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December Transactions: (These are all recorded on 12/29/17) journalize all tranasctions
1. Products in the amount of $2,100,000 were sold. $580,000 was paid in cash and the balance on account. The cost of these goods was $520,000.
2. $950,000 of the above sale was shipped FOB destination for $25 per $1,000 sold.
3. Payroll in the amount of $522,000 was earned in December but not recorded.
Of this, only 300,000 was paid.
4. Returns of $62,000 were received. The cost of these goods is $28,200. The sales were made on account.
5. Discounts of 3% were given to $400,000 of the Accounts Receivable collected in December.
6. Ahern took out a note in the amount of $600,000 was taken out on December 1, 2017 for 2 years at 8.5%.
7. Ahern, Inc. paid for goods purchased on 12/22 terms 2/10,n 30 for $44,300
8. Supplies were purchased on account in the amount of $6,500.
9. Dividends in the amount of $2500 were issued.
10. Please calculate the COGS, changes of Inventory, Revenue and all Sales and Inventory was purchased on account. Use the FIFO method.
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