Homework Answers
| Q1) Answer : "c. debit Furniture for $775." | ||||
| Purchase Journal Entry: | ||||
| Debit | Furniture | $775 | ||
| Credit | Cash | $775 | ||
| (being purchase of bookcase | ||||
| cost $700, sales tax $35 & Freight $40) | ||||
| Q2) Answer : "d. freight-out" | ||||
| because it is being paid for Sales outside. | ||||
| Q3) Answer : "d. $10875" | ||||
| Purchase Journal Entry: | ||||
| Debit | Equipment | $10,875 | ||
| Credit | Cash | $10,875 | ||
| (being purchase of equipment | ||||
| cost $10000, sales tax $700, Delivery $100 | ||||
| & Installation cost $75) | ||||
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eCUIL, the land's cost will be booked at: 3180,000 and to the building of $220.0 a....
ACC 160 ASA COLLEGE PROF. K. JEFFERS 30. If called by a merchandiser, you should be...
ACC 160 ASA COLLEGE PROF. K. JEFFERS 30. If called by a merchandiser, you should be skeptical of all of the following except a. a last chance offer b. a business you have never heard of c a requirement for small down payment d inck of a written contract 31 A good source for finding a list of common fraud scams and their warning signs is the a Federal Bureau of Investigation b. Better Business Bureau c. National Fraud Information...
6 Question 3 (10 points) Smithville Furniture sold 15 desks, with a cost of $7500, for...
6 Question 3 (10 points) Smithville Furniture sold 15 desks, with a cost of $7500, for $11,250 on account. Smithville uses the periodic inventory system. Which of the following is the correct way to record this transaction? 9 Accounts OA) Debit Credit Accounts Receivable 11,250 Sales Revenue 11,250 Cost of Goods Sold 7500 Merchandise Inventory 7500 B) Accounts Debit Credit Accounts Receivable 11,250 Sales Revenue 11,250 Purchases 7500 Merchandise Inventory 7500 OC) Accounts Debit Credit Accounts Receivable 11.250 Sales Revenue...
The Adjusted Trial Balance section of the worksheet for Van Zant Janitorial Supplies follows, The owner...
The Adjusted Trial Balance section of the worksheet for Van Zant Janitorial Supplies follows, The owner made no additional investments during the year. Accounts Debit 19,300 60, 500 Credit Cash Accounts Receivable- Allowance for Doubt ful Accounts Merchandise Inventory 190 186,900 7,210 3,130 51,700 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Social Security Tax Payable Medicare Tax Payable Steven Van Zant, Capital Steven Van Zant, Drawing Income Summary Sales Sales Returns and Allowances 18, 500 9,400 1,460 380 280,...
PROF. K. JEFFERS ASA COLLEGE ACC 160 In its first year, FiCo, which uses the perpetual...
PROF. K. JEFFERS ASA COLLEGE ACC 160 In its first year, FiCo, which uses the perpetual method and records purchases at net. buys two lots of sweaters, 1/10, n/30: one lot on March 10 for $4,000, paying the invoice on March 16: a second Jot on June 25 for $2.000, paving the invoice on July 9. If no sweaters are sold from March through July, what is the balance in FiCo's Inventory 6. account on July 31? a. $6.000 $5,980...
PROF. K. JEFFERS ASA COLLEGE ACC 160 In its first year, FiCo, which uses the perpetual...
PROF. K. JEFFERS ASA COLLEGE ACC 160 In its first year, FiCo, which uses the perpetual method and records purchases at net. buys two lots of sweaters, 1/10, n/30: one lot on March 10 for $4,000, paying the invoice on March 16: a second Jot on June 25 for $2.000, paving the invoice on July 9. If no sweaters are sold from March through July, what is the balance in FiCo's Inventory 6. account on July 31? a. $6.000 $5,980...
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise...
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $58,575 on January 1, 2019, and $51,525 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses. Accounts 401 Sales $ 245,200 Cr. 451 Sales Returns and Allowances 4,230 Dr. 491 Miscellaneous Income 280 Cr. 501 Purchases 102,400 Dr. 502 Freight In 1,855 Dr. 503 Purchases...
Calculate Cost of Good Solds in Steps Note: Problems 1-4 relate to the trial balance below....
Calculate Cost of Good Solds in Steps
Note: Problems 1-4 relate to the trial balance below. Marcell Sports Inc. Acct 311 - Quiz 3 of 6 - Trial Balance Credit Debit 140,000 475,000 $ 28,225 50,000 17,000 365,000 1,385,000 265,000 1,500,000 550,000 1,325,000 Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Supplies Inventory, 1/1/17 Equipment Accumulated Deperciation - Equipment Building Accumulated Deperciation - Building Land Accounts Payable Salaries and Wages Payable Notes Payable Mortgage Payable Common Stock, Par Value...
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise...
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $59,275 on January 1, 2019, and $52,225 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses. Accounts 401 Sales $ 246,600 Cr. 451 Sales Returns and Allowances 4,300 Dr. 491 Miscellaneous Income 350 Cr. 501 Purchases 103,100 Dr. 502 Freight In 1,925 Dr. 503 Purchases...
