Question

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.

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)

Answer 1

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 Jan 4 Account receivable (100*8) 800 Sales revenue 800 (To record the sale) Cost of goods sold 400 Merchandise inventory 400 (To record the cost of inventory) Jan 11 Merchandise inventory (162*7) 1134 Account payable 1134 Jan 13 Account receivable (134*9) 1206 Sales revenue 1206 (To record the sale) Cost of goods sold 866 Merchandise inventory 866 (To record the cost of inventory) Jan 20 Merchandise inventory 1057 Account payable 1057 Jan 27 Account receivable (96*11) 1056 Sales revenue 1056 (To record the sale) Cost of goods sold (96*7) 672 Merchandise inventory 672 (To record the cost of inventory)