FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Debit
Credit
Cash
44,000
Prepaid Insurance
8,400
A/R
7,000
Truck
85,000
Accum, Deprec. Truck
25,000
Accounts Payable,
13,100
Unearned Fees
3,920
Notes Payable
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Transcribed Image Text:Debit Credit Cash 44,000 Prepaid Insurance 8,400 A/R 7,000 Truck 85,000 Accum, Deprec. Truck 25,000 Accounts Payable, 13,100 Unearned Fees 3,920 Notes Payable
Use the information in the table below to answer the questions that follow.
Аpril 1
Inventory
100 units
@ $40
Sale
60 units
10
Purchase
40 units
$42
15
Sale
50units
Purchase
60 units
$45
Assuming the business maintains a perpetual inventory system, calculate the cost of merchandise sold on April 5
as well as ending inventory as of April 30th, using FIFO,
Enter as whole numbers! Do not use decimals or dollar signs.
COMS April 5h $
COMS April 15th $
Ending Inventory April 30th $
20
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Transcribed Image Text:Use the information in the table below to answer the questions that follow. Аpril 1 Inventory 100 units @ $40 Sale 60 units 10 Purchase 40 units $42 15 Sale 50units Purchase 60 units $45 Assuming the business maintains a perpetual inventory system, calculate the cost of merchandise sold on April 5 as well as ending inventory as of April 30th, using FIFO, Enter as whole numbers! Do not use decimals or dollar signs. COMS April 5h $ COMS April 15th $ Ending Inventory April 30th $ 20
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