Blue Company sells one product. Presented below is information for January for Blue Company. ...
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Accounting
Blue Company sells one product. Presented below is information for January for Blue Company.
Jan. Inventory units at $ each
Sale units at $ each
Purchase units at $ each
Sale units at $ each
Purchase units at $ each
Sale units at $ each
Blue uses the FIFO cost flow assumption. All purchases and sales are on account.
Assume Blue uses a perpetual system. Prepare all necessary journal entries. If no entry is required, select No entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.
To record the sale
To record the cost of inventory
Accounts Payable
Jan.
Accounts Receivable
Sales Revenue
To record the sale
Jan.
Cost of Goods Sold
Inventory
To record the cost of inventory
Jan.
Purchases
Accounts Payable
Accounts Receivable
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