Thames Company accounting records yield the following data for the year ended December 31, 2020 Click the loon to view the accounting records) Required 1. Joumare Thames Company's Inventory transactions for the year in a perpetual system Use December 31 as the transaction date. No explanations we necessary 7. Report ending inventory, sales, cost of goods soldandgrens margin on the appropriate financial statement Records Requirement 1. Joumaltre Thames Company's inventory transactions for the year in the perpetual system The first transaction is the purchase of inventory Record the entry (Record debits first, then credits. Exclude explo Journal Entry Date Accounts Debit Credit December 31 Inventory 157000 Accounts Payable 157000 $ 24000 157.000 Inventory January 1, 2020 Purchases of inventory on account) Sales of inventory-90 percent on account 10 percent for cash out 3135.000) Inventory at FIFO cost December 31, 2020 227.000 The next transaction is the sale of inventory Record the entry Journal Entry Pent Done Choose from any ist of enter any number in the input fields and then continue to the next question 6:58 PM ER Type here to ENG hp) Hvory transactions for the year in a perpetual system. Use December 31 as the transaction date No explanations are necessary 2. Report ending Inventory, sales, cost of goods sold and gross margin on the appropriate financial statement. Records The next transaction is the sale of inventory Record the entry Journal Entry Date Accounts December 31 Accounts Receivable Cash Sales Revenue Debit Credit 135000 Inventory January 1, 2020 Purchases of inventory on account) Sales of inventory-90 percent on account 10 percent for cash (cost $135.000) Inventory at FIFO Coul December 31, 2020 The last entry is recording the cost of inventory Record the entry Journal Entry Date Accounts Debit Credit Print Done Choose from any list or enter any number in the input neds and then continue to the next question DI Q O Type here to a hp Thames Company accounting records yield the following data for the year ended December 31, 2020 (Click the icon to view the accounting records.) Required 1. Journalize Thames Company's inventory transactions for the year in a perpetual system. Use December 31 as the transaction date. No explanations are necessary 2. Report ending Inventory, sales, cost of goods sold, and gross margin on the appropriate financial statement The last entry is recording the cost of inventory Record the entry Journal Entry Data Accounts December 31 Cost of Goods Sold Inventory Records Credit Debit Inventory January 1, 2020 Purchases of inventory (on account) Sales of inventory-90 percent on accou 10 percent for cash (cost $135.000) Inventory at FIFO cost December 31, 202 Requirement 2. Report ending Inventory, sales, cost of goods sold, and gross margin on the appropriate financial state Report ending inventory on the balance sheet Balance Sheet Print Choose from any list or enter any number in the input fields and then continue to the next question O Type here to selu hp Thames Company accounting records yield the following data for the year ended December 31, 2020 Click the icon to view the accounting records.) Required 1. Journalize Thames Company's inventory transactions for the year in a perpetual system. Use December 31 as the transaction date. No exple 2. Report ending inventory, sales, cost of goods sold, and gross margin on the appropriate financial statement Requirement 2. Report ending inventory, sales, cost of goods sold, and gross margin on the appropriate financial statement Report ending inventory on the balance sheet. Balance Sheet: Current assets: Report sales, cost of goods sold, and gross margin on the income statement Income Statement: Choose from any list or enter any number in the input fields and then continue to the next question Type here to see IT
