Exercise 8-9 (Part Level Submission) (a) Date Account Titles and Explanation Deb
ID: 2426813 • Letter: E
Question
Exercise 8-9 (Part Level Submission)
(a)
Date
Account Titles and Explanation
Debit
Credit
Jan. 4
Jan. 11
Jan. 13
Jan. 20
Jan. 27
Jan. 31
SHOW LIST OF ACCOUNTS
SHOW SOLUTION
SHOW ANSWER
LINK TO TEXT
LINK TO TEXT
(b)
SHOW LIST OF ACCOUNTS
SHOW SOLUTION
SHOW ANSWER
LINK TO TEXT
LINK TO TEXT
(c)
Date
Account Titles and Explanation
Debit
Credit
Jan. 4
(To record the sale)
(To record the cost of inventory)
Jan. 11
Jan. 13
(To record the sale)
(To record the cost of inventory)
Jan. 20
Jan. 27
(To record the sale)
(To record the cost of inventory)
SHOW LIST OF ACCOUNTS
SHOW SOLUTION
SHOW ANSWER
LINK TO TEXT
LINK TO TEXT
(d)
Exercise 8-9 (Part Level Submission)
Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company.Jan. 1 Inventory 113 units at $4 each 4 Sale 91 units at $8 each 11 Purchase 153 units at $6 each 13 Sale 119 units at $9 each 20 Purchase 167 units at $7 each 27 Sale 104 units at $10 each
Fong Sai-Yuk uses the FIFO cost flow assumption. All purchases and sales are on account.
Explanation / Answer
Assume Fong Sai-Yuk uses a perpetual system. Prepare all necessary journal entries.
DR CR Accounts Receivable 728 Sales 91*8 728 Purchase 918 Accounts Payable 918 Accounts Receivable 1071 Sales 119*9 1071 Purchase 1169 Accounts Payable 1169 Accounts Receivable 1040 Sales 104*10 1040 Cost of goods sold 1706 Inventory 1706Related Questions
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