Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of units from the January purchase, units from the January purchase, and units from beginning inventory.
Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a serpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered.
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tableNoDate,General Journal,Debit,CreditJanuary Accounts receivable,Sales,,January Cost of goods sold,Merchandise inventory,,January Merchandise inventory,,Accounts payable,,January Accounts receivable,,Sales,,January Cost of goods sold,,Merchandise inventory,,January Merchandise inventory,,Accounts payable,,
