SET A Prepare journal entries to record the following merchandising t.pdf
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SET A Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual ieventory system and the gross method. Wint: It will belp to identify each receivable and pay: able; for example, record the purchave on Jaly 1 in Accounts Payable- Boden. Jaly 1 Parchased merchandise from Boden Company for $6,000 under credit terms of 1/15,0/30, FOB shipping point, imvice dated Jaly 1. 2. Sold merchandise to Crek Co. for $900 under credit terms of 2/10,0/60. FOB shipping poist. invoice dated Jaly 2 . The merchandise had cost $500. 3 Paid $125 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,300 for $1,700cash. 9 Purchased merchandise from Leight Co, for $2,200 under credit terms of 2/15,n/60,FOB destination, invoice dated Jaly 9. 11 Retarned $200 of merchandise porchased on July 9 from Leight Co. and debited its account Dis can. payable for that amouns. 12 Received the balance due from Creek Co, for the invoice dated July 2, net of the discount. \$2040 16 Paid the balance dee to Bodes Company within the discount period. 19. Sold merchandise that cost $800 to Art Co. for $1,200 undor credit termis of 2/15,D/60, FOB shipping poiat, imvice dated Jely 19. 21 Gave a price reduction (allowanco) of $100 to Art Co. for merchandise sold on July 19 and crodited Art's accoonts receivable for that amount. 24 Paid Leight Co the balance due, net of discosan. 30 Received the balance due from Art Co. for the invoice dated July 19, net of discount. 31 Sold merchandise that cost $4,800 to Creek Co, for $7,000 under credat terms of 2/10, n/60, FOB shipping point, invoice dated Jaly 31..
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Prepare journal entries to record the following merchandising transact.pdf
Prepare journal entries to record the following merchandising transactions of Cabela's, which
uses the perpetual inventory system and ihe gross method. July 1 Purchased merchandise from
Boden Company for $6 , 600 under credit terms of 2/15 , n /30 , FOB shipping point, invoice
dated July 1. July 2 Sold merchandise to Creek Company for $950 under credit terms of 2/10 ,
n/60, FOB shipping point, invoice dated July 2 . The merchandise had cost $550 . July 3 Paid
$100 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $1
, 900 for $2 , 300 cash. July 9 Purchased merchandise from Leight Company for $2 , 900 under
credit terms of 2/15, n /60 , FOB destination, invoice dated July 9. July 11 Returned $900 of
merchandise purchased on July 9 from Leight Company and debited its account payable for that
amount. July 12 Received the balance due from Creek Company for the invoice dated July 2 , net
of the discount. July 16 Paid the balance due to Boden Company within the discount period. July
19 Sold merchandise that cost $1 , 000 to Art Company for $1 , 500 under credit terms of 2/15, n
/60 , FOB shipping point, invoice dated July 19 July 21 Gave a price reduction (allowance) of
$250 to Art Company for merchandise sold on July 19 and credited Art's accounts receivable for
that amount. July 24 Paid Leight Company the balance due, net of discount. July 30 Received the
balance due from Art Company for the invoice dated July 19, net of discount. July 31 Sold
merchandise that cost $5 , 400 to Creek Company for $7 , 100 under credit terms of 2/10 , n /60 ,
F0B shipping point, invoice dated July 31..
