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what are the values for debits and credits in the journal that has them empty and how do you find them? Splish Company sells one
what are the values for debits and credits in the journal that has them empty
and how do you find them?
Splish Company sells one product. Presented below is information for January for Splish Company. 4 11 Inventory Sale Purchase Sale Purchase 124 units at $4 each 100 units at $8 each 162 units at $7 each 134 units at $9 each units at $7 each 96 units at 511 each 27 Splish uses the FIFO cose flow assumption. All purchases and sales are on account Your answer is correct. Assume Splish uses a periodic system. Prepare all necessary journal 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 107 units. (If no entry is required, select "No entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan 4 Accounts Receivable 800 Sales Revenue Jan 11 Purchases 1134 Accounts Payable Jan 13 Accounts Receivable 1206 Sales Revenue Jan 20 Purchases 1057 Accounts Payable Jan 27 Accounts Receivable 1056 Sa es Revenue inventory 7419 Cost of Goods Scla 1038 Purchase Inventory 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 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent monually) Date Account Titles and Explanation Debit Credit Jan 4 Accounts Receivable Sales Revenue (To record the sale) Cost of Goods Sold Inventory (To record the cost of inventory) Jan 11 Inventory Accounts Payable Jan 13 Accounts Receivable Sales Revenue (To record the sale) Cost of Goods Sold UUTTUU Inventory (To record the cost of inventory) an 20 Inventory Accounts Payable Jan 27 Accounts Receivable Sa es Revenue (To record the sale) Cost of Goods Sold Inventory To record the cost of inventory)
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