Tracer Advance Corporation (TAC) sells a tracking implant that veterinarians surgically insert into pets. TAC began January with an inventory of 400 tags purchased from its supplier in November last year at a cost of $24 per tag, plus 200 tags purchased in December last year at a cost of $30 per tag. TAC uses a perpetual inventory system to account for the following transactions. Jan. 3 TAC gave 500 tags to a courier company (UPS) to deliver to veterinarian customers. The sales price was $60 per tag, and the sales terms were n/30, FOB shipping point. Jan. 4 UPS confirmed that all 500 tags were delivered today to customers. Jan. 9 TAC ordered 700 tags from its supplier. The supplier was out of stock but promised to send them to TAC as soon as possible. TAC agreed to a cost of $43 per tag, n/30. Jan. 19 The 700 tags ordered on January 9 were shipped to and received by TAC today. TAC complained about the delay between order and shipment date, so the supplier reduced the amount TAC owed by granting an allowance of $1 per tag ($700 total). Jan. 23 TAC gave 750 tags to UPS, which were delivered "same day" to veterinarian customers at a price of $60 per tag, n/30, FOB shipping point. Jan. 28 TAC received cash payment from customers for 400 of the tags delivered January 4. Jan. 31 TAC counted its inventory and determined 40 tags were on hand. TAC made a "book-to-physical adjustment" to account for the missing tags. Required: Assume TAC uses FIFO in its perpetual inventory system. Prepare the journal entry for each transaction. (If no entry required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet Credit No 1 Date Jan 03 General Journal Accounts Receivable Sales Revenue Debit 30,000 30,000 2 Jan 03 13,000 Cost of Goods Sold Inventories 13,000 3 Jan 04 No Journal Entry Required 4 Jan 09 No Journal Entry Required 5 Jan 19 29,400 Inventories Accounts Payable 29,400 6 Jan 23 Accounts Receivable Sales Revenue 42,000 42,000 7 Jan 23 28,000 Cost of Goods Sold Sales Revenue 28,000 8 Jan 28 24,000 Cash Accounts Receivable 24,000 9 Jan 31 2,400 Cost of Goods Sold Inventories 2,400 Assume Tracer Advance Corporation (TAC) uses weighted average cost in its perpetual inventory system. Prepare the journal entry for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the sale of tags to veterinarian customers. Note: Enter debits before credits. General Journal Debit Credit Date Jan 03 Assume Tracer Advance Corporation (TAC) uses LIFO in its perpetual inventory system. Prepare the journal entry for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 3 > Record the sale of tags to veterinarian customers. Note: Enter debits before credits. General Journal Debit Credit Date Jan 03
