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(solution) hi i need help with this accounting data entry thanks


hi i need help with this accounting data entry thanks


Exercise 5-5

 

Presented below are transactions related to Bogner Company.

 

1

 

.

 

2

 

.

 

3

 

. On December 3, Bogner Company sold $616,900 of merchandise to Maris Co., terms 2/10,

 

n/30, FOB shipping point. The cost of the merchandise sold was $358,100.

 

On December 8, Maris Co. was granted an allowance of $21,200 for merchandise purchased

 

on December 3.

 

On December 13, Bogner Company received the balance due from Maris Co. Prepare the journal entries to record these transactions on the books of Bogner Company using a

 

perpetual inventory system. (Credit account titles are automatically indented when

 

amount is entered. Do not indent manually.)

 

No

 

Date

 

.

 

1. Account Titles and

 

Explanation Dec. 3 (To record credit sale.) (To record cost of merchandise

 

sold.)

 

2. Dec. 8 3. Dec. 13 SHOW LIST OF ACCOUNTS Debit Credit LINK TO TEXT Assume that Bogner Company received the balance due from Maris Co. on January 2 of the

 

following year instead of December 13. Prepare the journal entry to record the receipt of payment

 

on January 2. (Credit account titles are automatically indented when amount is entered.

 

Do not indent manually.)

 

Date Account Titles and Explanation Debit Credit Jan. 2 Click if you would like to Show Work for this

 

question:

 

Exercise 5-15

 

Presented below are selected accounts for Salazar Company as reported in the worksheet using a

 

perpetual inventory system at the end of May 2014.

 

Complete the worksheet by extending amounts reported in the adjusted trial balance to the

 

appropriate columns in the worksheet.

 

Accounts Adjusted Trial

 

Balance

 

Debit

 

Credit Cash Balance Sheet

 

Debit

 

Credit 19,410 Inventory Income Statement

 

Debit

 

Credit 78,180 Sales Revenue 514,820 Sales Returns and

 

Allowances 14,630 Sales Discounts 14,410 Cost of Goods Sold 316,370 Exercise 5-17

 

The trial balance of D. Savage Company at the end of its fiscal year, August 31, 2014, includes these

 

accounts: Inventory $21,520; Purchases $153,190; Sales Revenue $192,720; Freight-In $4,850; Sales

 

Returns and Allowances $4,650; Freight-Out $1,510; and Purchase Returns and Allowances $2,950. The

 

ending merchandise inventory is $26,680.

 

Prepare a cost of goods sold section for the year ending August 31 (periodic inventory). $

 

$

 

: : $

 

Problem 5-4A

 

Adam Nichols, a former disc golf star,

 

operates Adam?s Discorama. At the beginning

 

of the current season on April 1, the ledger of

 

Adam?s Discorama showed Cash $2,000.00,

 

Inventory $2,400.00, and Owner?s Capital

 

$4,400.00. The following transactions were

 

completed during April.

 

Purchased golf discs, bags, and other

 

Apr. inventory on account from Rayford Co.

 

5 $1,000.00, FOB shipping point,

 

terms 2/10, n/60.

 

Paid freight on the Rayford purchase

 

7

 

$50.00.

 

Received credit from Rayford Co. for

 

9

 

merchandise returned $200.00.

 

Sold merchandise on account for

 

10 $880.00, terms n/30. The merchandise

 

sold had a cost of $528.00.

 

Purchased disc golf shirts and other

 

12 accessories on account from Galaxy

 

Sportswear $640.00, terms 1/10, n/30.

 

14 Paid Rayford Co. in full, less discount.

 

Received credit from Galaxy Sportswear

 

17

 

for merchandise returned $60.00.

 

Made sales on account for $610.00,

 

20 terms n/30. The cost of the merchandise

 

sold was $380.00.

 

Paid Galaxy Sportswear in full, less

 

21

 

discount.

 

Granted an allowance to customers for

 

27

 

clothing that was flawed$30.00.

 

Received payments on account from

 

30

 

customers $810.00. Journalize the April transactions using a perpetual inventory system. (Record entries in the

 

order displayed in the problem statement. Round answers to 2 decimal places, e.g.

 

125.25. Credit account titles are automatically indented when amount is entered. Do

 

not indent manually.)

 

Date Account Titles and Explanation (To record credit sale.) (To record cost of merchandise sold.) Debit Credit (To record credit sale.) (To record cost of merchandise sold.) SHOW LIST OF ACCOUNTS

 

LINK TO TEXT

 

LINK TO TEXT

 

LINK TO TEXT Enter the beginning balances in the ledger accounts and post the April transactions. (Post

 

entries in the order of journal entries presented in the previous question. Round

 

answers to 2 decimal places, e.g. 125.25.)

 

Cash

 

Date No. 101

 

Explanatio

 

n Re

 

f Debit Credit Balance Balance ? J1 J1 J1 J1

 

Accounts Receivable

 

Date Explanatio

 

n No. 112

 

Re

 

f Debit Credit Balance J1 J1 J1 J1

 

Inventory

 

Date No. 120

 

Explanatio

 

n

 

Balance Re

 

f

 

? J1 J1 J1 J1 J1

 

J1 Debit Credit Balance J1 J1 J1

 

Accounts Payable

 

Date Explanatio

 

n No. 201

 

Re

 

f Debit Credit Balance J1 J1 J1 J1 J1 J1

 

Owner?s Capital

 

Date Explanatio

 

n

 

Balance No. 301

 

Re

 

f Debit Credit ? Sales Revenue

 

Date Balance No. 401

 

Explanatio

 

n Re

 

f Debit Credit Balance J1 J1

 

Sales Returns and

 

Allowances

 

Date Explanatio

 

n No. 412

 

Re

 

f

 

J1 Debit Credit Balance Cost of Goods Sold

 

Date No. 505 Explanatio

 

n Re

 

f Debit Credit Balance J1 J1 SHOW LIST OF ACCOUNTS

 

LINK TO TEXT

 

LINK TO TEXT

 

LINK TO TEXT Prepare a trial balance on April 30, 2014. (Round answers to 2 decimal places, e.g. 125.25.)

 

ADAM'S DISCORAMA

 

Trial Balance

 

April 30, 2014

 

Debit Credit

 

$ $ $ $ Problem 6-3A

 

Ziad Company had a beginning inventory on January 1 of 195 units of Product 4-18-15 at a cost of

 

$20 per unit. During the year, the following purchases were made.

 

Mar.

 

15

 

July

 

20 520

 

units

 

325

 

units at $22 Sept.

 

4 at $23 Dec. 2 455

 

units

 

130

 

units at

 

at $2

 

5

 

$2

 

9 1,300 units were sold. Ziad Company uses a periodic inventory system. Determine the cost of goods available for sale.

 

$ The cost of goods available for sale LINK TO TEXT Calculate average cost per unit. (Round answer to 2 decimal places, e.g. 2.25.)

 

$ Average cost per unit LINK TO TEXT Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed

 

cost flow methods (FIFO, LIFO, and average). (Round answers to 0 decimal places, e.g.

 

1,250.)

 

FIFO

 

The ending inventory

 

The cost of goods sold LIFO

 

$ $ $ $ AVERAGE-COST

 

$

 

$ LINK TO TEXT Which cost flow method results in (1) the highest inventory amount for the balance sheet, and (2) the highest cost of goods sold for the income statement?

 

results in the highest inventory amount, $ (2) . produces the highest cost of goods sold, $ (1) . Problem 6-5A

 

You are provided with the following information for Najera Inc. for the month ended June 30, 2014.

 

Najera uses the periodic method for inventory.

 

Date Description June 1 June

 

June

 

June

 

June

 

June

 

June

 

June 4

 

10

 

11

 

18

 

18

 

25

 

28 Beginning

 

inventory

 

Purchase

 

Sale

 

Sale return

 

Purchase

 

Purchase return

 

Sale

 

Purchase Unit

 

s Unit Cost or

 

Selling Price 43 $41 139

 

106

 

15

 

56

 

11

 

67

 

30 46

 

68

 

68

 

49

 

49

 

73

 

52 Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.)

 

$ Weighted-average cost per unit LINK TO TEXT Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.

 

(1) LIFO. (2) FIFO. (3) Average-cost. (Round average-cost method answers to 2 decimal

 

places, e.g. 1,250.25 and other answers to 0 decimal places, e.g. 1,250.)

 

LIFO

 

The ending inventory

 

The cost of goods sold

 

Gross profit FIFO AVERAGE-COST

 

$ $ $ $ $ $ $ $ $ LINK TO TEXT Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Averagecost. (Round answers to 1 decimal place, e.g. 51.2%.)

 

LIFO

 

Gross profit rate FIFO

 

% AVERAGE-COST

 

% % Problem 6-9A

 

Terando Co. began operations on July 1. It uses a perpetual inventory system. During July, the

 

company had the following purchases and sales. Date

 

July

 

1

 

July

 

6

 

July

 

11

 

July

 

14

 

July

 

21

 

July

 

27 Purchases

 

Units

 

Unit Cost

 

220

 

$113 Sales Units

 

176 308 $129 352 $140 132

 

264 Calculate the average cost per unit at June 1, 6, 11, 14, 21 & 27. (Round answers to 3 decimal

 

places, e.g. $105.250.) July 1 July 6 July 11 July 14 July 21 Average cost for each

 

unit

 

$ $ $ $ $ $ July 27 LINK TO TEXT Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) movingaverage cost, and (3) LIFO. (Round answers to 0 decimal places, e.g. $2,150.)

 

FIFO

 

$ The ending inventory under a perpetual inventory

 

system MOVING-AVERAGE LIFO

 

$

 

$ Brief Exercise 6-12

 

On June 30, Calico Fabrics has the following data pertaining to the retail inventory method. Goods

 

available for sale: at cost $52,494; at retail $67,300; net sales $38,900; and ending inventory at retail

 

$28,400.

 

Compute the estimated cost of the ending inventory using the retail inventory method.

 

$ The estimated cost of the ending inventory Problem 6-8A

 

Mercer Inc. is a retailer operating in British Columbia. Mercer uses the perpetual inventory method.

 

All sales returns from customers result in the goods being returned to inventory; the inventory is

 

not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You

 

are provided with the following information for Mercer Inc. for the month of January 2014.

 

Date Description January 1 January

 

January

 

January

 

January

 

January

 

January

 

January 5

 

8

 

10

 

15

 

16

 

20

 

25 Beginning

 

inventory

 

Purchase

 

Sale

 

Sale return

 

Purchase

 

Purchase return

 

Sale

 

Purchase Quantit

 

y Unit Cost or

 

Selling Price 180 $13 252

 

198

 

18

 

99

 

9

 

162

 

36 17

 

26

 

26

 

18

 

18

 

30

 

21 Calculate the Moving-average cost per unit at January 1, 5, 8, 15, 20, & 25. (Round answers to 3 decimal places, e.g. $5.251.) January 1 Moving-Average Cost per

 

unit

 

$ $ January 5 $ January 8 $ January 10 $ January 15 $ January 16 $ January 20 $ January 25 LINK TO TEXT For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and

 

gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round answers to 0 decimal places,

 

e.g. $2,150.) $ $ Movingaverage

 

$ $ $ $ $ $ LIFO

 

Cost of goods sold

 

Ending inventory

 

Gross profit FIFO $

 


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