Tutorial Test 8
Group 3
a) Journalize the December transactions and adjusting entries, assuming Anton Company
uses the perpetual inventory method.
Antony Company!
General Journal
December 30, 2017
J1
Date
Account Titles & explanations
Ref.
Debit
Credit
Dec 3
Inventory
120
2,960
Accounts Payable
201
2,960
(Acquired inventory on account)
Dec 5
Accounts Receivable
112
3,960
Sales Revenue
400
3,960
Cost of Goods Sold
505
2,836
Inventory
120
2,836
(Sold inventory on account)
Dec 7
Sales Return & Allowances
412
180
Accounts Receivable
112
180
Inventory
120
120
Cost of Goods Sold
505
120
Dec 17
Inventory
120
1,760
Cost of Goods Sold
505
1,760
Dec 22
Accounts Receivable
112
1,995
Sales Revenue
400
1,995
Cost of Goods Sold
505
1,554
Inventory
120
1,554
(Sold inventory on account)
Adjusting Entries
Dec 31
Salaries & Wages Expense
726
400
Salaries & Wages Payable
212
400
Dec 31
Depreciation Expense
711
200
Accumulated Depreciation
158
200
of 1 5
b) Compute ending inventory and cost of goods sold under FIFO, assuming Anton
Company uses the periodic inventory system.
Antony Company
Chart of Accounts
Assets
Revenue
112
Account Receivable
400
Sale Revenue
120
Inventory
412
Sale Returns and Allowance
158
Accumulated Depreciation
Expenses
Liabilities
505
Cost of Goods Sold
201
Account Paybale
711
Depriciation Expense
212
Salaries and Wages Payable
726
Salaries and Wages Expense
COST OF GOOD AVAILABLE FOR SALE
Date
Explanation
Units
Unit cost
Total cost
US$“0.6
US$“1,800
