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please help me to make corrections, thanks Swifty Corporation sells one product, with information for July as follows: -e July 1 Inventory 100 units at
please help me to make corrections, thanks
Swifty Corporation sells one product, with information for July as follows: -e July 1 Inventory 100 units at $15.00 each 4 Sale 80 units at $19.00 each 11 Purchase 150 units at $16.40 each 13 Sale 120 units at $18.70 each 20 Purchase 160 units at $16.70 each 27 Sale 100 units at $19.50 each Study Swifty uses the FIFO cost formula. All purchases and sales are on account. Ignore any estimated returns on purchases and sales. Your answer is partially correct. Try again. Assume Swifty uses a periodic system. Prepare all journal entries needed, including the end-of-month adjusting entry to record cost of goods sold. A physical count indicates that the ending inventory for July is 110 units. (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 o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit July 4 Accounts Receivable 1520 Sales Revenue 1520 July 11Purchases 2460 Accounts Payable 2460 July 13 Accounts Receivable 2244 Sales Revenue 2244 July 20Purchases 2672 Accounts Payable July 27 ITAccounts Receivable 2672 1950 Assume Swifty uses a periodic system. Prepare all journal entries needed, including the end-of-month adjusting entry to record cost of goods sold. A physical count indicates that the ending inventory for July is 110 units. (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 tities and enter o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit July 4 TAccounts Receivable 1520 2 Sales Revenue 1520 July 11Purchases 2460 Accounts Payable 2460 July 13 Accounts Receivable 2244 Sales Revenue 2244 July 20Purchases 2672 2672 Accounts Payable 1950 July 27 Accounts Receivable 1950 Sales Revenue July 31 Inventory 1837 Cost of Goods Sold 4795 5132 Purchases 1837 Inventory LINK TO TEXT LINK TO TEXT x Your answer is incorrect. Try again. Calculate gross profit using the periodic system. Gross profit/ (loss) 4795 RCES 2672 Accounts Payable 1950 July 27 Accounts Receivable 1950 Sales Revenue (To record sales on account) dy. 1655 July 27 Cost of Goods Sold 1655 Inventory (To record cost of goods sold) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT x Your answer is incorrect. Try again. Calculate gross profit using the perpetual system. 1655 Gross profit/ (loss) $Step by Step Solution
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