Question

In: Accounting

Accounting records for RockfordRockford Corporation yield the following data for the year ended JuneJune 3030?, 20162016...

Accounting records for

RockfordRockford

Corporation yield the following data for the year ended

JuneJune

3030?,

20162016

?(assume sales returns are? non-existent):

Requirements

1.

Journalize

Rockford'sRockford's

inventory transactions for the year under the perpetual system.

2.

Report ending? inventory, sales, cost of goods? sold, and gross profit on the appropriate financial statement.

Requirement 1. Journalize

Rockford'sRockford's

inventory transactions for the year under the perpetual system. ?(Record debits? first, then credits. Exclude explanations from any journal? entries.)

The first transaction is the purchase of inventory. Record the entry.

Inventory, June 30, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$15,000

Purchases of inventory (on account) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

57,000

Sales of inventory – 84% on account; 16% for cash (cost $43,000) . . . .

92,000

Inventory at FIFO, June 30, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

29,000

Solutions

Expert Solution

Accounts titles debit credit
Merchandise inventory 57000
Accounts payable 57000
Purchase of inventory on account
Cost of goods sold 43000
Merchandise inventory 43000
Cost of goods sold during the year
Cash 14720
Accounts Receivable 77280
Sales 92000
Sales of goods
No entry required for closing inventory

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