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North Hills Inc. sells an Xpert snowshoe that is popular with snowshoe enthusiasts. The following information shows North Hills's purchases and sales of Xpert snowshoes
North Hills Inc. sells an Xpert snowshoe that is popular with snowshoe enthusiasts. The following information shows North Hills's purchases and sales of Xpert snowshoes during November: Date Nov. 1 Units 31 20 (40) 5 Explanation Beginning inventory Purchases Sales Purchases Sales Purchases 12 Unit Cost/Price $299 304 $472 309 483 314 45 19 22 (45) 30 25 41 (a2) Prepare journal entries to record purchases (on account) and sales (cash) for North Hills in a perpetual inventory system using average cost. (Round answers to 2 decimal places, e.g. 15.25. List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Nov.5 12 (To record sales) 19 (To record the inventory sold) 19 22 (To record sales) 22 (To record the inventory sold) 25
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