Prepare journal entries to record the following merchandising tra.pdf
Prepare journal entries to record the following merchandising transactions of Cabela's, which
uses the perpetual inveritory system and the gross method. July 1 Turchased merchandise from
Boden Company for $6,600 under eredit terms of 2/15, n/30, Fos shipping point, invoice dated
July 1. July 2 sold serchandise to Creek Company for $950 under eredit terns of 2/10, n/60, ros
shipping point, involee dated July 2. The merehandise had cost \$550. July 3 paid $115 eash for
freight charges on the purchase of July 1. July 8 sold nerchandise that had cost $1,900 for $2,300
cash. July 9 purchased nerebasdile from teight Conpany for $2,700 under credit terns of 2/15,
n/60, Fos destination, invoice dated Jaly 9 . July 11 Returned $700 of merchandise purchased on
July 9 from Leight Company and deblted fts account payable for that anount. July 12 Recelved
the balance due fron Creek Company for tho invoice dated Jaly 2, net of the discoust. July 16
paid the balance due to Boden Company within the discount period. July 19 sold morehandise
that cost $1,000 to Art company for $1,500 under credit terms of 2/15,n/60, Fos shipping point,
involce dated July 19. July 21 Cave a price reduction (allowance) of $250 to art Conpany for
merchandise sold on July 19 and eredited Art's accounts receivable for that amount. July 24 faid
Leight Coepany the balance due, net of discount. July 30 Received the balance due froe Art
Company for the involee dated July 19 , net of discount. July 31 sold merchandise that cost
$5,400 to Creek Company for $6,800 under credit terms of 2/10, n/60, Fos whipping point,
invoice dated Jaly 31.
Purchased merchandise from Boden Company for $6,600 under credit terms of 2/15,n/30,FOB
shipping point, invoice dated July 1 . Note: Enter debits before credits..
exam ch 7.pdf
The document records transactions for Lowry Company and Goren Company. For Lowry, transactions include sales on account, cash receipts, borrowing cash, issuing credits. For Goren, transactions include purchases on account, cash payments, returns. The exercises ask to record transactions in appropriate journals, identify journal posting rules, and determine account balances.
exam ch 7.doc
Lowry Company and Goren Company recorded various sales, purchases, cash receipts, and payments transactions in their journals. Lowry recorded sales on account, cash receipts, borrowing cash, issuing credits, and receiving payments in its sales journal, cash receipts journal, and general journal. Goren recorded purchases on account, cash payments, granting reductions, and purchasing supplies and equipment in its purchases journal, cash payments journal, and general journal.
mid-term revision 2022 2nd term.doc
The document provides information about inventory cost flow assumptions and calculations for Perkins Inc. for the month of October 2017. It asks the reader to calculate ending inventory, cost of goods sold, gross profit, and gross profit rate using LIFO, FIFO, and average costing methods. It also asks the reader to compare the results of the three methods and identify which method most closely approximates physical flow of inventory.
ch07.pdf
The document provides instructions for journalizing, posting, and preparing trial balances for multiple accounting transactions.
For problem 7-1C, the assistant is to journalize cash receipt transactions, post to accounts receivable subsidiary ledgers, and prove the control account balance.
For problem 7-2C, the assistant is to journalize cash payment transactions, post to accounts payable subsidiary ledgers, and prove the control account balance.
For problem 7-3C, the assistant is to journalize purchase and sale transactions using special journals, post to general and subsidiary ledgers, and prove account balances.
ch07 (1).pdf
The assistant summarizes the document by journalizing transactions in the purchases journal, cash payments journal, and general journal. Postings are made to the general and subsidiary ledgers. A trial balance is prepared which proves to the control accounts. Adjusting entries are prepared for supplies and depreciation expense, and an adjusted trial balance is presented.
ch 7 part 2.doc
The document provides examples of transactions that various companies completed during different months. These transactions include purchases and sales of merchandise and supplies, payments made and received, and other expenses. The examples are to be used to practice journalizing transactions in special journals (purchases journal, sales journal, cash receipts journal, cash payments journal) and the general journal, then posting to accounts in the general and subsidiary ledgers.
Recommended
Prepare journal entries to record the following merchandising transact.pdf
Prepare journal entries to record the following merchandising transactions of Cabela's, which
uses the perpetual inventory system and ihe gross method. July 1 Purchased merchandise from
Boden Company for $6 , 600 under credit terms of 2/15 , n /30 , FOB shipping point, invoice
dated July 1. July 2 Sold merchandise to Creek Company for $950 under credit terms of 2/10 ,
n/60, FOB shipping point, invoice dated July 2 . The merchandise had cost $550 . July 3 Paid
$100 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $1
, 900 for $2 , 300 cash. July 9 Purchased merchandise from Leight Company for $2 , 900 under
credit terms of 2/15, n /60 , FOB destination, invoice dated July 9. July 11 Returned $900 of
merchandise purchased on July 9 from Leight Company and debited its account payable for that
amount. July 12 Received the balance due from Creek Company for the invoice dated July 2 , net
of the discount. July 16 Paid the balance due to Boden Company within the discount period. July
19 Sold merchandise that cost $1 , 000 to Art Company for $1 , 500 under credit terms of 2/15, n
/60 , FOB shipping point, invoice dated July 19 July 21 Gave a price reduction (allowance) of
$250 to Art Company for merchandise sold on July 19 and credited Art's accounts receivable for
that amount. July 24 Paid Leight Company the balance due, net of discount. July 30 Received the
balance due from Art Company for the invoice dated July 19, net of discount. July 31 Sold
merchandise that cost $5 , 400 to Creek Company for $7 , 100 under credit terms of 2/10 , n /60 ,
F0B shipping point, invoice dated July 31..
Prepare journal entries to record the following merchandising tra.pdf
Prepare journal entries to record the following merchandising transactions of Cabela's, which
uses the perpetual inveritory system and the gross method. July 1 Turchased merchandise from
Boden Company for $6,600 under eredit terms of 2/15, n/30, Fos shipping point, invoice dated
July 1. July 2 sold serchandise to Creek Company for $950 under eredit terns of 2/10, n/60, ros
shipping point, involee dated July 2. The merehandise had cost \$550. July 3 paid $115 eash for
freight charges on the purchase of July 1. July 8 sold nerchandise that had cost $1,900 for $2,300
cash. July 9 purchased nerebasdile from teight Conpany for $2,700 under credit terns of 2/15,
n/60, Fos destination, invoice dated Jaly 9 . July 11 Returned $700 of merchandise purchased on
July 9 from Leight Company and deblted fts account payable for that anount. July 12 Recelved
the balance due fron Creek Company for tho invoice dated Jaly 2, net of the discoust. July 16
paid the balance due to Boden Company within the discount period. July 19 sold morehandise
that cost $1,000 to Art company for $1,500 under credit terms of 2/15,n/60, Fos shipping point,
involce dated July 19. July 21 Cave a price reduction (allowance) of $250 to art Conpany for
merchandise sold on July 19 and eredited Art's accounts receivable for that amount. July 24 faid
Leight Coepany the balance due, net of discount. July 30 Received the balance due froe Art
Company for the involee dated July 19 , net of discount. July 31 sold merchandise that cost
$5,400 to Creek Company for $6,800 under credit terms of 2/10, n/60, Fos whipping point,
invoice dated Jaly 31.
Purchased merchandise from Boden Company for $6,600 under credit terms of 2/15,n/30,FOB
shipping point, invoice dated July 1 . Note: Enter debits before credits..
exam ch 7.pdf
The document records transactions for Lowry Company and Goren Company. For Lowry, transactions include sales on account, cash receipts, borrowing cash, issuing credits. For Goren, transactions include purchases on account, cash payments, returns. The exercises ask to record transactions in appropriate journals, identify journal posting rules, and determine account balances.
exam ch 7.doc
Lowry Company and Goren Company recorded various sales, purchases, cash receipts, and payments transactions in their journals. Lowry recorded sales on account, cash receipts, borrowing cash, issuing credits, and receiving payments in its sales journal, cash receipts journal, and general journal. Goren recorded purchases on account, cash payments, granting reductions, and purchasing supplies and equipment in its purchases journal, cash payments journal, and general journal.
mid-term revision 2022 2nd term.doc
The document provides information about inventory cost flow assumptions and calculations for Perkins Inc. for the month of October 2017. It asks the reader to calculate ending inventory, cost of goods sold, gross profit, and gross profit rate using LIFO, FIFO, and average costing methods. It also asks the reader to compare the results of the three methods and identify which method most closely approximates physical flow of inventory.
ch07.pdf
The document provides instructions for journalizing, posting, and preparing trial balances for multiple accounting transactions.
For problem 7-1C, the assistant is to journalize cash receipt transactions, post to accounts receivable subsidiary ledgers, and prove the control account balance.
