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Calculator A $93 petty cash fund has cash of $21 and receipts of $63. Which of the following would be part of the journal ent
Calculator Abbey Co. sold merchandise to Gomez Co. on account, $29,000, terms 2/15, net 45. The cost of the goods sold was $1
Norfolk Sporting Goods purchases merchandise with a catalog list price of $14,864. The retailer receives a 21% trade discount
The following lots of a particular commodity were available for sale during the year Beginning inventory 10 units at $50.00 F
Jamison Company developed the following reconciling information in preparing its June bank reconciliation: Cash balance per b
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Answer #1

1. Option C

Debit to cash short and over for $9.

Cash short and Over = $93 - $21 - $63 = $9

2. Option B ( $12892 )

Calculation of gross profit:-

Net sales = ($29000 - $3500) * (1 - 0.02) = $24,990

Cost of goods sold = $13,532 - $1434 = $12,098

Gross Profit = $24,990 - $12,098 = $12,892

3. Option D ( $11,508 )

Trade discount = $14,864 * 30% = $3,121

Value after trade discount = $14,864 - $3,121 = $11,743

Discount = $11,743 * 0.02 = $235

Amount after discount = $11,743 - $235 = $11,508

4. Option B ( $1,541 )

Total available units in inventory = 25 units

Most recent purchase = 13 units * $65 = $845

Next recent purchase = 12 units * $58 = $696

Amount of inventory at the end of the year = $845 + $696 = $1,541

5. Option C  ( $3,697 )

Cash balance per bank, 6/30 = $10,325

- Note receivable collected by bank = $5,430

- Outstanding checks = $5,789

+ Deposits in transit = $3,482

+ Bank service charge = $67

+ NSF check = $1,042

Cash Balance per books ( before adjustments ) = $3,697

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