Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

please answer in format of the pictures. I dont know how to input if it is different. Thank you! I have the have a general

please answer in format of the pictures. I dont know how to input if it is different. Thank you!
image text in transcribed
image text in transcribed
I have the have a general journal for each of the flowing above. the picture below is how they want it formatted.
image text in transcribed
same thing as the last general journal pics. based off of LIFO
image text in transcribed
image text in transcribed
same as the two general journals before but based off of FIFO
image text in transcribed
image text in transcribed
The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2: Canh Beginning inventory Common stock Retained earnings $80, 100 33,000 (220 units $150) 50,000 63,100 The following five transactions occurred in Year 2: 1. First purchase (cash) 150 units @ $155 2. Second purchase (cash) 160 units o $160 3. Sales (ali cash): 410 units @ $320 4. Paid $38,000 cash for salaries expense 5. Pald cash for income tax at the rate of 25 percent of income before taxes Required a. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow. (2) LIFO cost flow, and (3) weighted-average cost flow. Compute the income tax expense for each method. b. Record the above transactions in general journal form and post to T-accounts assuming (1) FIFO cost flow. (2) LIFO cost flow, and (3) weighted-average cost flow. Assume perpetual inventory system is used. 1. FIFO 2. LIFO 3. Weighted Average c. Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average. Record the above transactions in general journal form assuming LIFO cost flow. Assume perpetual Inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round Intermediate calculations. Round your final answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 1 2 3 5 6 Record entry merchandise inventory purchased for cash. Note: Enter debits before credits Event General Journal Debit Credit 01 Record the above transactions in general Journal form assuming weighted average cost flow. Assume perpetual Inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 1 Record entry merchandise Inventory purchased for cash. 2 Record entry merchandise inventory purchased for cash. Record sale of inventory for cash. 4 Record entry for cost of goods sold. Credit 5 Record entry for salaries expenses paid. 6. Record entry for income tax expenses pald. Note: journal entry has been entered

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions