Question
Splish Company sells one product. Presented below is information for January for Splish Company. Jan. 1 Inventory 124 units at $4 each 4 Sale 100
Splish Company sells one product. Presented below is information for January for Splish Company.
Jan. 1 | Inventory | 124 | units at $4 each | ||
4 | Sale | 100 | units at $8 each | ||
11 | Purchase | 162 | units at $7 each | ||
13 | Sale | 134 | units at $9 each | ||
20 | Purchase | 151 | units at $7 each | ||
27 | Sale | 96 | units at $11 each |
Splish uses the FIFO cost flow assumption. All purchases and sales are on account.
Assume Splish uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
choose a transaction date Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31 | enter an account title to record the sale | enter a debit amount | enter a credit amount |
enter an account title to record the sale | enter a debit amount | enter a credit amount | |
(To record the sale) | |||
enter an account title to record the cost of inventory | enter a debit amount | enter a credit amount | |
enter an account title to record the cost of inventory | enter a debit amount | enter a credit amount | |
(To record the cost of inventory) | |||
choose a transaction date Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31 | enter an account title to record the sale | enter a debit amount | enter a credit amount |
enter an account title to record the sale | enter a debit amount | enter a credit amount | |
(To record the sale) | |||
enter an account title to record the cost of inventory | enter a debit amount | enter a credit amount | |
enter an account title to record the cost of inventory | enter a debit amount | enter a credit amount | |
(To record the cost of inventory) | |||
choose a transaction date Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31 | enter an account title to record the sale | enter a debit amount | enter a credit amount |
enter an account title to record the sale | enter a debit amount | enter a credit amount | |
(To record the sale) | |||
enter an account title to record the cost of inventory | enter a debit amount | enter a credit amount | |
enter an account title to record the cost of inventory | enter a debit amount | enter a credit amount | |
(To record the cost of inventory) |
eTextbook and Media
List of Accounts
Compute gross profit using the perpetual system.
Gross profit | $enter gross profit in dollars |
show work and explain
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