The inventory system is periodic, and the cost method is FIFO. Beginning inventory is $2,600 million...

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The inventory system is periodic, and the cost method is FIFO. Beginning inventory is $2,600 million (100 million units). (The beginning balance of inventory in the trial balance includes this amount and an additional amount for a warehouse, which will be discussed separately in the last part of this group assignment.) Prepare the journal entries for the first quarter of the year. Write "none" if the field should be blank. 1) Sales totaled $4,500 million (90 million units). Of those sales, 38% were on credit and the rest were cash sales. DR Cash $ million DR million CR million million million DR CR $ $ $ $ 2) The accounts receivable department received $2,590 million in collections from customers. DR $ million CR million $ 3) The sale figure above, includes a large sale to Duran Duran LLC in the amount of $10 million. Due to the size of the sale, the terms are 2/15, n/60. The net method was used to record the sale. Duran Duran paid in full after 10 days. DR Cash $ million $ million CR Accounts Receivable $ million (In the middle lines, start with either "DR", "CR", or "none", and the rest either include the name of the account and amount, or "none" if blank.) tA The inventory system is periodic, and the cost method is FIFO. Beginning inventory is $2,600 million (100 million units). (The beginning balance of inventory in the trial balance includes this amount and an additional amount for a warehouse, which will be discussed separately in the last part of this group assignment.) Prepare the journal entries for the first quarter of the year. Write "none" if the field should be blank. 1) Sales totaled $4,500 million (90 million units). Of those sales, 38% were on credit and the rest were cash sales. DR Cash $ million DR million CR million million million DR CR $ $ $ $ 2) The accounts receivable department received $2,590 million in collections from customers. DR $ million CR million $ 3) The sale figure above, includes a large sale to Duran Duran LLC in the amount of $10 million. Due to the size of the sale, the terms are 2/15, n/60. The net method was used to record the sale. Duran Duran paid in full after 10 days. DR Cash $ million $ million CR Accounts Receivable $ million (In the middle lines, start with either "DR", "CR", or "none", and the rest either include the name of the account and amount, or "none" if blank.) tA The inventory system is periodic, and the cost method is FIFO. Beginning inventory is $2,600 million (100 million units). (The beginning balance of inventory in the trial balance includes this amount and an additional amount for a warehouse, which will be discussed separately in the last part of this group assignment.) Prepare the journal entries for the first quarter of the year. Write "none" if the field should be blank. 1) Sales totaled $4,500 million (90 million units). Of those sales, 38% were on credit and the rest were cash sales. DR Cash $ million DR million CR million million million DR CR $ $ $ $ 2) The accounts receivable department received $2,590 million in collections from customers. DR $ million CR million $ 3) The sale figure above, includes a large sale to Duran Duran LLC in the amount of $10 million. Due to the size of the sale, the terms are 2/15, n/60. The net method was used to record the sale. Duran Duran paid in full after 10 days. DR Cash $ million $ million CR Accounts Receivable $ million (In the middle lines, start with either "DR", "CR", or "none", and the rest either include the name of the account and amount, or "none" if blank.) tA The inventory system is periodic, and the cost method is FIFO. Beginning inventory is $2,600 million (100 million units). (The beginning balance of inventory in the trial balance includes this amount and an additional amount for a warehouse, which will be discussed separately in the last part of this group assignment.) Prepare the journal entries for the first quarter of the year. Write "none" if the field should be blank. 1) Sales totaled $4,500 million (90 million units). Of those sales, 38% were on credit and the rest were cash sales. DR Cash $ million DR million CR million million million DR CR $ $ $ $ 2) The accounts receivable department received $2,590 million in collections from customers. DR $ million CR million $ 3) The sale figure above, includes a large sale to Duran Duran LLC in the amount of $10 million. Due to the size of the sale, the terms are 2/15, n/60. The net method was used to record the sale. Duran Duran paid in full after 10 days. DR Cash $ million $ million CR Accounts Receivable $ million (In the middle lines, start with either "DR", "CR", or "none", and the rest either include the name of the account and amount, or "none" if blank.) tA The inventory system is periodic, and the cost method is FIFO. Beginning inventory is $2,600 million (100 million units). (The beginning balance of inventory in the trial balance includes this amount and an additional amount for a warehouse, which will be discussed separately in the last part of this group assignment.) Prepare the journal entries for the first quarter of the year. Write "none" if the field should be blank. 1) Sales totaled $4,500 million (90 million units). Of those sales, 38% were on credit and the rest were cash sales. DR Cash $ million DR million CR million million million DR CR $ $ $ $ 2) The accounts receivable department received $2,590 million in collections from customers. DR $ million CR million $ 3) The sale figure above, includes a large sale to Duran Duran LLC in the amount of $10 million. Due to the size of the sale, the terms are 2/15, n/60. The net method was used to record the sale. Duran Duran paid in full after 10 days. DR Cash $ million $ million CR Accounts Receivable $ million (In the middle lines, start with either "DR", "CR", or "none", and the rest either include the name of the account and amount, or "none" if blank.) tA The inventory system is periodic, and the cost method is FIFO. Beginning inventory is $2,600 million (100 million units). (The beginning balance of inventory in the trial balance includes this amount and an additional amount for a warehouse, which will be discussed separately in the last part of this group assignment.) Prepare the journal entries for the first quarter of the year. Write "none" if the field should be blank. 1) Sales totaled $4,500 million (90 million units). Of those sales, 38% were on credit and the rest were cash sales. DR Cash $ million DR million CR million million million DR CR $ $ $ $ 2) The accounts receivable department received $2,590 million in collections from customers. DR $ million CR million $ 3) The sale figure above, includes a large sale to Duran Duran LLC in the amount of $10 million. Due to the size of the sale, the terms are 2/15, n/60. The net method was used to record the sale. Duran Duran paid in full after 10 days. DR Cash $ million $ million CR Accounts Receivable $ million (In the middle lines, start with either "DR", "CR", or "none", and the rest either include the name of the account and amount, or "none" if blank.) tA

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Sr No Account Title and Explanation Debit Million Credit Million 1 i Cash 4500 million 62 2790 A... View the full answer