Problem 6-3A (Part Level Submission) You are given the following information for Sheridan Company for the...
Problem 6-3A (Part Level Submission)
You are given the following information for Sheridan Company for the month ended November 30, 2017:
| Date | Description | Units | Unit Price | ||||||
| Nov. 1 | Beginning inventory | 65 | $48 | ||||||
| 9 | Purchase | 110 | 45 | ||||||
| 15 | Sale | (120) | |||||||
| 22 | Purchase | 145 | 44 | ||||||
| 29 | Sale | (150) | |||||||
| 30 | Purchase | 42 | 42 | ||||||
Sheridan Company uses a perpetual inventory
system. All sales and purchases are on account.
Assume the sales price was $66 per unit for the goods sold on
November 15, and $60 per unit for the sale on November 29. Prepare
journal entries to record the November 22 purchase and the November
29 sale. (Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts. Round answers to 0 decimal places, e.g.
5,275.)
Homework Answers
| November 22 | Purchases (145*$44) | $6,380 | |
| Accounts payable | $6,380 |
| November 29 | Accounts receivable (150*$60) | $9,000 | |
| Sales | $9,000 |
Add Answer to:
Problem 6-3A (Part Level Submission)
You are given the following information for Sheridan Company for
the...
Question B "Problem 6-3A (Part Level Submission) You are given the following information for Sheridan Company...
Question B
"Problem 6-3A (Part Level Submission) You are given the following information for Sheridan Company for the month ended November 30, 2017: Description 22 Puch Sheridan Company uses a perpetual inventory system. All sales and purchases are on account. *(a) Your answer is correct. Calculate the cost of goods sold and the ending inventory using FIFO. (Round answers to o decimal places, e.g. 5,275.) 120 Costoso Ending inventory Alem of used "(b) Your answer is partially correct. Try again....
Problem 6-4A (Part Level Submission) You are given the following information for Wildhorse Company for the...
Problem 6-4A (Part Level Submission) You are given the following information for Wildhorse Company for the month ended November 30, 2017: Unit Price 44 Date Description Nov. 1 Beginning inventory 9 Purchase 15 Sale 22 Purchase 29 Sale 30 Purchase Units 56 110 (115) 145 (160) 43 Wildhorse Company uses a perpetual inventory system. All sales and purchases are on account. v (a) Calculate the cost of goods sold and the ending inventory using weighted average. (Round the weighted decimal...
accounting 1
You are given the following information for Oriole Company for the month ended November 30, 2021:DateDescriptionUnitsUnit PriceNov. 1Beginning inventory60 $499Purchase100 4615Sale(125)22Purchase150 4229Sale(170)30Purchase44 40Oriole Company uses a perpetual inventory system. All sales and purchases are on account.Assume the sales price was $66 per unit for the goods sold on November 15, and $60 per unit for the sale on November 29. Prepare journal entries to record the November 22 purchase and the November 29 sale.DateAccount Titles and ExplanationDebitCreditNov. 22(To record purchase on account.)Nov. 29(To record sales on account.)Nov....
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $27,000 6,720 2,580 75,000 $111,300 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $3,000 10,200 12,000 5,100 60,000 21,000 $111,300 During November, the following summary transactions were completed. Nov. 8 10 11 12 15 19 20 22 25 27 28 29...
Application Problem 7-3A a-b (Part Level Submission) Soft Touch Company sells leather furniture. The following schedule...
Application Problem 7-3A a-b (Part Level Submission) Soft Touch Company sells leather furniture. The following schedule relates to the company's inventory for the month of April: Sales Cost $46,056 27,810 $30,827 April 1 3 5 11 15 22 28 Beginning inventory Purchase Sale Purchase Sale Sale Purchase 76 units 45 units 29 units 28 units 58 units 34 units 51 units 18,340 75,110 40,290 34,578 Soft Touch uses the periodic inventory system. (a) Calculate Soft Touch Company's cost of goods...
Problem 6-05A a1-a3, b (Part Level Submission) (Video) You are provided with the following information for...
Problem 6-05A a1-a3, b (Part Level Submission) (Video) You are provided with the following information for Larkspur Inc. for the month ended June 30, 2020. Larkspur uses the periodic method for inventory. Date Description Quantity Unit Cost or Selling Price June 1 Beginning inventory 45 $42 June 4 Purchase 136 46 June 10 Sale 113 69 June 11 Sale return 15 69 June 18 Purchase 54 48 June 18 Purchase return 12 48 June 25 Sale 68 74 June 28...
Problem 6-3A (Part Level Submission) Cheyenne-Mart Centre Inc. began operations on May 1 and uses a...
