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Snow-Tech Inc. sells an Xpert ski that is popular with ski enthusiasts. The following information shows Snow-Tech's purchases and sales of Xpert ski during November:
Snow-Tech Inc. sells an Xpert ski that is popular with ski enthusiasts. The following information shows Snow-Tech's purchases and sales of Xpert ski during November: Date Explanation Units Unit Cost/Price Nov. 1 Beginning inventory 33 $300 5 Purchases 23 305 12 12 Sales (37) $490 19 Purchases 43 310 222 Sales (46) 501 25 Purchases 35 315 51 Prepare journal entries to record purchases (on account) and sales (cash) for Snow-Tech in a perpetual inventory system using average cost. (Round answers to 2 decimal places, e.g. 15.25. List all debit entries before credit entries. 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.) Date Account Titles and Explanation Nov. 5 Inventory 12 Accounts Payable Cash Sales (To record sales) 19 Cost of Goods Sold Inventory (To record the inventory sold) 19 19 Inventory Debit 7015 13330 13330 Credit 7015 11470 11470 19 Cost of Goods Sold Inventory (To record the inventory sold) 19 Inventory 22 22 Accounts Payable Cash 22 22 Sales (To record sales) Cost of Goods Sold Inventory (To record the inventory sold) 25 25 Inventory 13330 11470 Accounts Payable 22 Cash Sales (To record sales) Cost of Goods Sold 22 22 Inventory (To record the inventory sold) Inventory 25 25 Accounts Payable
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