What would be the calculation for inventory for December? How is this created? Also, are there any other ledger entries needed for sales and cost of sales? Known information: Debit--Accts receivable Nov. 10,000 Dec. 3,000 Debit--Prepaid Insurance Nov 5,000 Dec 7,500 Debit--Inventory Nov 7,000 Dec 6,000 Credit--Accounts Payable Nov 12,000 Dec 15,000 Credit--Salaries Payable Nov 5,000 Dec 3,000 Cash collected from credit customers $80,000 Cash paid for insurance $5,000 Cash paid to suppliers of inventory $60,000 (entire accts payable relate to inventory purchases) Cash paid to employees for salaries $10,000 What would be the journal entries for the above information?
What would be the calculation for inventory for December? How is this created? Also, are there any other ledger entries needed for sales and cost of sales? Known information: Debit--Accts receivable Nov. 10,000 Dec. 3,000 Debit--Prepaid Insurance Nov 5,000 Dec 7,500 Debit--Inventory Nov 7,000 Dec 6,000 Credit--Accounts Payable Nov 12,000 Dec 15,000 Credit--Salaries Payable Nov 5,000 Dec 3,000 Cash collected from credit customers $80,000 Cash paid for insurance $5,000 Cash paid to suppliers of inventory $60,000 (entire accts payable relate to inventory purchases) Cash paid to employees for salaries $10,000 What would be the journal entries for the above information?
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 8PEB: Financial statement data for years ending December 31 for Tango Company follow: a. Determine the...
Question
What would be the calculation for inventory for December? How is this created?
Also, are there any other ledger entries needed for sales and cost of sales?
Known information:
Debit--Accts receivable Nov. 10,000 Dec. 3,000
Debit--Prepaid Insurance Nov 5,000 Dec 7,500
Debit--Inventory Nov 7,000 Dec 6,000
Credit--Accounts Payable Nov 12,000 Dec 15,000
Credit--Salaries Payable Nov 5,000 Dec 3,000
Cash collected from credit customers $80,000
Cash paid for insurance $5,000
Cash paid to suppliers of inventory $60,000 (entire accts payable relate to inventory purchases)
Cash paid to employees for salaries $10,000
What would be the journal entries for the above information?
Expert Solution
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