Beginning inventory, purchases, and sales for Item Gidget are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on September 27 and (b) the inventory on September 30.

Journal Entries Mead Company uses a perpetual inventory system and engaged in the following transactions during the month of May: Required: Record the preceding transactions in a general journal.

Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section and place a check mark () in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owners equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. Insert the new balance in the owners capital account. 10. Prepare a post-closing trial balance.

Record the following transactions in general journal form using the periodic inventory system:

Beginning inventory, purchases, and sales for Item Widget are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on March 25 and (b) the inventory on March 31.

Sales and purchase-related transactions using periodic inventory system Selected transactions for Babcock Company during November of the current year are listed in Problem 5-3A. Instructions Journalize the entries to record the transactions of Babcock Company for November using the periodic inventory system.

Required information [The following information applies to the questions displayed below.] Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'lt uses the perpetual inventory system). Merchandise inventory т. Nix, Capital T. Nix, Withdrawals Sales Sales discounts $ 38,800 117,300 7,000 159,800 3,100 $ 6,300 105,600 10,500 33,500 5,000 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $37,550.

Required information [The following information applies to the questions displayed below.] Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'lt uses the perpetual inventory system). Merchandise inventory т. Nix, Capital T. Nix, Withdrawals Sales Sales discounts $ 46,800 133,300 7,000 163,600 4,700 $ 4,700 110,400 12,100 41,500 5,000 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $44,750.

Required Information [The following information opplies to the questions displayed below.) On January 1, 2021, the general ledger of Big Blest Fireworks includes the following account balances: Accounts Debit Credit Cash Accounts Receivable Allowance for Lncollectible Accounts $ 23,300 48, B00 $ 4, 5e0 Inventory Land Accounts Payable Notes Payable (6%, due in 3 years) 37, e00 72,100 28,980 37,eee 63, 8ee 39, 8ee Common Stock Retained Earnings Totals $172,408 $172,480 The $37,000 beginning belance of inventory consists of 370 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transections: January 3 Purchase 1,68e units for S168, 800 on account ($105 cach). January 8 Purchase 1,78e units for $187, e00 on account ($118 cach). January 12 Purchase 1, see units for $287,890 on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,200 units on account for $788,0ee. The cost of the…