FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Prepare journal entries for these January transactions assuming that Blue Ltd. uses FIFO under a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 3 3 9 15 15 (To record sale) (To record the inventory) (To record sale) (To record the inventory) Debit Credit
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Transcribed Image Text:Prepare journal entries for these January transactions assuming that Blue Ltd. uses FIFO under a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 3 3 9 15 15 (To record sale) (To record the inventory) (To record sale) (To record the inventory) Debit Credit
At the beginning of the year, Blue Ltd. had 900 units with a cost of $7 per unit in its beginning inventory. The following inventory transactions occurred during the month of January: Jan. 3 9 15 Sold 710 units on account for $15 each. Purchased 1,000 units on account for $8 per unit. Sold 790 units for cash at $14 each.
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Transcribed Image Text:At the beginning of the year, Blue Ltd. had 900 units with a cost of $7 per unit in its beginning inventory. The following inventory transactions occurred during the month of January: Jan. 3 9 15 Sold 710 units on account for $15 each. Purchased 1,000 units on account for $8 per unit. Sold 790 units for cash at $14 each.
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