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Laker Company reported the following January purchases and sales data for its only product. For...

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Accounting

Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.
Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a serpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered.
View transaction list
\table[[,No,Date,General Journal,Debit,Credit],[,1,January 10,Accounts receivable,4,200,],[,,Sales,,4,200],[,2,January 10,Cost of goods sold,1,050,],[,,,Merchandise inventory,,1,050],[,3,January 20,Merchandise inventory,,],[,,,Accounts payable,,],[,4,January 25,Accounts receivable,,],[,,,Sales,,],[,5,January 25,Cost of goods sold,,],[,,,Merchandise inventory,,],[%,6,January 30,Merchandise inventory,,],[,,Accounts payable,,]]
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