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Need help on second journal entries chart. Sunland Company sells one product. Presented below is information for January for Sunland Company. Jan. 1 Inventory 113
Need help on second journal entries chart.
Sunland Company sells one product. Presented below is information for January for Sunland Company. Jan. 1 Inventory 113 units at $4 each 4 Sale 92 units at $8 each 11 Purchase 141 units at $6 each 13 Sale 112 units at $9 each 20 Purchase 154 units at $7 each 27 Sale 93 units at $11 each Sunland uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Sunland 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 111 units. (If no entry is required, select "No entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 4 Accounts Receivable 736 Sales Revenue 736 Jan. 112 Purchases 846 Accounts Payable 846 Jan. 134 Accounts Receivable 1008 Jan. 11 Purchases 846 Accounts Payable 846 Jan. 13 Accounts Receivable 1008 Sales Revenue 1008 Jan. 20 Purchases 1078 Accounts Payable 1078 Jan. 27 Accounts Receivable 1023 Sales Revenue 1023 Jan, 31 Inventory 777 Cost of Goods Sold 1599 Purchases 1924 Inventory 452 Compute gross profit using the periodic system. Gross profits 1168 e Textbook and Media List of Accounts Assume Sunland uses a perpetual system. Prepare all necessary journal entries. If no entry is required, select "No entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Credit Date Account Titles and Explanation 736 Jan, 4 Accounts Receivable 736 Sales Revenue (To record the sale) 368 Cost of Goods Sold 368 Inventory (To record the cost of Inventory) 846 Jan 11 : Inventory (To record the cost of inventory) Jan. 11 Inventory 846 Accounts Payable 846 Jan 13 Accounts Receivable 1008 Sales Revenue 1008 (To record the sale) Cost of Goods Sold Inventory (To record the cost of inventory) Jan. 200 Inventory Accounts Payable Jan. 27 Accounts Receivable Sales Revenue (To record the sale) Cost of Goods Sold Inventory Sales Revenue (To record the sale) LA Cost of Goods Sold Inventory (To record the cost of inventory) e Textbook and Media List of Accounts Compute gross profit using the perpetual system Gross profit $ e Textbook and Media List of Accounts Step by Step Solution
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