Please help me 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 notindent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for theaccount titles and enter O for the amounts.)Date Account Titles and ExplanationJan. 3391515(To record sale)(To record the inventory)(To record sale)(To record the inventory)DebitCredit At the beginning of the year, Blue Ltd. had 900 units with a cost of $7 per unit in its beginning inventory. The following inventorytransactions occurred during the month of January:Jan.3915Sold 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.

The journal entries are prepared to record the transactions on regular basis. The cost of goods sold…

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.

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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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