Answer Happy

Required information Use the following information for the Exercises 3-7 below. (Static) [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Activities Date January 1 January 10 January 20 January 25 January 30 Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost @ $6.00- 140 units 60 units 180 unita 380 units @$5.00- $4.50- $ 840 300 810 $1,950 Units sold at Retail @ $ 15 100 units 80 units 180 units $15 Exercise 5-4 (Static) Perpetual: Journalizing transactions LO P1 Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO, All sales and purchases are made on account, and no discounts are offered.

View transaction list Journal entry worksheet 1 2 Record the sale of goods. Record e 3 Note: Enter debits before credits. Date January 10 4 General Journal Accounts payable Accounts receivable Cost of goods purchased Cost of goods sold 5 6 Debit 1,500 Credit 1,500 View general journal >

Journal entry worksheet 1 2 Record the sale of goods. Record e 3 Note: Enter debits before credits. Date January 10 4 General Journal Cost of goods sold Goods available for sale Merchandise inventory 5 Sales Sales returns and allowances 6 Debit 1,500 Credit 1,500 View general journal

Journal entry worksheet < 1 2 Record the cost of sale. Date January 10 3 Note: Enter debits before credits. Record entry 4 5 General Journal Clear entry 6 Debit Credit View general journal 1

Journal entry worksheet < 1 2 Date January 20 3 Record the purchase of inventory. Note: Enter debits before credits. Record entry 4 General Journal Clear entry 5 6 Debit Credit View general Journal >

Journal entry worksheet < 1 2 Record the sale of goods. Date January 25 3 Note: Enter debits before credits. Record entry 4 General Journal Clear entry 5 6 Debit 1,200 Credit 1,200 View general journal >

Journal entry worksheet < 1 2 Record the cost of sale. Date January 25 3 Note: Enter debits before credits. Record entry 4 5 General Journal Clear entry 6 Debit Credit View general journal V

Journal entry worksheet < 1 2 Record the purchase of inventory. Date January 30 3 Note: Enter debits before credits. Record entry General Journal Clear entry S 23 Debit Credit View general journal