Record the above transactions in general journal form and post to T-accounts using (1) FIFO, (2) LIFO, and (3) weighted average.

The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations:


Jan. 20	Purchased	570	units	@	$	10	=	$	5,700
Apr. 21	Purchased	370	units	@	$	12	=		4,440
July 25	Purchased	450	units	@	$	15	=		6,750
Sept. 19	Purchased	260	units	@	$	17	=		4,420

During the year, The Shirt Shop sold 1,320 T-shirts for $26 each.

b. Record the above transactions in general journal form and post to T-accounts using (1) FIFO, (2) LIFO, and (3) weighted average. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions.

Solutions

Expert Solution

FIFO

LIFO

Weighted Average

Workings

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

1. Record January transactions in the General Journal and post to the General Ledger. 2. Record...

1. Record January transactions in the General Journal and post to the General Ledger. 2. Record adjusting entries for January in the General Journal and post to the General Ledger. 3. Prepare the adjusted trial balance as of January 31. January Transactions 1-Jan Performed car repair services and received cash at the time of sale, $4,990. 2-Jan Paid for the car parts purchased on account last year, $1,170. 4-Jan Paid wages and salaries for $3,190, part of which was accrued...

Prepare the general journal entries to record the above transactions.

Read each of the following transactions A). The cash sales per a register tape were $593 The cash count is $559 B). The cash sales per a register tape were $9,400 The cash count is $8,910. Prepare the general journal entries to record the above transactions.

1.) Record February and March transactions in the General Journal and post to the General Ledger....

1.) Record February and March transactions in the General Journal and post to the General Ledger. 2.) Record adjusting entries for February and March in the General Journal and post to the General Ledger. 3.) Prepare the adjusted trial balance as of February 28 and March 31. 4.) Prepare the following February and March financial statements: a) Income Statement for month ended February 28 and March 31 b) Statement of Stockholders Equity for month ended February 28 and March 31...

GENERAL JOURNAL 1)Post the transactions from the general journal to the general ledger accounts. To confirm...

GENERAL JOURNAL 1)Post the transactions from the general journal to the general ledger accounts. To confirm that the posting has been performed, a posting reference is recorded in the Post Ref. column in the general journal. Date Account and Explanation Post Ref. Debit Credit Jun 1 Cash 104,000 Jun 1 Capital 104,000 (capital contribution) Jun 1 Music Equipment 48,000 Jun 1 Cash 48,000 (cash purchase of equipment) Jun 1 Cash 186,000 Jun 1 Bank Loan Payable 186,000 (received cash loan)...

Record February transactions in the General Journal and post to the General Ledger. Record adjusting entries...

Record February transactions in the General Journal and post to the General Ledger. Record adjusting entries for February in the General Journal and post to the General Ledger. Prepare the adjusted trial balance as of February 28 Prepare the following February financial statements: a) Income Statement for month ended February 28 b) Statement of Stockholders Equity for month ended February 28 c) Balance Sheet as of February 28 d) Statement of Cash Flows for month ended February 28 Record February...

1.Record the adjusting entries in the general journal (transactions 1-3). 2.Record the closing entries in the...

1.Record the adjusting entries in the general journal (transactions 1-3). 2.Record the closing entries in the general journal (transactions 4-7). 3.Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances. 4.Prepare a post-closing trial balance. Complete the worksheet. At Home Pet Grooming Service Worksheet Month Ended December 31, 2019 Trial Balance Adjustments Adjusted Trail Balance Income Statement Balance Sheet Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit...

1.) FIFO 2.) LIFO 3.) WEIGHTED AVERAGE 4.) SPECIFIC ITEM So your task to start this...

1.) FIFO 2.) LIFO 3.) WEIGHTED AVERAGE 4.) SPECIFIC ITEM So your task to start this discussion is to define each AND give an example

Record the adjusting entries in the general journal and post them to the ledger accounts and...

Record the adjusting entries in the general journal and post them to the ledger accounts and include narrations and dates. Then prepare the adjusted trial balance. On August 2, Paid $2200 cash for August salon rent. On August 4, Incurred $380 of advertising costs due in 20 days On August 5, Purchased salon equipment for $120 On August 7, Paid for supplies (shampoos, creams, and gels) $350 On August 8, received $280 for selling gels On August 12, paid $180...

(FIFO,LIFO, and Average Cost Determination) LoBianco Company's record of transactions for the month of April was...

(FIFO,LIFO, and Average Cost Determination) LoBianco Company's record of transactions for the month of April was as follows. Purchases: April 1 (balance on hand) = 600 @ $600 April 4 = 1,500 @ 6.08 April 8 = 800 @ 6.40 April 13 = 1,200 @ 6.50 April 21 = 700 @ 6.60 April 29 = 500 @ 6.79 5,300 Sales: April 3 = 500 @ $10.00 April 9 = 1,300 @ 10.00 April 11 = 600 @ 11.00...

Question: 3. Post The Journal entries for the transactions of the following T-accounts, each of which...

Question: 3. Post The Journal entries for the transactions of the following T-accounts, each of which started the month with a zero balance. Required information Problem 15-3A Source documents, journal entries, and accounts in job order costing LO P1, P2, P3 [The following information applies to the questions displayed below.] Widmer Watercraft’s predetermined overhead rate for the year 2017 is 200% of direct labor. Information on the company’s production activities during May 2017 follows. Purchased raw materials on credit, $200,000....

Subjects