Accounting Cycle Review 6 a- f
On December 1, 2020, Vaughn Company had the account balances shown below.
Debit
Cash $5,000
Accounts Receivable 4,400
Inventory 1,920
Equipment 21,000
Debit Total $32,320
Credit
Accumulated Depreciation—Equipment $1,200
Accounts Payable 3,800
* Owner’s Capital 27,320
Credit Total $32,320 *(3,200 x $0.60)
The following transactions occurred during
December:
Dec. 3 Purchased 5,200 units of inventory on account at a cost of $0.74 per unit.
5 Sold 5,500 units of inventory on account for $0.90 per unit. (Vaughn sold 3,200 of the $0.60 units and 2,300 of the $0.74.)
7 Granted the December 5 customer $177 credit for 200 units of inventory returned costing $118. These units were returned to inventory.
17 Purchased 2,300 units of inventory for cash at $0.80 each.
22 Sold 2,400 units of inventory on account for $0.95 per unit. (Vaughn sold 2,400 of the $0.74 units.)
Adjustment data: 1. Accrued salaries payable $300. 2. Depreciation $240 per month. Prepare the following: 2. Enter the December 1 balances in the ledger T-accounts and post the December transactions 6. Compute ending inventory and cost of goods sold under FIFO, assuming Vaughn Company uses the periodic inventory system. 7. Compute ending inventory and cost of goods sold under LIFO, assuming Vaughn Company uses the periodic inventory system.
Accounting Cycle Review 6 a- f On December 1, 2020, Vaughn Company had the account balances...
On December 1, 2020, Waterway Company had the account balances shown below Debit $5,000 Accumulated Depreciation-Equipment Credit Cash Accounts Receivable Inventory Equipment 4,700 Accounts Payable 2,400* Owner's Capital 25,000 $1,100 3,200 32,800 $37,100 $37,100 "(4,000 x $0.60) The following transactions occurred during December: Dec. 3 Purchased 4,000 units of inventory on account at a cost of $0.70 per unit 5 Sold 4,300 units of inventory on account for $0.86 per unit. (Waterway sold 4,000 of the $0.60 units and 300...
Comprehensive Accounting Cycle Review 6 On December 1, 2017, Shamrock, Inc. had the account balances shown below. Debits Credits Cash $5,230 Accumulated Depreciation—Equipment $1,490 Accounts Receivable 3,590 Accounts Payable 3,260 Inventory (2,900 x $0.60) 1,740 Common Stock 9,500 Equipment 20,300 Retained Earnings 16,610 $30,860 $30,860 The following transactions occurred during December. Dec. 3 Purchased 3,900 units of inventory on account at a cost of $0.68 per unit. 5 Sold 4,300 units of inventory on account for $0.80 per unit. (It...
Comprehensive Accounting Cycle Review 6 On December 1, 2017, Carla Vista Co. had the account balances shown below. Debits Credits Cash $4,640 Accumulated Depreciation—Equipment $1,380 Accounts Receivable 3,760 Accounts Payable 2,900 Inventory (2,700 x $0.50) 1,350 Common Stock 10,800 Equipment 19,400 Retained Earnings 14,070 $29,150 $29,150 The following transactions occurred during December. Dec. 3 Purchased 3,700 units of inventory on account at a cost of $0.78 per unit. 5 Sold 4,100 units of inventory on account for $0.90 per unit....
Comprehensive Accounting Cycle Review 6 On December 1, 2017, Carla Vista Co. had the account balances shown below. Debits Credits Cash $4,640 Accumulated Depreciation—Equipment $1,380 Accounts Receivable 3,760 Accounts Payable 2,900 Inventory (2,700 x $0.50) 1,350 Common Stock 10,800 Equipment 19,400 Retained Earnings 14,070 $29,150 $29,150 The following transactions occurred during December. Dec. 3 Purchased 3,700 units of inventory on account at a cost of $0.78 per unit. 5 Sold 4,100 units of inventory on account for $0.90 per unit....
Comprehensive Accounting Cycle Review 6 On December 1, 2017, Shamrock, Inc. had the account balances shown below. Debits Credits Cash $5,230 Accumulated Depreciation—Equipment $1,490 Accounts Receivable 3,590 Accounts Payable 3,260 Inventory (2,900 x $0.60) 1,740 Common Stock 9,500 Equipment 20,300 Retained Earnings 16,610 $30,860 $30,860 The following transactions occurred during December. Dec. 3 Purchased 3,900 units of inventory on account at a cost of $0.68 per unit. 5 Sold 4,300 units of inventory on account for $0.80 per unit. (It...
Comprehensive Accounting Cycle Review 6 On December 1, 2017, Shamrock, Inc. had the account balances shown below. Debits Credits Cash $5,230 Accumulated Depreciation—Equipment $1,490 Accounts Receivable 3,590 Accounts Payable 3,260 Inventory (2,900 x $0.60) 1,740 Common Stock 9,500 Equipment 20,300 Retained Earnings 16,610 $30,860 $30,860 The following transactions occurred during December. Dec. 3 Purchased 3,900 units of inventory on account at a cost of $0.68 per unit. 5 Sold 4,300 units of inventory on account for $0.80 per unit. (It...
Comprehensive Accounting Cycle Review 6 On December 1, 2017, Shamrock, Inc. had the account balances shown below. Debits Credits Cash $5,230 Accumulated Depreciation—Equipment $1,490 Accounts Receivable 3,590 Accounts Payable 3,260 Inventory (2,900 x $0.60) 1,740 Common Stock 9,500 Equipment 20,300 Retained Earnings 16,610 $30,860 $30,860 The following transactions occurred during December. Dec. 3 Purchased 3,900 units of inventory on account at a cost of $0.68 per unit. 5 Sold 4,300 units of inventory on account for $0.80 per unit. (It...
Comprehensive Accounting Cycle Review 6 On December 1, 2017, Shamrock, Inc. had the account balances shown below. Debits Credits Cash $5,230 Accumulated Depreciation—Equipment $1,490 Accounts Receivable 3,590 Accounts Payable 3,260 Inventory (2,900 x $0.60) 1,740 Common Stock 9,500 Equipment 20,300 Retained Earnings 16,610 $30,860 $30,860 The following transactions occurred during December. Dec. 3 Purchased 3,900 units of inventory on account at a cost of $0.68 per unit. 5 Sold 4,300 units of inventory on account for $0.80 per unit. (It...
Comprehensive Accounting Cycle Review 6 On December 1, 2017, Shamrock, Inc. had the account balances shown below. Debits Credits Cash $5,230 Accumulated Depreciation—Equipment $1,490 Accounts Receivable 3,590 Accounts Payable 3,260 Inventory (2,900 x $0.60) 1,740 Common Stock 9,500 Equipment 20,300 Retained Earnings 16,610 $30,860 $30,860 The following transactions occurred during December. Dec. 3 Purchased 3,900 units of inventory on account at a cost of $0.68 per unit. 5 Sold 4,300 units of inventory on account for $0.80 per unit. (It...
Comprehensive Accounting Cycle Review 6 On December 1, 2017, Shamrock, Inc. had the account balances shown below. Debits Credits Cash $5,230 Accumulated Depreciation—Equipment $1,490 Accounts Receivable 3,590 Accounts Payable 3,260 Inventory (2,900 x $0.60) 1,740 Common Stock 9,500 Equipment 20,300 Retained Earnings 16,610 $30,860 $30,860 The following transactions occurred during December. Dec. 3 Purchased 3,900 units of inventory on account at a cost of $0.68 per unit. 5 Sold 4,300 units of inventory on account for $0.80 per unit. (It...