For problem 7-2C, the assistant is to journalize cash payment transactions, post to accounts payable subsidiary ledgers, and prove the control account balance.
For problem 7-3C, the assistant is to journalize purchase and sale transactions using special journals, post to general and subsidiary ledgers, and prove account balances.
ch07 (1).pdf
The assistant summarizes the document by journalizing transactions in the purchases journal, cash payments journal, and general journal. Postings are made to the general and subsidiary ledgers. A trial balance is prepared which proves to the control accounts. Adjusting entries are prepared for supplies and depreciation expense, and an adjusted trial balance is presented.
ch 7 part 2.doc
The document provides examples of transactions that various companies completed during different months. These transactions include purchases and sales of merchandise and supplies, payments made and received, and other expenses. The examples are to be used to practice journalizing transactions in special journals (purchases journal, sales journal, cash receipts journal, cash payments journal) and the general journal, then posting to accounts in the general and subsidiary ledgers.
ch 7 part 2.pdf
The document provides examples of transactions that are to be recorded in special journals (purchases journal, sales journal, cash receipts journal, cash payments journal) and a general journal. It includes instructions to journalize the transactions in the appropriate journals, and then post the journal entries to ledger accounts. Several examples are given of companies and their journal entries for purchases, sales, cash receipts and payments over different time periods.
Merchandising Activities
(follow my slide share LinkedIn account for more presentation)
http://www.slideshare.net/unaib763
and LinkedIn account
Ch05
- Torentino Book Warehouse had various book purchase and sale transactions throughout June under a perpetual inventory system. Transactions included purchases of books from publishers on account, sales of books to retailers on account, returns of books to publishers, payments to publishers, and receipts of payments from retailers.
- Tool Time Hardware Store had various merchandise purchase and sale transactions throughout May. Transactions included purchases and sales of merchandise on account and for cash, returns and allowances, payments to suppliers, and the purchase of supplies.
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The Town of Bedford Falls approved a General Fund operating budget for.docx
The Town of Bedford Falls approved a General Fund operating budget for the fiscal year beginning on July 1. The budget provides for estimated revenues of $2 , 746 , 000 as follows: property taxes, $1 , 916 , 000 ; licenses and permits, $360 , 000 ; fines and forfeits, $260 , 000 ; and intergovernmental (state grants), \$210,000. The budget approved appropriations of $2 , 694 , 000 as follows: General Government, \$510,000; Public Safety, \$1,620,000; Public Works, $360 , 000 : Culture and Recreation, $152 , 000 ; and Miscellaneous, $52 , 000 Required a. \& b. Prepare the journal entry (or entries), to record the Town of Bedford Falls's General Fund operating budget on July 1, the beginning of the Town's fiscal year and also record the following transactions that occurred during the month of July. Also show entries in the subsidiary ledger accounts, to record the Town of Bedford Falls's General Fund operating budget on July 1, the beginning of the Town's fiscal year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fieid.) 1. Revenues were collected in cash amounting to $33 , 000 for licenses and permits and $13 , 000 for fines and forfeits. 2. Supplies were ordered by the following functions in early July at the estimated costs shown: 3. During July, supplies were received at the actual costs shown below and were paid in cash. General Government, Culture and Recreation, and Miscellaneous received all supplies ordered. Public Safety and Public Works received part of the supplies ordered eariler in the month at estimated costs of $10 , 900 and $6 , 100 , respectively. Journal entry worksheet 5 Record the Town of Bedford Falls's General Fund operating budget on July 1 , the beginning of the Town's fiscal year. Note: Enter debits before credits. Journal entry worksheet 5 Revenues were collected in cash amounting to $33 , 000 for licenses and permits and $13 , 000 for fines and forfeits. Note: Enter debits before credits. Journal entry worksheet < 1 5 Record the issuance of the purchase orders and contracts. Note: Enter debits before credits. Journal entry worksheet 1 Record the reversal of the purchase orders. Note: Enter debits before credits. 1 Record the cash paid for expenses. Note: Enter debits before credits. TOWN OF BEDFORD FALLS Revenues Ledger TOWN OF BEDFORD FALLS Appropriations, Expenditures, and Encumbrances Ledger Supplies received Public Safety Appropriations Order of Supplies Supplies received Public Works Appropriations Order of Supplies Supplies received Culture and Recreation Appropriations Order of Supplies Supplies received Miscellaneous Appropriations Order of Supplies Supplies received c. Calculate the amount of budgeted but unrealized revenues in total and from each source as of July 31 . (Input all amounts as positive values.) d. Calculate the amount of avallable appropriation in total and for each function as of July 31 (input all amounts as positive values.)
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The document describes two accounting problems involving transactions between companies and preparing bank reconciliations. Problem 1 involves four transactions between Frank Company and Johnson Company in June, including a sale on account, return of merchandise, payment of the purchase less discount and return, and transportation costs. Problem 2 provides reconciling items for Leisure Systems' cash account such as outstanding checks, deposits, bank charges, and errors in check amounts recorded by the bank and company. The instructions are to illustrate the effects of the transactions on the companies' balance sheets for Problem 1 and prepare the bank reconciliation and illustrate its effects for Problem 2.
Multiple-choice questions. Select the best one that answers th.docx
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Chapter 1
1. Angelo uses the equity method to account for its investment in Fischer on January 1. On the date of acquisition, Fischer’s land and buildings were undervalued on its balance sheet. During the year following the acquisition, how do these excesses of fair values over book values affect Angelo's Equity Income from Fischer?
a. Building, Decrease; Land, No Effect
b. Building, Decrease; Land, Decrease
c. Building, Increase; Land, Increase
d. Building, Increase; Land, No Effect
2. On January 2, 2020, Campbell, Inc. purchased a 20% interest in Renner Corp. for $2,000,000 cash. During 2020, Renner's net income was $2,500,000 and it paid dividends of $750,000.
Equity Investment balance should Campbell report at December 31, 2020?
a. $2,500,000
b. $ 500,000
c. $2,350,000
d. $2,150,000
3. On December 31, 2020, Park Inc. paid $500,000 for all of the common stock of Smith Corp. On that date, Smith had assets and liabilities with book values of $400,000 and $100,000; and fair values of $450,000 and $125,000, respectively.
What amount of goodwill will be reported on the December 31, 2020 balance sheet?
a. $ 50,000
b. $100,000
c. $200,000
d. $175,000
4. Francis, Inc. acquired 40% of Park's voting stock on January 1, 2020 for $420,000. During 2020, Park earned $120,000 and paid dividends of $60,000. During 2021, Park earned $160,000 and paid dividends of $50,000 on April 1 and $40,000 on December 1. On July 1, 2021, Francis sold half of its stock in Park for $275,000 cash.
The Equity Investment balance at December 31, 2020 is:
a. $420,000
b. $444,000
c. $408,000
d. $492,000
5. On January 1, 2020, Cracker Co. purchased 40% of Dallas Corp.'s common stock at book value of net assets. The balance in Cracker's Equity Investment account was $820,000 at December 31, 2020. Dallas reported net income of $500,000 for the year ended December 31, 2020, and paid dividends totaling $150,000 during 2020.
How much did Cracker pay for its 40% interest in Dallas?
a. $680,000
b. $500,000
c. $560,000
d. $760,000
Chapter 2
The following three Questions are based on the following set of facts.
Lucky’s Company acquires Waterview, Inc., by issuing 40,000 shares of $1 par common stock with a market price of $25 per share on the acquisition date and paying $125,000 cash. The assets and liabilities on Waterview’s balance sheet were valued at fair values except equipment that was undervalued by $300,000. There was also an unrecorded patent valued at $40,000, as well as an unrecorded trademark valued at $75,000. In addition, the agreement provided for additional consideration, valued at $60,000, if certain earnings targets were met.
The pre-acquisition balance she ...
At the beginning of 2012, the Jeater company had the following balan.docx
At the beginning of 2012, the Jeater company had the following balances in its accounts: During 2012, the company experienced the following events.
