During January 2018, FRS Company completed the following transactions. Beginning inventory as of January 1 include...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
During January 2018, FRS Company completed the following transactions. Beginning inventory as of January 1 include 225 units $80 each which totals $18,000: • Jan 1: Paid 6 months insurance in advance for $10,800. Jan 2: Purchased 400 units of inventory for 32,000$ from Great Company, on terms, 3/10, n/eom. And paid $2,000 of commissions and freight charges for the purchase from Great Company. • Jan 4: Purchased 150 units of inventory from Deluxe Company on account with terms 2/5, n/30. Total invoice is $13,500. • Jan 5: Paid accrued salary of the December 2016, $16,000. Jan 13: Paid to Great Company. • Jan 15: Sold 600 units of goods to Shine Company for $90,000 ($150 each) on account with terms 2/10, n/30. • Jan 17: Received 50 units of goods back from Shine Company (Returned goods are from $85 of cost each). • Jan 20: Received payment from Shine Company, settling the amount due in full. • Jan 23: Sold 40 units on account, $6,000 ($150 each) to Bridget Company. • Jan 27: Purchased supplies for cash of $13,000. Requirements: 1. Journalize January transactions 2. Prepare FIFO schedule to calculate the Cost of Goods Sold (COGS) on the Jan 15th, and 23th. During January 2018, FRS Company completed the following transactions. Beginning inventory as of January 1 include 225 units $80 each which totals $18,000: • Jan 1: Paid 6 months insurance in advance for $10,800. Jan 2: Purchased 400 units of inventory for 32,000$ from Great Company, on terms, 3/10, n/eom. And paid $2,000 of commissions and freight charges for the purchase from Great Company. • Jan 4: Purchased 150 units of inventory from Deluxe Company on account with terms 2/5, n/30. Total invoice is $13,500. • Jan 5: Paid accrued salary of the December 2016, $16,000. Jan 13: Paid to Great Company. • Jan 15: Sold 600 units of goods to Shine Company for $90,000 ($150 each) on account with terms 2/10, n/30. • Jan 17: Received 50 units of goods back from Shine Company (Returned goods are from $85 of cost each). • Jan 20: Received payment from Shine Company, settling the amount due in full. • Jan 23: Sold 40 units on account, $6,000 ($150 each) to Bridget Company. • Jan 27: Purchased supplies for cash of $13,000. Requirements: 1. Journalize January transactions 2. Prepare FIFO schedule to calculate the Cost of Goods Sold (COGS) on the Jan 15th, and 23th.
Expert Answer:
Answer rating: 100% (QA)
Journal Entries Date Account title Explanation Debit Credit 01Jan Prepaid Insurance 10800 Cash ... View the full answer
Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
Posted Date:
Students also viewed these accounting questions
-
On January 1, 2014, Shannon Company completed the following transactions (assume a 10 percent annual interest rate): a. Bought a delivery truck and agreed to pay $60,000 at the end of three years. b....
-
On January 1, 2009, Plymouth Company completed the following transactions (use a 7 percent annual interest rate for all transactions): a. Borrowed $115,000 for seven years. Will pay $8,050 interest...
-
On January 1, 2014, Boston Company completed the following transactions (use a 7 percent annual interest rate for all transactions): a. Borrowed $115,000 for seven years. Will pay $6,000 interest at...
-
Using Figure 7. 4, show how the level of oil imports and the price level would be affected if the country represented in that figure acted to internalize national security issues, but ignored climate...
-
Fill in the missing information in the followingtable: Common Shares in Canada Required return 15% 3% Dividend Current Dividend Company Price growth dividend expected in 1 year $4.50 $5.00 $600 $70...
-
Outdoor Living Manufacturers uses 1,000 units of a product per year. The fixed cost is $28 per order, while the carrying cost is $5 per unit per year. The lead time is 5 days and, therefore, the firm...
-
Find the force components \(F_{x}\) and \(F_{y}\) required to hold the box shown in Fig. P5.35 stationary. The fluid is oil and has specific gravity of 0.85. Neglect gravity effects. Atmospheric...
-
What microenvironmental factors have affected Targets performance over the past few years? When you hear the term discount retail, two names that usually come to mind: Walmart and Target. The two...
-
Write a MIPS assembly code with minimum possible assembly instructions for the following C++.. Assume that the variables num1, num2 and num3 are already saved in some MIPS registers. if (x > 0 && y...
-
The misery is not miserly phenomenon refers to a sad persons spending judgment going haywire. In a recent study, 31 young adults were given $10 and randomly assigned to either a sad or a neutral...
-
A gas turbine power plant operates on simple Brayton cycle with air as the working fluid and delivers 32 MW of power. The minimum and maximum temperatures in the cycle are 310 and 900K. The...
-
For a normal car riding on tires with relatively flexible sidewalls, the weight of the car is held up, in large measure, by the pressure of the air in the tires. If you look at one of your cars...
-
If a persons lungs are compromised, they can use supplemental oxygen to increase the concentration of oxygen in their lungs. Explain how this helps increase oxygen uptake.
-
A pronghorn, the fastest North American animal, is capable of running at 18 m/s (40 mph) for 10 minutes, after which it must slow down. The time limit isnt because the pronghorn runs out of energy;...
-
If you are exposed to water vapor at 100C, you are likely to experience a worse burn than if you are exposed to liquid water at 100C. Why is water vapor more damaging than liquid water at the same...
-
A fielder tosses a 0.15 kg baseball at 32 m/s at a 30 angle to the horizontal. What is the balls kinetic energy at the start of its motion? What is the kinetic energy at the highest point of its arc?
-
summarize the distribution As part of the marketing group at a film studio, you are asked to find out the age distribution of the audience of the studio's latest family friendly film. With the help...
-
Given find the value of k. es 1 e kx dx = 1 4'
-
Describe the procedure for posting each of the following: a. From the sales journal to the accounts receivable ledger b. From the purchases journal to the accounts payable ledger
-
If the allowance method of accounting for bad debts is used to determine the amount of the adjusting entry, explain the difference between using a percentage of Accounts Receivable and a percentage...
-
The following items are taken from the balance sheet of Minshew Company: Cash ................ $ 126,000 Accounts Receivable (net) ........ 378,000 Merchandise Inventory .......... 123,000 Supplies...
-
Derive the expression for the shape-efficiency factor \(\phi_{B}^{e}\) for stiffness-limited design for a circular tube with outer radius \(5 t\) and wall thickness \(t\), loaded in bending (Fig....
-
Derive the expression for the shape-efficiency factor \(\phi_{B}^{e}\) for stiffness-limited design for a channel section of thickness \(t\), overall flange width \(5 t\) and overall depth \(10 t\),...
-
Derive the expression for the shape-efficiency factor \(\phi_{B}^{e}\) for stiffness-limited design for a square box section of wall thickness \(t\), and height and width \(h_{1}=10 t\) bent about...
Study smarter with the SolutionInn App