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Required Information Use the following information for the Exercises 3 - 7 below. ( Algo ) [ The following informotion opplies to the questions clisplayed
Required Information
Use the following information for the Exercises below. Algo
The following informotion opplies to the questions clisplayed below.
Laker Company reported the following January purchoses and soles dato for its only product. The Compony uses o
perpetual inventory system. For specific identification, ending inventory consists of units from the Janusry
purchase, units from the January purchase, and units from beginning inventory.
Exerclse Algo Perpetual: Journallzing transactlons LO P
Record journal entries for Laker Company's sales and purchoses transoctions. Assume for this sssignment that the company uses a
perpetusl inventory system and FIFO. All sales and purchases are msde on sccount, and no discounts are offered.
Journal entry worksheet
Record the sale of goods. January
Record the cost of sale. January
Record the purchase of inventory. January
Record the sale of goods. January
Record the cost of sale. January
Record the purchase of inventory. January
Note: Enter debits befare credits.
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