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 periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 107 units. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Answer 1

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fayticulays Debit CYedit Date Accounts Receivable Sales Revenue [100 x $8 $g00 Jan 4 $ 800 Purchases 162 X Accounts payable $1134 Jan 11 $1137 ACcounts Receivable $1206 Jan 13 Sales Revenue C 134x$1 $1206 Purchases C151 x $ ] Jar 20 $105t Accounts $1057 payable Accounts Receivable Sales Revenue La6x$ 1 Jan 27 1056 $ 1056 Inventory C10t x Cost of goods sold purchases C$1134t $1057] Inventory C124x Jan 31 $ 749 $1938 s 2191 $496 *CoGs 496 t $2191 $747 S1938