Using the following information to fill in \"Debit\" and \"Credit\" columns belo

Question

Using the following information to fill in "Debit" and "Credit" columns below:

1/20 Purchased Units 75 @ $17 = $1,275
4/21 Purchased Units 450 @ $19 = $8,550
7/25 Purchased Units 200 @ $23 = $4,600
9/19 Purchased Units 100 @ $29 = $2,900

Available for Sale: 825 $17,325

During this year, Bristol Sales sold 775 DVDs for $60 each.



Date Account Title Debit Credit
Jan. 20 Merchandise Inventory
Cash

Apr. 21 Merchandise Inventory
Cash

July 25 Merchandise Inventory
Cash

Sept. 19 Merchandise Inventory
Cash

(1) FIFO Sales and Cost of Goods Sold

2012 Cash
Sales Revenue

2012 Cost of Goods Sold
Merchandise Inventory

(2) LIFO Sales and Cost of Goods Sold

2012 Cash
Sales Revenue

2012 Cost of Goods Sold
Merchandise Inventory

(3) Weighted Average Sales and Cost of Goods Sold

2012 Cash
Sales Revenue

2012 Cost of Goods Sold
Merchandise Inventory

Explanation / Answer

Date Account Title Debit Credit Jan. 20 Merchandise Inventory Debit 1,275 Cash Credit 1,275 Apr. 21 Merchandise Inventory Debit 8,550 Cash Credit 8,550 July 25 Merchandise Inventory Debit 4,600 Cash Credit 4,600 Sept. 19 Merchandise Inventory Debit 2,900 Cash Credit 2,900 (1) FIFO Sales and Cost of Goods Sold 2012 Cash 29,175 Sales Revenue 46,500 2012 Cost of Goods Sold 15,875 Merchandise Inventory 1450 (2) LIFO Sales and Cost of Goods Sold 2012 Cash 29,175 Sales Revenue 46,500 2012 Cost of Goods Sold 16,475 Merchandise Inventory 850 (3) Weighted Average Sales and Cost of Goods Sold 2012 Cash 29,175 Sales Revenue 46,500 2012 Cost of Goods Sold 16,257 Merchandise Inventory 1,050

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