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In: Accounting

Splish Company sells one product. Presented below is information for January for Splish Company. Jan. 1...

Splish Company sells one product. Presented below is information for January for Splish Company.

Jan. 1 Inventory 124 units at $4 each
4 Sale 100 units at $8 each
11 Purchase 162 units at $7 each
13 Sale 134 units at $9 each
20 Purchase 151 units at $7 each
27 Sale 96 units at $11 each


Splish uses the FIFO cost flow assumption. All purchases and sales are on account.

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Assume Splish uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

choose a transaction date

Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31

enter an account title to record the sale enter a debit amount enter a credit amount
enter an account title to record the sale enter a debit amount enter a credit amount

(To record the sale)

enter an account title to record the cost of inventory enter a debit amount enter a credit amount
enter an account title to record the cost of inventory enter a debit amount enter a credit amount

(To record the cost of inventory)

choose a transaction date

Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31

enter an account title enter a debit amount enter a credit amount
enter an account title enter a debit amount enter a credit amount
choose a transaction date

Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31

enter an account title to record the sale enter a debit amount enter a credit amount
enter an account title to record the sale enter a debit amount enter a credit amount

(To record the sale)

enter an account title to record the cost of inventory enter a debit amount enter a credit amount
enter an account title to record the cost of inventory enter a debit amount enter a credit amount

(To record the cost of inventory)

choose a transaction date

Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31

enter an account title enter a debit amount enter a credit amount
enter an account title enter a debit amount enter a credit amount
choose a transaction date

Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31

enter an account title to record the sale enter a debit amount enter a credit amount
enter an account title to record the sale enter a debit amount enter a credit amount

(To record the sale)

enter an account title to record the cost of inventory enter a debit amount enter a credit amount
enter an account title to record the cost of inventory enter a debit amount enter a credit amount

(To record the cost of inventory)

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