Blossom Company sells one prod
Blossom Company sells one product. Presented below isinformation for January for Blossom Company.
| Jan. 1 | Inventory | 123 | units at $5 each | ||
| 4 | Sale | 98 | units at $8 each | ||
| 11 | Purchase | 136 | units at $6 each | ||
| 13 | Sale | 103 | units at $9 each | ||
| 20 | Purchase | 169 | units at $7 each | ||
| 27 | Sale | 108 | units at $11 each |
Blossom uses the FIFO cost flow assumption. All purchases and salesare on account.
(a)
Assume Blossom uses a periodic system. Prepare all necessaryjournal entries, including the end-of-month closing entry to recordcost of goods sold. A physical count indicates that the endinginventory for January is 119 units. (If no entry isrequired, select “No entry” for the account titles and enter 0 forthe amounts. Credit account titles are automatically indented whenamount 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 |
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 |
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 |
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 |
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 |
enter a debit amount |
enter a credit amount |
|
|
enter an account title |
enter a debit amount |
enter a credit amount |
||
|
enter an account title for the journal entry on January 31 |
enter a debit amount |
enter a credit amount |
|
|
enter an account title for the journal entry on January 31 |
enter a debit amount |
enter a credit amount |
||
|
enter an account title for the journal entry on January 31 |
enter a debit amount |
enter a credit amount |
||
|
enter an account title for the journal entry on January 31 |
enter a debit amount |
enter a credit amount |
Answer:
| STATEMENT SHOWING INVENTORY RECORDUNDER PERIODIC FIFO METHOD | |||||||||
| RECIEPTS | COST OF GOODS SOLD | BALANCE | |||||||
| DATE | UNITS | RATE | AMOUNT $ | UNITS | RATE | AMOUNT $ | UNITS | RATE | AMOUNT $ |
| Balance Oct1 | 123 | 5 | 615 | 123 | 5 | 615 | |||
| Purchasse | |||||||||
| 11-Jan | 136 | 6 | 816 | 136 | 6 | 816 | |||
| 20-Jan | 169 | 7 | 1183 | 50 | 7 | 350 | 119 | 7 | 833 |
| TOTAL | 428 | 2614 | 309 | 1781 | 119 | 833 | |||
| Journal entries | |||||||||
| S.no. | Accounts title andxplanations | Debit $ | Credit $ | ||||||
| 04-Jan | Accounts receivable | 784 | |||||||
| Sales revenue(98*8) | 784 | ||||||||
| 11-Jan | Purchase | 816 | |||||||
| Accounts payable(136*6) | 816 | ||||||||
| 13-Jan | Accounts receivable | 927 | |||||||
| Sales revenue(103*9) | 927 | ||||||||
| 20-Jan | Purchase | 1183 | |||||||
| Accounts payable(169*7) | 1183 | ||||||||
| 27-Jan | Accounts receivable | 1188 | |||||||
| Sales revenue(108*11) | 1188 | ||||||||
| 31-Jan | Inventory (Ending) | 833 | |||||||
| Cost of good ssold | 1781 | ||||||||
| Purchase | 1999 | ||||||||
| Inventory(Beginning) | 615 | ||||||||
| (for adjusting the cost of goodssold) |
"Our Prices Start at $11.99. As Our First Client, Use Coupon Code GET15 to claim 15% Discount This Month!!"
