L new toyota ads Bing h BU5935/AECT/PT15-201 XC Prepare The Required Journ dliea

Question

L new toyota ads Bing h BU5935/AECT/PT15-201 XC Prepare The Required Journ dliealbright.edu/mod/iti/view.phphd-333482 Moodle ALBRIGHT SELF-SERVICE MOODLE SUPPORT ACADEMIC SUPPORT. EMAIL LOGIN/ITS LECT/PT15-2018/SPRING/ADP - Accounting For Mar BUS935/LECTIPT15-2018/SPRINGIADP Week 2. Accounting For a Merchandising Enterprise Chapter 6 Quiz The following transactions occurred for the month of May Units Cost Total Sales Price Date 1-May Beginning Balance 80 13 $1,040 2-May Purchase 3-May Purchase 10-May Sale 15-May Purchase 17-May Sale 30-May Sale 015 $900 516 $1,200 85 30 19 $570 45 100 $40 $40 $40 Using the FIFO method, prepare the required journal entries for each transaction assuming all purchases and sales are made on credit Date Description Debit Credit

Explanation / Answer

JOURNAL ENTRIES DATE ACCOUNTS TITLE AND EXPLANATIONS DEBIT $ CREDIT $ 2-May Inventory Account Dr. 900      Accounts payable 900 3-May Inventory Account Dr. 1200      Accounts payable 1200 10-May Accounts receivable Dr. 3400       Sales revenue 3400 Cost of Goods sold 1115      Inventory (80*13+5*15) 1115 15-May Inventory Account Dr. 570      Accounts payable 570 17-May Accounts receivable Dr. 1800       Sales revenue 1800 Cost of Goods sold 675      Inventory (45*15) 675 30-May Accounts receivable Dr. 4000       Sales revenue 4000 Cost of Goods sold 1635      Inventory (10*15+75*16+15*19) 1635

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