This problem continues the Daniels Consulting situation

from Problem P5 45 #407

This problem continues the Daniels Consulting situation from Problem P5-45 in Chapter 5.
Consider the January transactions for Daniels Consulting that were presented in Chapter 5.
Daniels uses the perpetual inventory system.Jan. 2 Completed a consulting engagement and
received cash of $5,700.2 Prepaid three months office rent, $2,400.7 Purchased 50 units
software inventory on account, $1,050, plus freight in, $50.18 Sold 40 software units on
account, $2,625.19 Consulted with a client for a fee of $2,500 on account.20 Paid employee
salaries, $1,885, which includes accrued salaries from December.21 Paid on account,
$1,100.22 Purchased 185 units software inventory on account, $4,810.24 Paid utilities, $375.28
Sold 135 units software for cash, $5,265.31 Recorded the following adjusting entries:a. Accrued
salaries expense, $775b. Depreciation on Equipment, $60; Depreciation on Furniture, $50c.
Expiration of prepaid rent, $800d. Physical count of software inventory, 50 unitsRequirements1.
Prepare perpetual inventory records for January for Daniels using the FIFO inventory costing
method. 2. Journalize the transactions for January 18th, 28th, and 31st (adjusting entry d only)
using the perpetual inventory record created in Requirement 1.View Solution:
This problem continues the Daniels Consulting situation from Problem P5 45

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