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Blue Company sells one product. Presented below is information for January for Blue Company. ...

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Accounting

Blue Company sells one product. Presented below is information for January for Blue Company.
Jan. 1 Inventory 122 units at $4 each
4 Sale ,101 units at $8 each
11 Purchase 164 units at $6 each
13 Sale 132 units at $9 each
20 Purchase 169 units at $6 each
27 Sale 106 units at $10 each
Blue uses the FIFO cost flow assumption. All purchases and sales are on account.
Assume Blue uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)
(To record the sale)
(To record the cost of inventory)
Accounts Payable
Jan. 13
Accounts Receivable
1188
Sales Revenue
(To record the sale)
Jan. 13vv
Cost of Goods Sold
Inventory
(To record the cost of inventory)
Jan. 20vv
Purchases
Accounts Payable
984
Accounts Receivable
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