Problem 6-3A (Part Level Submission) Cheyenne-Mart Centre Inc. began operations on May 1 and uses a perpetual inventory system. During May, the company had the following purchases and sales for one of its products: Purchases Units Unit Cost 120 $98 Sales Unit Price Date May 1 Units $257 100 108 8 13 15 281 60 113 306 332 (a) Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. (Round Average answers...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $17,100 Accumulated Depreciation-Equipment 4,256 Accounts Payable 1,634 Unearned Service Revenue 47,500 Salaries and Wages Payable $70,490 Common Stock Retained Earnings Credit $1,900 6,460 7,600 3,230 38,000 13,300 $70,490 During November, the following summary transactions were completed. Nov. 8 Paid $6,745 for salaries due employees, of which $3,515 is for...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following account balances. The company uses the perpetual inventory method. Debit Credit $17,100 Accumulated Depreciation-Equipment $1,900 Cash 4,256 Accounts Payable 6,460 Accounts Receivable 7,600 1,634 Unearned Service Revenue Supplies 47,500 Salaries and Wages Payable 3,230 Equipment $70,490 Common Stock 38,000 Retained Earnings 13,300 $70,490 During November, the following summary transactions were completed Nov. 8 Paid $6,745 for salaries due employees, of which $3,515 is for...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $27,000 6,720 2,580 75,000 $111,300 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $3,000 10,200 12,000 5,100 60,000 21,000 $111,300 During November, the following summary transactions were completed. Nov. 8 10 11 12 15 19 20 22 25 27 28 29...
Question B
"Problem 6-3A (Part Level Submission) You are given the following information for Sheridan Company for the month ended November 30, 2017: Description 22 Puch Sheridan Company uses a perpetual inventory system. All sales and purchases are on account. *(a) Your answer is correct. Calculate the cost of goods sold and the ending inventory using FIFO. (Round answers to o decimal places, e.g. 5,275.) 120 Costoso Ending inventory Alem of used "(b) Your answer is partially correct. Try again....
Problem 6-4A (Part Level Submission) You are given the following information for Wildhorse Company for the month ended November 30, 2017: Unit Price 44 Date Description Nov. 1 Beginning inventory 9 Purchase 15 Sale 22 Purchase 29 Sale 30 Purchase Units 56 110 (115) 145 (160) 43 Wildhorse Company uses a perpetual inventory system. All sales and purchases are on account. v (a) Calculate the cost of goods sold and the ending inventory using weighted average. (Round the weighted decimal...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $27,000 6,720 2,580 75,000 $111,300 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $3,000 10,200 12,000 5,100 60,000 21,000 $111,300 During November, the following summary transactions were completed. Nov. 8 10 11 12 15 19 20 22 25 27 28 29...
Application Problem 7-3A a-b (Part Level Submission) Soft Touch Company sells leather furniture. The following schedule relates to the company's inventory for the month of April: Sales Cost $46,056 27,810 $30,827 April 1 3 5 11 15 22 28 Beginning inventory Purchase Sale Purchase Sale Sale Purchase 76 units 45 units 29 units 28 units 58 units 34 units 51 units 18,340 75,110 40,290 34,578 Soft Touch uses the periodic inventory system. (a) Calculate Soft Touch Company's cost of goods...
Problem 6-3A (Part Level Submission) Cheyenne-Mart Centre Inc. began operations on May 1 and uses a perpetual inventory system. During May, the company had the following purchases and sales for one of its products: Purchases Units Unit Cost 120 $98 Sales Unit Price Date May 1 Units $257 100 108 8 13 15 281 60 113 306 332 (a) Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. (Round Average answers...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $17,100 Accumulated Depreciation-Equipment 4,256 Accounts Payable 1,634 Unearned Service Revenue 47,500 Salaries and Wages Payable $70,490 Common Stock Retained Earnings Credit $1,900 6,460 7,600 3,230 38,000 13,300 $70,490 During November, the following summary transactions were completed. Nov. 8 Paid $6,745 for salaries due employees, of which $3,515 is for...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following account balances. The company uses the perpetual inventory method. Debit Credit $17,100 Accumulated Depreciation-Equipment $1,900 Cash 4,256 Accounts Payable 6,460 Accounts Receivable 7,600 1,634 Unearned Service Revenue Supplies 47,500 Salaries and Wages Payable 3,230 Equipment $70,490 Common Stock 38,000 Retained Earnings 13,300 $70,490 During November, the following summary transactions were completed Nov. 8 Paid $6,745 for salaries due employees, of which $3,515 is for...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $27,000 6,720 2,580 75,000 $111,300 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $3,000 10,200 12,000 5,100 60,000 21,000 $111,300 During November, the following summary transactions were completed. Nov. 8 10 11 12 15 19 20 22 25 27 28 29...
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