1. Purchased inventory that cost $2,000 on account from Blue Company under terms 1/10, n/30. The merchandise was delivered FOB shipping point. Freight cost of $110 were paid in cash.
2. Returned $200 of the inventory that it had purchased because the inventory was damaged in transit. The freight company agreed to pay the return freight cost.
3. Paid the amount due on its account payable to Blue Company within the cash discount period.
4. Sold inventory that had cost $3,000 for $5,500 on account, under terms 2/10, n/45
5. Recieved merchandise returned from a customer. The merchandise orignally cost $400. and was sold to the customer for $710 cash during the previous accounting period. The customer was paid $710 cash for the returned merchandise/
6. Delivered goos FOB destination in event 4. Freight cost of $60 were paid in cash.
7. Collected the amount due on the account receivable within the discount period.
8. Took a physical count indicating that $7,970 of inventory was on hand at te end of the accounting period.
REQUIRED
a.Indentify these events as assets source (AS), asset use (AU), Asset exchange (AE), or claims exchange (CE)
b.Record each event in a statements model like the following.
C. Prepare an income statement, a statement of change in stockholders' equity, a balance sheet, and a statemet of cash flows.
.
NameCourseDate.docx
Name:
Course:
Date:
Problem P5-1A, Journalize purchase and sales transactions under a perpetual inventory system.
Financial Accounting
, 8
th
Edition by Weygandt, Kieso, and Kimmel
Primer on Using Microsoft Excel in Accounting
by Rex A Schildhouse
This challenge has been modified to a units presentation.
Problem P5-1A,
Ready-Set-Go Co. distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of
its customers. At the end of June, Ready-Set-Go’s inventory consisted of
120
suitcases purchased at
$10.00
each. During the month of July the following merchandising transactions occurred.
Jul 1
Purchased
150
suitcases on account for
$10.00
each from Trunk Manufacturers, FOB
destination, terms 2/10, n/30. The appropriate party also made a cash payment of
$100.00
for
freight on this date.
Jul 3
Sold
110
suitcases on account to Satchel World for
$20.00
each. The cost of suitcases
sold is
$1,400.00
Jul 9
Paid Trunk Manufacturers in full.
Jul 12
Received payment in full from Satchel World.
Jul 17
Sold
70
suitcases on account to Lady GoGo for
$20.00
each. The cost of
suitcases sold is
$1,010.00
Jul 18
Purchased
190
suitcases on account for
$1,900.00
from Holiday Manufacturers, FOB
shipping point, terms 1/10, n/30. The appropriate party also made a cash payment of
$125.00
for freight on this date.
Jul 20
Received
$300.00
credit (including freight) for
30
suitcases returned to Holiday
Manufacturers.
Jul 21
Received payment in full from Lady GoGo.
Jul 22
Sold
90
suitcases on account to Vagabond for
$25.00
each. The cost of suitcases
sold is
$1,350.00
Jul 30
Paid Holiday Manufacturers in full.
Jul 31
Granted Vagabond
$200.00
credit for
8
suitcases returned costing
$120.00
Sansomite's chart of accounts includes the following:
Acct Nbr
Account title:
Acct Nbr
Account title:
101
Cash
401
Sales Revenue
112
Accounts Receivable
412
Sales Returns and Allowances
120
Inventory
414
Sales Discounts
201
Accounts Payable
505
Cost of Goods Sold
Instructions:
Journalize the transactions for the month of July for Ready-Set-Go using a perpetual inventory system.
Date
Account titles and explanations
Ref
Debit
Credit
Jul 1
Account title
Amount
Account title
Amount
Text
3
Account title
Amount
Account title
Amount
Text
Account title
Amount
Account title
Amount
Text
9
Account title
Amount
Account title
Amount
Account title
Amount
Text
12
Account title
Amount
Account title
Amount
Account title
Amount
Text
17
Account title
Amount
Account title
Amount
Text
Account title
Amount
Account title
Amount
T.
