Question
Use the following transactions to complete the first month of the Billy Bobs Barber Shop. There should also be a second entry to account for
Use the following transactions to complete the first month of the Billy Bobs Barber Shop.
| There should also be a second entry to account for the cost of merchandise sold and reduction of inventory using the FIFO method. |
Feb. 1 Billy Bob purchased 40 bottles of shampoo/conditioner for $5/each. The bottles of shampoo/conditioner are to be held for resale. Billy uses the perpetual method. Billy uses the FIFO method to account for inventory.
8. Sold 22 bottles of the shampoo/conditioner at a price of $10/bottle receiving cash.
10. Billy Bob purchased 20 bottles of shampoo/conditioner for $5.50/each. The bottles of shampoo/conditioner are to be held for resale.
16. Sold 25 bottles of the shampoo/conditioner at a price of $12/bottle receiving cash
25. Purchased 20 bottles of shampoo/conditioner on account. The price was $6/each.The bottles of shampoo/conditioner are to be held for resale.
26. Sold 15 bottles of the shampoo/conditioner at a price of $10/bottle receiving cash
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Internal Audit Handbook Management With The SAP Audit Roadmap
Authors: Henning Kagermann, William Kinney, Karlheinz Küting, Claus-Peter Weber, Z. Keil, C. Boecker, J. Busch, O. Bussiek, M. H. Christ, P. Eckes, M. Falk, P. S. Greenberg, B. Reichert, M. Wolf
2008th Edition
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