The following information is available for Water Inc. Date Units Unit Cost January 1, 2020 (beginning inventory) 100 $50.00 Purchases: January 10, 2020 75 52.00 January 15, 2020 150 52.50 January 30, 2020 100 55.00 The company maintains a periodic inventory system. A physical count shows 125 units in stock on January 31. What is (a) ending inventory on January 31, and (b) cost of goods sold for January, using the FIFO inventory method

125 and $15,156.6

Explanation:

The end inventory us 125 units and thus 300 units were sold

When the owner writes a company check to pay the company's electric bill, the company’s books should reflect in its journal books is debit water and electrical expenses, and will credit cash in bank. The nature of the expenses is under debit recording while the cash or cash in bank under this situation is debit as well. If the expenses of a company will rise, then the amount should be debited. The utilities expense of the company rises in this situation thus it should be under the debit side. The corresponding transaction is there is a deduction of cash in the bank of the country thus cash in bank should be credited. 

Water and Electrical Expense     xx,xxx.xx

          Cash in Bank                                     xx,xxx.xx