CALCULATOR PRINTER VERSION BACK NEXT Accounting Cycle Review 6 a-f On December 1, 2020, Sheffield Company had the account balances shown below. Cash Accounts Receivable Inventory Equipment Debit $5,200 3,400 2,280* 22,000 $32,880 Accumulated Depreciation-Equipment Accounts Payable Owner's Capital Credit $1,200 3,400 28,280 $32,880 *(3,800 x $0.60) The following transactions occurred during December: Dec. 3 Purchased 4,600 units of inventory on account at a cost of $0.70 per unit. 5 Sold 4,900 units of inventory on account for $0.86 per unit. (Sheffield sold 3,800 of the 50.60 units and 1,100 of the $0.70.) 7 Granted the December 5 customer $183 credit for 200 units of inventory returned costing $122. These units were returned to inventory. 17 Purchased 2,400 units of inventory for cash at $0.76 each. 22 Sold 3,000 units of inventory on account for $0.91 per unit. (Sheffield sold 3,000 of the $0.70 units.) Adjustment data: 1. Accrued salaries payable $600. 2. Depreciation $400 per month. Journalize the December transactions and adjusting entries, assuming Sheffield uses the perpetual inventory method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 16 new notifications LUS Weyqandt, Accounting Principles, 13e CALCULATOR PRINTER VERSION BACK NEXT NEXT RCES SHEFFIELD COMPANY Adjusted Trial Balance For the Year Ended December 31, 2020 Debit Credit Cash 3376 Accounts Receivable 10161 tudy. Inventory 2296 Equipment 22000 Accounts Payable 6620 Accumulated Depreciation Equipment 1600 Salaries and Wages Payable 600 Owner's Capital 28280 Sales Revenue 6944 Salaries and Wages Expense 600 Cost of Goods Sold 5028 Sales Returns and Allowances 183 Depreciation Expense 400 S weyqandt, Accounting Principles, 13e CALCULATOR PRINTER VERSION BACK NEXT LINK TO TEXT X Your answer is incorrect. Try again. (e) Compute ending inventory and cost of goods sold under FIFO, assuming Sheffield Company uses the periodic inventory system. Ending Inventory Cost of Goods Sold (f) Compute ending inventory and cost of goods sold under LIFO, assuming Sheffield Company uses the periodic inventory system. Ending Inventory 9 Cost of Goods Sold Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT CALCULATOR PRINTER VERSION BACK NEXT Accounting Cycle Review 6 a-f On December 1, 2020, Sheffield Company had the account balances shown below. Cash Accounts Receivable Inventory Equipment Debit $5,200 3,400 2,280* 22,000 $32,880 Accumulated Depreciation-Equipment Accounts Payable Owner's Capital Credit $1,200 3,400 28,280 $32,880 *(3,800 x $0.60) The following transactions occurred during December: Dec. 3 Purchased 4,600 units of inventory on account at a cost of $0.70 per unit. 5 Sold 4,900 units of inventory on account for $0.86 per unit. (Sheffield sold 3,800 of the 50.60 units and 1,100 of the $0.70.) 7 Granted the December 5 customer $183 credit for 200 units of inventory returned costing $122. These units were returned to inventory. 17 Purchased 2,400 units of inventory for cash at $0.76 each. 22 Sold 3,000 units of inventory on account for $0.91 per unit. (Sheffield sold 3,000 of the $0.70 units.) Adjustment data: 1. Accrued salaries payable $600. 2. Depreciation $400 per month. Journalize the December transactions and adjusting entries, assuming Sheffield uses the perpetual inventory method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 16 new notifications LUS Weyqandt, Accounting Principles, 13e CALCULATOR PRINTER VERSION BACK NEXT NEXT RCES SHEFFIELD COMPANY Adjusted Trial Balance For the Year Ended December 31, 2020 Debit Credit Cash 3376 Accounts Receivable 10161 tudy. Inventory 2296 Equipment 22000 Accounts Payable 6620 Accumulated Depreciation Equipment 1600 Salaries and Wages Payable 600 Owner's Capital 28280 Sales Revenue 6944 Salaries and Wages Expense 600 Cost of Goods Sold 5028 Sales Returns and Allowances 183 Depreciation Expense 400 S weyqandt, Accounting Principles, 13e CALCULATOR PRINTER VERSION BACK NEXT LINK TO TEXT X Your answer is incorrect. Try again. (e) Compute ending inventory and cost of goods sold under FIFO, assuming Sheffield Company uses the periodic inventory system. Ending Inventory Cost of Goods Sold (f) Compute ending inventory and cost of goods sold under LIFO, assuming Sheffield Company uses the periodic inventory system. Ending Inventory 9 Cost of Goods Sold Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT