Waterway Company se s one product. Presented below is information for January for Waterway Company pport Jan 1 Inventory 4 Sale 11 Purchase 13 Sale 20 Purchase 27 Sale 119 units at $4 each 98 units at $ each 141 units at S6 each 111 units at $9 each 160 units at S6 each 95 units at $11 sach Waterway uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Waterway uses a periodic system. Prepare all necessaryjournal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 116 units. Of no entry is required, select "No entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not inderit manually) Date Account Titles and Explanation Debit Credit Jan 4 Accounts Receivable Sales Revenue Inventory Accounts Payable Jan 13 Accounts Receivable Sales Revenue Inventory Accounts Payable Accounts Receivable Sales Revenue Jan 31 Coat of Goods Sold Finished Goods inventory Purcheses entory List of Accounts Accounts Payable Accounts Receivable Allowance to Reduce Inventory to LIFO Cash Cost of Goods Sold Finished Goods Inventory Inventory No Entry Prepaid Insurance Purchases Purchase Discounts Purchase Discounts Lost Purchase Returns and Allowances Raw Materials Inventory Sales Returns and Allowances Sales Revenue Withholding Taxes Payable Worlc-in-Process Compute gross profit using the periodic system. Gross pronts e Textbook and Media List of Accounts Assume Watery uses a perpetual system. Prepare all necessary journal entries of no entry is required, select "No entry for the account titles and enter O for the amounts Credit account titles are automatically indented when amount is entered. Do not indent manually Date Account Titles and Explanation Debit Credit (To record the sale) (To record the cost of inventory (To record the sale) HHHHH (To record the cost of inventory) (To record the sale) (To record the cost of inventory) eTextbook and Media 11 Waterway Company se s one product. Presented below is information for January for Waterway Company pport Jan 1 Inventory 4 Sale 11 Purchase 13 Sale 20 Purchase 27 Sale 119 units at $4 each 98 units at $ each 141 units at S6 each 111 units at $9 each 160 units at S6 each 95 units at $11 sach Waterway uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Waterway uses a periodic system. Prepare all necessaryjournal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 116 units. Of no entry is required, select "No entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not inderit manually) Date Account Titles and Explanation Debit Credit Jan 4 Accounts Receivable Sales Revenue Inventory Accounts Payable Jan 13 Accounts Receivable Sales Revenue Inventory Accounts Payable Accounts Receivable Sales Revenue Jan 31 Coat of Goods Sold Finished Goods inventory Purcheses entory List of Accounts Accounts Payable Accounts Receivable Allowance to Reduce Inventory to LIFO Cash Cost of Goods Sold Finished Goods Inventory Inventory No Entry Prepaid Insurance Purchases Purchase Discounts Purchase Discounts Lost Purchase Returns and Allowances Raw Materials Inventory Sales Returns and Allowances Sales Revenue Withholding Taxes Payable Worlc-in-Process Compute gross profit using the periodic system. Gross pronts e Textbook and Media List of Accounts Assume Watery uses a perpetual system. Prepare all necessary journal entries of no entry is required, select "No entry for the account titles and enter O for the amounts Credit account titles are automatically indented when amount is entered. Do not indent manually Date Account Titles and Explanation Debit Credit (To record the sale) (To record the cost of inventory (To record the sale) HHHHH (To record the cost of inventory) (To record the sale) (To record the cost of inventory) eTextbook and Media 11
