Question: Based on the information provided in the page above, prepare the journal entries to record ToneLife Musics January transactions assuming the company uses perpetual inventory
Based on the information provided in the page above, prepare the journal entries to record ToneLife Musics January transactions assuming the company uses perpetual inventory system. For two transactions in the same date, create the sales transaction first and then create the inventory transaction. For two transactions in the same date, create the sales transaction first and then create the inventory transaction. Select Not Required if a transaction is not required.
Jan 1
Merchandise InventoryAccounts PayableCashSalesCost of Goods SoldSales Returns and AllowancesAccounts ReceivablePurchase Returns and AllowancesNot RequiredFreight-in Cost2,500 3,7507405003702506,3005,2506,000
Merchandise InventoryAccounts PayableCashSalesCost of Goods SoldSales Returns and AllowancesAccounts ReceivablePurchase Returns and AllowancesNot RequiredFreight-in Cost2,500 3,7507405003702506,3005,2506,000
Jan 4
Merchandise InventoryAccounts PayableCashSalesCost of Goods SoldSales Returns and AllowancesAccounts ReceivablePurchase Returns and AllowancesNot RequiredFreight-in Cost2,500 3,7507405003702506,3005,2506,000
Merchandise InventoryAccounts PayableCashSalesCost of Goods SoldSales Returns and AllowancesAccounts ReceivablePurchase Returns and AllowancesNot RequiredFreight-in Cost2,500 3,7507405003702506,3005,2506,000
Merchandise InventoryAccounts PayableCashSalesCost of Goods SoldSales Returns and AllowancesAccounts ReceivablePurchase Returns and AllowancesNot RequiredFreight-in Cost2,500 3,7507405003702506,3005,2506,000
Merchandise InventoryAccounts PayableCashSalesCost of Goods SoldSales Returns and AllowancesAccounts ReceivablePurchase Returns and AllowancesNot RequiredFreight-in Cost2,500 3,7507405003702506,3005,2506,000
Jan 6
Merchandise InventoryAccounts PayableCashSalesCost of Goods SoldSales Returns and AllowancesAccounts ReceivablePurchase Returns and AllowancesNot RequiredFreight-in Cost2,500 3,7507405003702506,3005,2506,000
Merchandise InventoryAccounts PayableCashSalesCost of Goods SoldSales Returns and AllowancesAccounts ReceivablePurchase Returns and AllowancesNot RequiredFreight-in Cost2,500 3,7507405003702506,3005,2506,000
Merchandise InventoryAccounts PayableCashSalesCost of Goods SoldSales Returns and AllowancesAccounts ReceivablePurchase Returns and AllowancesNot RequiredFreight-in Cost2,500 3,7507405003702506,3005,2506,000
Merchandise InventoryAccounts PayableCashSalesCost of Goods SoldSales Returns and AllowancesAccounts ReceivablePurchase Returns and AllowancesNot RequiredFreight-in Cost2,500 3,7507405003702506,3005,2506,000
Jan 7
Merchandise InventoryAccounts PayableCashSalesCost of Goods SoldSales Returns and AllowancesAccounts ReceivablePurchase Returns and AllowancesNot RequiredFreight-in Cost2,500 3,7507405003702506,3005,2506,000
Merchandise InventoryAccounts PayableCashSalesCost of Goods SoldSales Returns and AllowancesAccounts ReceivablePurchase Returns and AllowancesNot RequiredFreight-in Cost2,500 3,7507405003702506,3005,2506,000
Jan 16
Merchandise InventoryAccounts PayableCashSalesCost of Goods SoldSales Returns and AllowancesAccounts ReceivablePurchase Returns and AllowancesNot RequiredFreight-in Cost2,500 3,7507405003702506,3005,2506,000
Merchandise InventoryAccounts PayableCashSalesCost of Goods SoldSales Returns and AllowancesAccounts ReceivablePurchase Returns and AllowancesNot RequiredFreight-in Cost2,500 3,7507405003702506,3005,2506,000
Merchandise InventoryAccounts PayableCashSalesCost of Goods SoldSales Returns and AllowancesAccounts ReceivablePurchase Returns and AllowancesNot RequiredFreight-in Cost2,500 3,7507405003702506,3005,2506,000
Merchandise InventoryAccounts PayableCashSalesCost of Goods SoldSales Returns and AllowancesAccounts ReceivablePurchase Returns and AllowancesNot RequiredFreight-in Cost2,500 3,7507405003702506,3005,2506,000
Jan 18
Merchandise InventoryAccounts PayableCashSalesCost of Goods SoldSales Returns and AllowancesAccounts ReceivablePurchase Returns and AllowancesNot RequiredFreight-in Cost2,500 Merchandise InventoryAccounts PayableCashSalesCost of Goods SoldSales Returns and AllowancesAccounts ReceivablePurchase Returns and AllowancesNot RequiredFreight-in Cost2,500
Merchandise InventoryAccounts PayableCashSalesCost of Goods SoldSales Returns and AllowancesAccounts ReceivablePurchase Returns and AllowancesNot RequiredFreight-in Cost2,500 Merchandise InventoryAccounts PayableCashSalesCost of Goods SoldSales Returns and AllowancesAccounts ReceivablePurchase Returns and AllowancesNot RequiredFreight-in Cost2,500
Jan 25
Merchandise InventoryAccounts PayableCashSalesCost of Goods SoldSales Returns and AllowancesAccounts ReceivablePurchase Returns and AllowancesNot RequiredFreight-in Cost2,500 3,7507405003702506,3005,2506,000
Merchandise InventoryAccounts PayableCashSalesCost of Goods SoldSales Returns and AllowancesAccounts ReceivablePurchase Returns and AllowancesNot RequiredFreight-in Cost2,500 3,7507405003702506,3005,2506,000
Jan 29
Merchandise InventoryAccounts PayableCashSalesCost of Goods SoldSales Returns and AllowancesAccounts ReceivablePurchase Returns and AllowancesNot RequiredFreight-in Cost2,500 3,7507405003702506,3005,2506,000
Merchandise InventoryAccounts PayableCashSalesCost of Goods SoldSales Returns and AllowancesAccounts ReceivablePurchase Returns and AllowancesNot RequiredFreight-in Cost2,500 3,7507405003702506,3005,2506,000
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