Question: Whats wrong ? Required information Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below.] Laker

Whats wrong ?

Whats wrong ? Required information Use the following information for the Exercises3-7 below. (Algo) [The following information applies to the questions displayed below.]

Required information Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 280 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. xercise 5-4 (Algo) Perpetual: Journalizing transactions LO P1 ecord journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a erpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. Answer is complete but not entirely correct. \begin{tabular}{|c|c|c|c|c|c|} \hline No & Date & \multicolumn{2}{|c|}{ General Journal } & Debit & Credit \\ \hline \multirow[t]{2}{*}{1} & January 10 & Accounts receivable & 2 & 2,400 & \\ \hline & & Sales & 2 & & 2,400 \\ \hline \multirow[t]{2}{*}{2} & January 10 & Cost of goods sold & 2 & 2,400 & \\ \hline & & Merchandise inventory & 2 & & 2,400 \\ \hline \multirow[t]{2}{*}{3} & January 20 & Merchandise inventory & 2 & 660 & \\ \hline & & Accounts payable & 2 & & 660 \\ \hline \multirow[t]{2}{*}{4} & January 25 & Accounts receivable & 2 & 2,080 & \\ \hline & & Sales & 2 & & 2,080 \\ \hline \multirow[t]{2}{*}{5} & January 25 & Cost of goods sold & 2 & 208x & \\ \hline & & Merchandise inventory & 2 & & 208 \\ \hline \multirow[t]{2}{*}{6} & January 30 & Merchandise inventory & 2 & 1,540 & \\ \hline & & Accounts payable & 2 & & 1,540 \\ \hline \end{tabular}

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