Sandoval Skateshop Ltd. reports the following inventory transactions for its skateboards for the month of April....
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Sandoval Skateshop Ltd. reports the following inventory transactions for its skateboards for the month of April. The company uses a perpetual inventory system. Date Apr. 1 6 9 14 20 28 Date April 9 April 9 April 20 Explanation Beginning inventory Purchases Sales April 20 Purchases Sales Purchases Sales Inventory Units 30 15 (35) Record journal entries for the sales transactions on April 9 and April 20. Both sales were on credit. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Accounts Receivable (To record sales on account) Cost of Goods Sold Sales 20 (25) Accounts Receivable (To record cost of goods sold) Cost of Goods Sold 20 Inventory (To record sales on account) Unit Cost/Price $50 45 80 40 80 35 Total Cost $1.500 675 800 700 Debit 2800 2000 Credit UUU Sandoval Skateshop Ltd. reports the following inventory transactions for its skateboards for the month of April. The company uses a perpetual inventory system. Date Apr. 1 6 9 14 20 28 Date April 9 April 9 April 20 Explanation Beginning inventory Purchases Sales April 20 Purchases Sales Purchases Sales Inventory Units 30 15 (35) Record journal entries for the sales transactions on April 9 and April 20. Both sales were on credit. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Accounts Receivable (To record sales on account) Cost of Goods Sold Sales 20 (25) Accounts Receivable (To record cost of goods sold) Cost of Goods Sold 20 Inventory (To record sales on account) Unit Cost/Price $50 45 80 40 80 35 Total Cost $1.500 675 800 700 Debit 2800 2000 Credit UUU
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Q Solution The journal entries for the sales transactions on April 9 and April 20 are as follows San... View the full answer
Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
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