displayed below) Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory Date Activities Units Acquired at cost Units sold at Retail January 1 Beginning Inventory 140 units $ 6.00 - January 10 Sales 100 units $ 15 January 20 Purchase 60 units @ $ 5.00 January 25 Sales 80 units $ 15 January 30 Purchase 180 units e S 4.50 Totals 380 units $ 1,950 180 units 5 840 300 810 Exercise 6-4 (Static) Perpetual: Journalizing transactions LO P1 Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO, All sales and purchases are made on account, and no discounts are offered th Vlow transaction list View journal entry worksheet Credit General Journal No Dobit 1,500 Date January 10 1 Accounts receivable Sales 1,500 2 January 10 Cost of goods sold 300 3 January 20 Cost of goods purchased
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started