This exercise continues the Sherman Lawn Service situation from Exercise 5-42 in Chapter...

This exercise continues the Sherman Lawn Service situation from Exercise 5-42 in Chapter 5. Consider the September transactions for Sherman Lawn Service that were presented in Chapter 5. (Cost data has been removed from the sale transactions.)

Requirements

1. Prepare perpetual inventory records for September for Sherman using the FIFO method. (Note: You must figure cost on the 15th, 25th, and 30th.)

2. Journalize and post the September transactions using the perpetual inventory record created in requirement 1. Key all items by date. Compute each account balance, and denote the balance as Bal.

3. Journalize and post the adjusting entries. Denote each adjusting amount as Adj. After posting all adjusting entries, prove the equality of debits and credits in the ledger.