Question list

Accounting records for Ontario Corporation yield the following data for the year ended June $30,2021($assume sales returns are nonexistent$)$:

$($Click the icon to view the accounting records.$)$

Read the requirements.

Question $5$

Question $6$

The next transaction is the sale of inventory. Record the entry. Do not yet record the cost related to the sale. We do this in the next journal entry.

Question $7$

Journal Entry

Journal Entry

Question $4$

The next transaction is the sale of inventory. Record the entry. Do not yet record the cost related to the sale. We do this in the next journal entry. goods sold, and gross profit on the Dournal Entry

Journalize Ontario's inventory transactions for the year under the perpetua system. $2.$ Report ending inventory, sales, cost of goods sold, and gross profit on the

Data table

Requirements appropriate financial statement.

Data table

Inventory, June $30,2020$

Purchases of inventory $($on account$)$

Sales of inventory $-78\%$ on account; $22\%$ for cash $($cost $$42,000)102,000$

Inventory at FIFO, June $30,2021$

$19,000$