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

(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 $