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Required information [The following information applies to the questions displayed below.] Sigfusson Supplies reported beginning inventory of 110 units, for a total cost of $3,300.
Required information [The following information applies to the questions displayed below.] Sigfusson Supplies reported beginning inventory of 110 units, for a total cost of $3,300. The company had the following transactions during the month: Jan. 6 Sold 40 units on account at a selling price of $40 per unit. 9 Bought 30 units on account at a cost of $30 per unit. 11 Sold 30 units on account at a selling price of $45 per unit. 19 Sold 40 units on account at a selling price of $50 per unit. 27 Bought 30 units on account at a cost of $30 per unit. 31 Counted inventory and determined that 30 units were on hand. 1. Prepare the journal entries that would be recorded using a periodic inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. No Date General Journal Debit Credit 1 Jan 06 Accounts Receivable 1,600 Sales Revenue 1,600 2 Jan 09 900 Inventory Accounts Payable 900 3 Jan 11 Accounts Receivable 1,350 Sales Revenue 1,350 4 Jan 19 Accounts Receivable 2,000 Sales Revenue 2,000 5 Jan 27 X 900 Inventory Accounts Payable 900 6 Jan 31 3,300 X Inventory Purchases 1,800 7 Jan 31 Cost of Goods Sold 3,300 X Inventory x 3,300
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