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Journalize all transactions for health world

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Reference no: EM132492637

Question 1: Journalize all transactions

Health World began January with an inventory of 50 crates of vitamins that cost a total of $1,000. During the month, Health World purchased and sold merchandise on account as follows:

Purchase 1... 100 crates @$25

Sale 1... 130 crates @$40

Purchase 2... 90 crates @$30

Sale 2... 100 crates @$50

Health World uses the LIFO method.

Cash payments on account totaled $5,500.

  • Operating expenses for the month were $3,000, with two-thirds paid in cash and the rest accrued as Accounts payable.

Reference no: EM132492637

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