Accounting records for Allegheny Corporation yield the follow ng data for the ye

Question

Accounting records for Allegheny Corporation yield the follow ng data for the year ended June 30, 2016(assume sales returns are non e stent : (Click the icon to view the accounting records.) Requirements 1 Journalize Allegheny's iniventory transactions for the year under the perpetual system. 2. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statement Requirement 1. Joumalize Allegheny's inventory transactions for the year under the perpetual system. (Record debits first, then credits. Exclude explanations from any journal entries.) The first transaction is the purchase of inventory. Record the entry. Data Table Journal Entry Accounts Date Debit Credit Jun 30 Inventory, June 30, 2015 Purchases of inventory (on account) Sales of irrventory-83% on account; 17% for cash (cost $42,000) Inventory at FIFO, June 30, 2016 S 8,000 66,000 96.000 32,000 Print Done

Explanation / Answer

1)

2)

Income statement

for the period ended 30 june 2016

Balance sheet

as on 30 june 2016

Date Account debit credit 1 Merchandise inventory 66000 Accounts payable 66000 2 cash 16320 Accounts receivable [96000*.83] 79680 sales revenue 96000 [being sales made ] cost of goods sold 42000 merchandise inventory 42000 [cost of sales recorded ]

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