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April 16, 2014

Homework Help: Accounting

Posted by Kevin on Thursday, October 25, 2012 at 1:53am.

Inventory as of Nov. 30th, 2010, consists of 20 bikes costing $550 each.

Balance Sheet: Nov. 30th 2010.

Cash-9150 Debit
Accounts Receivable-12300 Debit
Inventory-11000 Debit
Supplies-900 Debit
Office Equipment-18000 Debit
Accumulated Depreciation, Office Equipment- 3000 Credit
Accounts Payable- 1325 Credit
Note Payable, Long-Term- 5000 Credit
Common Stock- 8500 Credit
Retained Earnings-21425 Credit
Dividends- 4250 Debit
Sales Revenues- 93500 Credit
Sales Returns and Allowances- 1700 Debit
Slaes Discounts- 1275 Debit
Cost of Goods Sold-46750 Debit
Sales Commissions-11300 Debit
Office Salaries Expense-7425 Debit
Office Rent Expense-5500 Debit
Shipping Expense-3200 Debit
Total 132,750/132,750

Transactions: December

4th- Purchased 10 bikes for 575 each from Slickrock, on account. Terms, 2/15, n/45, FOB destination

6th- Sold 14 bikes for 1100 each on account to Allsport. Terms 3/10, n/30, FOB destination

8th- Paid 175 freight charges to deliver goods to Allsport

10th- Received 6200 from Cyclemart as payment on a Nov. 17th purchase. Terms were n/30.

12th- Purchased 350 of supplies on account from Officemax, terms 2/10, n/30, FOB destination

14th- Received payment in full from Allsport Inc, for the Dec. 6 sales

16th- Purchased 15 bikes for 600 each from Slickrock on account, terms 2/15, n/45, FOB destination

18th- Paid Slickrock the amount due from the Dec. 4th purchase in full

19th- Sold 18 bikes for 1,125 each on account to Bikeworld, terms 2/15, n/45, FOB destination

20th- Paid for the supplies purchased on Dec. 12th

22th- Paid sales commissions 875

30th- Paid current month's rent 500


Questions: How do I do a FIFO perpetual inventory record? I am so incredibly confused and lost right now. Please explain to me how this is done? Please!

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