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ch 7 part 2.pdf
The document provides examples of transactions that are to be recorded in special journals (purchases journal, sales journal, cash receipts journal, cash payments journal) and a general journal. It includes instructions to journalize the transactions in the appropriate journals, and then post the journal entries to ledger accounts. Several examples are given of companies and their journal entries for purchases, sales, cash receipts and payments over different time periods.
Merchandising Activities
(follow my slide share LinkedIn account for more presentation)
http://www.slideshare.net/unaib763
and LinkedIn account
Ch05
- Torentino Book Warehouse had various book purchase and sale transactions throughout June under a perpetual inventory system. Transactions included purchases of books from publishers on account, sales of books to retailers on account, returns of books to publishers, payments to publishers, and receipts of payments from retailers.
- Tool Time Hardware Store had various merchandise purchase and sale transactions throughout May. Transactions included purchases and sales of merchandise on account and for cash, returns and allowances, payments to suppliers, and the purchase of supplies.
- Duff Department Store's trial balance at the end of November showed various expense, revenue, asset and liability accounts. Adjusting entries were needed for depreciation, prepaid insurance, and sales commissions. Closing
The Town of Bedford Falls approved a General Fund operating budget for.docx
The Town of Bedford Falls approved a General Fund operating budget for the fiscal year beginning on July 1. The budget provides for estimated revenues of $2 , 746 , 000 as follows: property taxes, $1 , 916 , 000 ; licenses and permits, $360 , 000 ; fines and forfeits, $260 , 000 ; and intergovernmental (state grants), \$210,000. The budget approved appropriations of $2 , 694 , 000 as follows: General Government, \$510,000; Public Safety, \$1,620,000; Public Works, $360 , 000 : Culture and Recreation, $152 , 000 ; and Miscellaneous, $52 , 000 Required a. \& b. Prepare the journal entry (or entries), to record the Town of Bedford Falls's General Fund operating budget on July 1, the beginning of the Town's fiscal year and also record the following transactions that occurred during the month of July. Also show entries in the subsidiary ledger accounts, to record the Town of Bedford Falls's General Fund operating budget on July 1, the beginning of the Town's fiscal year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fieid.) 1. Revenues were collected in cash amounting to $33 , 000 for licenses and permits and $13 , 000 for fines and forfeits. 2. Supplies were ordered by the following functions in early July at the estimated costs shown: 3. During July, supplies were received at the actual costs shown below and were paid in cash. General Government, Culture and Recreation, and Miscellaneous received all supplies ordered. Public Safety and Public Works received part of the supplies ordered eariler in the month at estimated costs of $10 , 900 and $6 , 100 , respectively. Journal entry worksheet 5 Record the Town of Bedford Falls's General Fund operating budget on July 1 , the beginning of the Town's fiscal year. Note: Enter debits before credits. Journal entry worksheet 5 Revenues were collected in cash amounting to $33 , 000 for licenses and permits and $13 , 000 for fines and forfeits. Note: Enter debits before credits. Journal entry worksheet < 1 5 Record the issuance of the purchase orders and contracts. Note: Enter debits before credits. Journal entry worksheet 1 Record the reversal of the purchase orders. Note: Enter debits before credits. 1 Record the cash paid for expenses. Note: Enter debits before credits. TOWN OF BEDFORD FALLS Revenues Ledger TOWN OF BEDFORD FALLS Appropriations, Expenditures, and Encumbrances Ledger Supplies received Public Safety Appropriations Order of Supplies Supplies received Public Works Appropriations Order of Supplies Supplies received Culture and Recreation Appropriations Order of Supplies Supplies received Miscellaneous Appropriations Order of Supplies Supplies received c. Calculate the amount of budgeted but unrealized revenues in total and from each source as of July 31 . (Input all amounts as positive values.) d. Calculate the amount of avallable appropriation in total and for each function as of July 31 (input all amounts as positive values.)
.
