Swifty Corporation sells one product, with information for July as follows: July 1 Inventory 100 units...

   

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Swifty Corporation sells one product, with information for July as follows: July 1 Inventory 100 units at $15.00 each 80 units at $19.00 each 150 units at $16.40 each 120 units at $18.70 each 160 units at $16.70 each 100 units at $19.50 each 4 Sale 11 Purchase 13 Sale 20 Purchase 27 Sale Study Swifty uses the FIFO cost formula. All purchases and sales are on account. Ignore any estimated returns on purchases and sales. Z Your answer is partially correct. Try again. Assume Swifty uses a periodic system. Prepare all journal entries needed, including the end-of-month adjusting entry to record cost of goods sold. A physical count indicates that the ending inventory for July is 110 units. (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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit July 4 v Accounts Receivable 1520 Sales Revenue 1520 July 11 vPurchases 2460 Accounts Payable 2460 July 13 vAccounts Receivable 2244 Sales Revenue 2244 July 20 TPurchases 2672 Accounts Payable 2672 July 27 vITAccounts Receivable 1950 Assume Swifty uses a periodic system. Prepare all journal entries needed, including the end-of-month adjusting entry to record cost of goods sold. A physical count indicates that the ending inventory for July is 110 units. (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 O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit July 4 vTAccounts Receivable 1520 Sales Revenue 1520 July 11 Purchases 2460 Accounts Payable 2460 July 13 Accounts Receivable 2244 2244 Sales Revenue July 20 Purchases 2672 2672 Accounts Payable 1950 July 27 vTAccounts Receivable 1950 Sales Revenue July 31 Tinventory 1837 Cost of Goods Sold 4795 5132 Purchases 1837 Inventory LINK TO TEXT LINK TO TEXT x Your answer is incorrect. Try again. Calculate gross profit using the periodic system. Gross profit / (loss) 4795 RCES 2672 Accounts Payable 1950 July 27 vTAccounts Receivable 1950 Sales Revenue (To record sales on account) July 27 v Cost of Goods Sold 1655 1655 Inventory (To record cost of goods sold) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT XYour answer is incorrect. Try again. Calculate gross profit using the perpetual system. 1655 Gross profit / (loss) $ Swifty Corporation sells one product, with information for July as follows: July 1 Inventory 100 units at $15.00 each 80 units at $19.00 each 150 units at $16.40 each 120 units at $18.70 each 160 units at $16.70 each 100 units at $19.50 each 4 Sale 11 Purchase 13 Sale 20 Purchase 27 Sale Study Swifty uses the FIFO cost formula. All purchases and sales are on account. Ignore any estimated returns on purchases and sales. Z Your answer is partially correct. Try again. Assume Swifty uses a periodic system. Prepare all journal entries needed, including the end-of-month adjusting entry to record cost of goods sold. A physical count indicates that the ending inventory for July is 110 units. (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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit July 4 v Accounts Receivable 1520 Sales Revenue 1520 July 11 vPurchases 2460 Accounts Payable 2460 July 13 vAccounts Receivable 2244 Sales Revenue 2244 July 20 TPurchases 2672 Accounts Payable 2672 July 27 vITAccounts Receivable 1950 Assume Swifty uses a periodic system. Prepare all journal entries needed, including the end-of-month adjusting entry to record cost of goods sold. A physical count indicates that the ending inventory for July is 110 units. (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 O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit July 4 vTAccounts Receivable 1520 Sales Revenue 1520 July 11 Purchases 2460 Accounts Payable 2460 July 13 Accounts Receivable 2244 2244 Sales Revenue July 20 Purchases 2672 2672 Accounts Payable 1950 July 27 vTAccounts Receivable 1950 Sales Revenue July 31 Tinventory 1837 Cost of Goods Sold 4795 5132 Purchases 1837 Inventory LINK TO TEXT LINK TO TEXT x Your answer is incorrect. Try again. Calculate gross profit using the periodic system. Gross profit / (loss) 4795 RCES 2672 Accounts Payable 1950 July 27 vTAccounts Receivable 1950 Sales Revenue (To record sales on account) July 27 v Cost of Goods Sold 1655 1655 Inventory (To record cost of goods sold) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT XYour answer is incorrect. Try again. Calculate gross profit using the perpetual system. 1655 Gross profit / (loss) $

Answer rating: 100% (QA)

Answer peapetual System In the books of Swiffty couperation Jounal Entaie... View the full answer