Homework Answers
Solution 056) Cost of Sales is $18200
| Cost of Sales | |
| Opening Inventory | 10000 |
| Add: Purchases | 15200 |
| Add: Freight In | 3000 |
| Less: Ending Inventory | -10000 |
| Cost of Sales | 18200 |
solution 065) Value of the stock at Aug 31 is $154.
| Calculation of moving average method inventoy | |||
| Units | Rate | Amount | |
| Beginning Inventory | 10 | 10 | 100 |
| Purchase Aug 3 | 10 | 12 | 120 |
| Balance | 20 | 11 | 220 |
| Sales Aug 7 | -14 | 11 | -154 |
| Balance | 6 | 11 | 66 |
| Purchase Aug 12 | 6 | 13 | 78 |
| Balance | 12 | 12 | 144 |
| Purchase Aug 25 | 12 | 10 | 120 |
| Balance | 24 | 11 | 264 |
| Sales Aug 27 | -10 | 11 | -110 |
| Balance | 14 | 11 | 154 |
Soution 010) Amount to appear as cash at bank to be shown in balance sheet is $31093.
| Balance as per Bank | 27629 |
| Less: Cash not deposited | -857 |
| Add: Outstanding Cheques | 4321 |
| Cash at bank to be shown in Balance Sheet | 31093 |
Solution 045) Interest will not be recorded untill it is
earned.
Enrty on receipt of the note is:
Dr. Bills receivabls $13000
Cr. Accounts Receivables $13000
Solution 050) Entry for record of credit card sale is:
Dr. Accounts Receivables $1470
Dr. Fees Expense $30
Cr. Sales Revenue $1500
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Q.056 Angie Company has the following accounts that were extracted from...
as soon as possible thx 0.058 Dupont Ltd uses a periodic inventory system has the following...
as soon as possible
thx
0.058 Dupont Ltd uses a periodic inventory system has the following Beginning Inventory Purchase Purchase Date July 1 10 20 Units 8,000 13,000 5,000 Unit Cost $11 12 13 if 9,000 units are on hand as at the end of July the cost of the ending inventory under First-In-First-Out (FIFO) method is Select one: a $ 100,000 b. $108,000 $113,000 d. $117.000 0.062 Montreal Furniture uses a periodic inventory system. During an accounting year many...
as soon as possible thx so much 0.023 In doing the bank reconciliation your book balance...
as soon as possible
thx so much
0.023 In doing the bank reconciliation your book balance is higher than your bank balance. This could be due to you not having: Select one: a. Recorded a direct debit in your accounts b. A direct credit for interest in your accounts c. Recorded un-presented cheques in the reconciliation d. A cheque being recorded for $552 in the books whereas it was actually written for $525 0.027 A cheque is written to replenish...
complete the worksheet The trial balance of Oriole Company contained the following accounts at November 30,...
complete the worksheet
The trial balance of Oriole Company contained the following accounts at November 30, the end of the company's fiscal year. The company uses the perpetual inventory system. Oriole Company Trial Balance November 30, 2019 Credit Debit $ 8,600 30,500 44,200 6,200 131,000 $ 26,000 55,000 33,900 60,000 40,000 Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and...
August 31, 2022 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and...
August 31, 2022 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense Before Adjustment Dr. Cr. $10,260 8,470 2,500 4,340 15,800 h $3,555 5,780 0 1,830 19,800 5,830 2.910 32,070 13.570 16,670 0 21,485 O 0 $82,435 $82,435 After Adjustment Dr. Cr. $10,260 8,970 660 3,080 15,800 $4,755 5,780 1,280...
Question 1 (CLO4) The following balances were extracted from the ledgers of Eve Johnson & Friends...
Question 1 (CLO4) The following balances were extracted from the ledgers of Eve Johnson & Friends Lt October 31, 2019 5.000 180,000 270,000 8,320 October 1, 2019: Purchases Ledger balance b/f-Dr Purchases Ledger balances b/f-Cr Sales Ledger balances b/f-Dr Sales Ledger balances b/f-Cr October 31, 2019: Return outwards Discount allowed Cash paid to suppliers Bad debt Credit sales for the month Cheques received from customers Cash sales Refunds to credit customers Discounts received Dishonoured customers cheques Cash purchases Interest on...
Pina Company reports the following financial information before adjustments Dr. Cr. Accounts Receivable $131,100 Allowance for...
Pina Company reports the following financial information before adjustments Dr. Cr. Accounts Receivable $131,100 Allowance for Doubtful Accounts $2,830 815.900 Sales Revenue (all on credit) Sales Returns and Allowances 53.570 Prepare the journal entry to record bad debt expense assuming Pina Company estimates bad debts at (4% of accounts receivable and (b) 4% of accounts receivable but Allowance for Doubtful Accounts had a $1.540 debit balance. I no entry is required, select "No Entry for the account titles and enter...
Problem 7-4A Selected accounts from the chart of accounts of Mercer Company are shown below 101...
Problem 7-4A Selected accounts from the chart of accounts of Mercer Company are shown below 101 Cash 112 Accounts Receivable 412 Sales Returns and Allowances 120 Inventory 126 Supplies 157 Equipment 201 Accounts Payable 401 Sales Revenue 414 Sales Discounts 505 Cost of Goods Sold 726 Salaries and Wages Expense The cost of all merchandise sold was 60% of the sales price. During January, Mercer completed the following transactions Jan. 3 Purchased merchandise on account from Gallagher Co. $9,000 4...
Ayayai Company reports the following financial information before adjustments. Dr. Cr. $163,400 Accounts Receivable Allowance for...
Ayayai Company reports the following financial information before adjustments. Dr. Cr. $163,400 Accounts Receivable Allowance for Doubtful Accounts Sales Revenue (all on credit) Sales Returns and Allowances $3,660 815,700 50,260 Prepare the journal entry to record bad debt expense assuming Ayayai Company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but Allowance for Doubtful Accounts had a $1,420 debit balance. (If no entry is required, select "No Entry" for the account titles and...
Flint Company reports the following financial information before adjustments. Cr. Dr. $140,800 Accounts Receivable Allowance for...
Flint Company reports the following financial information before adjustments. Cr. Dr. $140,800 Accounts Receivable Allowance for Doubtful Accounts Sales Revenue (all on credit) Sales Returns and Allowances $2,480 816,800 53,910 Prepare the journal entry to record bad debt expense assuming Flint Company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but Allowance for Doubtful Accounts had a $1,540 debit balance. (If no entry is required, select "No Entry" for the account titles and...
Please try to keep the same format! Problem 7-04A Selected accounts from the chart of accounts...
Please try to keep the same format!
Problem 7-04A Selected accounts from the chart of accounts of Blossom Company are shown below. 101 Cash 401 Sales Revenue 112 Accounts Receivable 412 Sales Returns and Allowances 120 Inventory 414 Sales Discounts 126 Supplies 505 Cost of Goods Sold 157 Equipment 726 Salaries and Wages Expense 201 Accounts Payable The cost of all merchandise sold was 60% of the sales price. During January, Blossom completed the following transactions. Jan. 3 Purchased merchandise...
as soon as possible
thx
0.058 Dupont Ltd uses a periodic inventory system has the following Beginning Inventory Purchase Purchase Date July 1 10 20 Units 8,000 13,000 5,000 Unit Cost $11 12 13 if 9,000 units are on hand as at the end of July the cost of the ending inventory under First-In-First-Out (FIFO) method is Select one: a $ 100,000 b. $108,000 $113,000 d. $117.000 0.062 Montreal Furniture uses a periodic inventory system. During an accounting year many...
as soon as possible
thx so much
0.023 In doing the bank reconciliation your book balance is higher than your bank balance. This could be due to you not having: Select one: a. Recorded a direct debit in your accounts b. A direct credit for interest in your accounts c. Recorded un-presented cheques in the reconciliation d. A cheque being recorded for $552 in the books whereas it was actually written for $525 0.027 A cheque is written to replenish...
complete the worksheet
The trial balance of Oriole Company contained the following accounts at November 30, the end of the company's fiscal year. The company uses the perpetual inventory system. Oriole Company Trial Balance November 30, 2019 Credit Debit $ 8,600 30,500 44,200 6,200 131,000 $ 26,000 55,000 33,900 60,000 40,000 Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and...
August 31, 2022 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense Before Adjustment Dr. Cr. $10,260 8,470 2,500 4,340 15,800 h $3,555 5,780 0 1,830 19,800 5,830 2.910 32,070 13.570 16,670 0 21,485 O 0 $82,435 $82,435 After Adjustment Dr. Cr. $10,260 8,970 660 3,080 15,800 $4,755 5,780 1,280...
Question 1 (CLO4) The following balances were extracted from the ledgers of Eve Johnson & Friends Lt October 31, 2019 5.000 180,000 270,000 8,320 October 1, 2019: Purchases Ledger balance b/f-Dr Purchases Ledger balances b/f-Cr Sales Ledger balances b/f-Dr Sales Ledger balances b/f-Cr October 31, 2019: Return outwards Discount allowed Cash paid to suppliers Bad debt Credit sales for the month Cheques received from customers Cash sales Refunds to credit customers Discounts received Dishonoured customers cheques Cash purchases Interest on...
Pina Company reports the following financial information before adjustments Dr. Cr. Accounts Receivable $131,100 Allowance for Doubtful Accounts $2,830 815.900 Sales Revenue (all on credit) Sales Returns and Allowances 53.570 Prepare the journal entry to record bad debt expense assuming Pina Company estimates bad debts at (4% of accounts receivable and (b) 4% of accounts receivable but Allowance for Doubtful Accounts had a $1.540 debit balance. I no entry is required, select "No Entry for the account titles and enter...
Problem 7-4A Selected accounts from the chart of accounts of Mercer Company are shown below 101 Cash 112 Accounts Receivable 412 Sales Returns and Allowances 120 Inventory 126 Supplies 157 Equipment 201 Accounts Payable 401 Sales Revenue 414 Sales Discounts 505 Cost of Goods Sold 726 Salaries and Wages Expense The cost of all merchandise sold was 60% of the sales price. During January, Mercer completed the following transactions Jan. 3 Purchased merchandise on account from Gallagher Co. $9,000 4...
Ayayai Company reports the following financial information before adjustments. Dr. Cr. $163,400 Accounts Receivable Allowance for Doubtful Accounts Sales Revenue (all on credit) Sales Returns and Allowances $3,660 815,700 50,260 Prepare the journal entry to record bad debt expense assuming Ayayai Company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but Allowance for Doubtful Accounts had a $1,420 debit balance. (If no entry is required, select "No Entry" for the account titles and...
Flint Company reports the following financial information before adjustments. Cr. Dr. $140,800 Accounts Receivable Allowance for Doubtful Accounts Sales Revenue (all on credit) Sales Returns and Allowances $2,480 816,800 53,910 Prepare the journal entry to record bad debt expense assuming Flint Company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but Allowance for Doubtful Accounts had a $1,540 debit balance. (If no entry is required, select "No Entry" for the account titles and...
Please try to keep the same format!
Problem 7-04A Selected accounts from the chart of accounts of Blossom Company are shown below. 101 Cash 401 Sales Revenue 112 Accounts Receivable 412 Sales Returns and Allowances 120 Inventory 414 Sales Discounts 126 Supplies 505 Cost of Goods Sold 157 Equipment 726 Salaries and Wages Expense 201 Accounts Payable The cost of all merchandise sold was 60% of the sales price. During January, Blossom completed the following transactions. Jan. 3 Purchased merchandise...
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