Date accounts debit credit feb 10 cost of goods sold

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DateAccountsDebitCreditFeb. 10Cost of Goods Sold2,100Merchandise Inventory2,100Feb. 12: Paid amount owed on credit purchase of February 3, less the return and the discount.DateAccountsDebitCreditFeb. 12Accounts Payable2,100Cash2,079Merchandise Inventory21To Solve: Take 2,800 – 700 = 2,100 now take 2,100 x 0.01 = 21 now take 2,100 – 21 = 2,079Feb. 28: Received cash from February 10 customer in full settlement of their debt.DateAccountsDebitCreditFeb. 28Cash4,200Sales Discounts Forfeited42Accounts Receivable4,158To Solve: Take 4,200 x 0.01 = 42 now take 4,200 – 42 = 4,158
Question # 14S6-4California Cycles started October with 25 bicycles that cost $ 65 each. On October 16 California bought 50 bicycles at $80 each. On October 31, California sold 45 bicycles for $95 each.Requirements1.Prepare California Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method.2.Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account.Requirement 1.Prepare California Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronologicalorder, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetualrecord, calculate the quantity and total cost of inventorypurchased, sold, and on hand at the end of the period.(Enter the oldest inventory layers first. Abbreviationused: QTY= Quantity; Tot.= Total)California CyclesPurchasesCost of Goods SoldInventory on HandDateQTYUnit CostTot. CostQTYUnit CostTot. CostQTYUnit CostTot. CostOct. 125$65$1,625Oct. 1650$80$4,000 25$65$1,62550$80$4,000Oct. 3125$65$1,62520$80$1,60030$80$2,400Totals50 $4,00045 $3,22530 $2,400
Requirement 2.Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

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