Accounting questions cost of goods available for sale is computed by adding 9. Cole Company has...
Accounting questions
cost of goods available for sale is computed by adding
9. Cole Company has sales revenue of $39.500,cost of u s sold ASTA300 and operating expenses of 9.00 for the year endes December 31. Cole's ons profit is A) 503 ) 515500. C) 539550D) 56.500 10. The credit terms offered to a customer by a business firm are 2/10, 1/30, which means that A) the customer must pay the bill within 10 days 13) the customer can deduct...
An oil well cost $2,030,000 and is calculated to hold 350,000 barrels of oil. There is...
An oil well cost $2,030,000 and is calculated to hold 350,000 barrels of oil. There is no residual value. Which journal entry is needed to record the expense for the extraction of 47,000 barrels of oil during the year? All 47,000 barrels were sold during the year. (Round any intermediate calculations to the nearest cent and your final answer to the nearest dollar.) 272,600 272,600 272,600 272,600 O A. Depletion Expense - Oil Reserve Oil Revenue O B. Cost of...
ACC 160 ASA COLLEGE PROF. K. JEFFERS 30. If called by a merchandiser, you should be skeptical of all of the following except a. a last chance offer b. a business you have never heard of c a requirement for small down payment d inck of a written contract 31 A good source for finding a list of common fraud scams and their warning signs is the a Federal Bureau of Investigation b. Better Business Bureau c. National Fraud Information...
6 Question 3 (10 points) Smithville Furniture sold 15 desks, with a cost of $7500, for $11,250 on account. Smithville uses the periodic inventory system. Which of the following is the correct way to record this transaction? 9 Accounts OA) Debit Credit Accounts Receivable 11,250 Sales Revenue 11,250 Cost of Goods Sold 7500 Merchandise Inventory 7500 B) Accounts Debit Credit Accounts Receivable 11,250 Sales Revenue 11,250 Purchases 7500 Merchandise Inventory 7500 OC) Accounts Debit Credit Accounts Receivable 11.250 Sales Revenue...
The Adjusted Trial Balance section of the worksheet for Van Zant Janitorial Supplies follows, The owner made no additional investments during the year. Accounts Debit 19,300 60, 500 Credit Cash Accounts Receivable- Allowance for Doubt ful Accounts Merchandise Inventory 190 186,900 7,210 3,130 51,700 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Social Security Tax Payable Medicare Tax Payable Steven Van Zant, Capital Steven Van Zant, Drawing Income Summary Sales Sales Returns and Allowances 18, 500 9,400 1,460 380 280,...
PROF. K. JEFFERS ASA COLLEGE ACC 160 In its first year, FiCo, which uses the perpetual method and records purchases at net. buys two lots of sweaters, 1/10, n/30: one lot on March 10 for $4,000, paying the invoice on March 16: a second Jot on June 25 for $2.000, paving the invoice on July 9. If no sweaters are sold from March through July, what is the balance in FiCo's Inventory 6. account on July 31? a. $6.000 $5,980...
PROF. K. JEFFERS ASA COLLEGE ACC 160 In its first year, FiCo, which uses the perpetual method and records purchases at net. buys two lots of sweaters, 1/10, n/30: one lot on March 10 for $4,000, paying the invoice on March 16: a second Jot on June 25 for $2.000, paving the invoice on July 9. If no sweaters are sold from March through July, what is the balance in FiCo's Inventory 6. account on July 31? a. $6.000 $5,980...
Calculate Cost of Good Solds in Steps
Note: Problems 1-4 relate to the trial balance below. Marcell Sports Inc. Acct 311 - Quiz 3 of 6 - Trial Balance Credit Debit 140,000 475,000 $ 28,225 50,000 17,000 365,000 1,385,000 265,000 1,500,000 550,000 1,325,000 Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Supplies Inventory, 1/1/17 Equipment Accumulated Deperciation - Equipment Building Accumulated Deperciation - Building Land Accounts Payable Salaries and Wages Payable Notes Payable Mortgage Payable Common Stock, Par Value...
Accounting questions
cost of goods available for sale is computed by adding
9. Cole Company has sales revenue of $39.500,cost of u s sold ASTA300 and operating expenses of 9.00 for the year endes December 31. Cole's ons profit is A) 503 ) 515500. C) 539550D) 56.500 10. The credit terms offered to a customer by a business firm are 2/10, 1/30, which means that A) the customer must pay the bill within 10 days 13) the customer can deduct...
An oil well cost $2,030,000 and is calculated to hold 350,000 barrels of oil. There is no residual value. Which journal entry is needed to record the expense for the extraction of 47,000 barrels of oil during the year? All 47,000 barrels were sold during the year. (Round any intermediate calculations to the nearest cent and your final answer to the nearest dollar.) 272,600 272,600 272,600 272,600 O A. Depletion Expense - Oil Reserve Oil Revenue O B. Cost of...
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