Assignment #2 problem #1the following selected transactio
The document describes two accounting problems involving transactions between companies and preparing bank reconciliations. Problem 1 involves four transactions between Frank Company and Johnson Company in June, including a sale on account, return of merchandise, payment of the purchase less discount and return, and transportation costs. Problem 2 provides reconciling items for Leisure Systems' cash account such as outstanding checks, deposits, bank charges, and errors in check amounts recorded by the bank and company. The instructions are to illustrate the effects of the transactions on the companies' balance sheets for Problem 1 and prepare the bank reconciliation and illustrate its effects for Problem 2.
Multiple-choice questions. Select the best one that answers th.docx
Multiple-choice questions. Select the best one that answers the question. Show your procedure and calculations. Partial credits will be given if you procedure is correct, but answers are not. Each question is 3 points. Total: 78 points.
Chapter 1
1. Angelo uses the equity method to account for its investment in Fischer on January 1. On the date of acquisition, Fischer’s land and buildings were undervalued on its balance sheet. During the year following the acquisition, how do these excesses of fair values over book values affect Angelo's Equity Income from Fischer?
a. Building, Decrease; Land, No Effect
b. Building, Decrease; Land, Decrease
c. Building, Increase; Land, Increase
d. Building, Increase; Land, No Effect
2. On January 2, 2020, Campbell, Inc. purchased a 20% interest in Renner Corp. for $2,000,000 cash. During 2020, Renner's net income was $2,500,000 and it paid dividends of $750,000.
Equity Investment balance should Campbell report at December 31, 2020?
a. $2,500,000
b. $ 500,000
c. $2,350,000
d. $2,150,000
3. On December 31, 2020, Park Inc. paid $500,000 for all of the common stock of Smith Corp. On that date, Smith had assets and liabilities with book values of $400,000 and $100,000; and fair values of $450,000 and $125,000, respectively.
What amount of goodwill will be reported on the December 31, 2020 balance sheet?
a. $ 50,000
b. $100,000
c. $200,000
d. $175,000
4. Francis, Inc. acquired 40% of Park's voting stock on January 1, 2020 for $420,000. During 2020, Park earned $120,000 and paid dividends of $60,000. During 2021, Park earned $160,000 and paid dividends of $50,000 on April 1 and $40,000 on December 1. On July 1, 2021, Francis sold half of its stock in Park for $275,000 cash.
The Equity Investment balance at December 31, 2020 is:
a. $420,000
b. $444,000
c. $408,000
d. $492,000
5. On January 1, 2020, Cracker Co. purchased 40% of Dallas Corp.'s common stock at book value of net assets. The balance in Cracker's Equity Investment account was $820,000 at December 31, 2020. Dallas reported net income of $500,000 for the year ended December 31, 2020, and paid dividends totaling $150,000 during 2020.
How much did Cracker pay for its 40% interest in Dallas?
a. $680,000
b. $500,000
c. $560,000
d. $760,000
Chapter 2
The following three Questions are based on the following set of facts.
Lucky’s Company acquires Waterview, Inc., by issuing 40,000 shares of $1 par common stock with a market price of $25 per share on the acquisition date and paying $125,000 cash. The assets and liabilities on Waterview’s balance sheet were valued at fair values except equipment that was undervalued by $300,000. There was also an unrecorded patent valued at $40,000, as well as an unrecorded trademark valued at $75,000. In addition, the agreement provided for additional consideration, valued at $60,000, if certain earnings targets were met.
The pre-acquisition balance she ...
At the beginning of 2012, the Jeater company had the following balan.docx
At the beginning of 2012, the Jeater company had the following balances in its accounts: During 2012, the company experienced the following events.
1. Purchased inventory that cost $2,000 on account from Blue Company under terms 1/10, n/30. The merchandise was delivered FOB shipping point. Freight cost of $110 were paid in cash.
2. Returned $200 of the inventory that it had purchased because the inventory was damaged in transit. The freight company agreed to pay the return freight cost.
3. Paid the amount due on its account payable to Blue Company within the cash discount period.
4. Sold inventory that had cost $3,000 for $5,500 on account, under terms 2/10, n/45
5. Recieved merchandise returned from a customer. The merchandise orignally cost $400. and was sold to the customer for $710 cash during the previous accounting period. The customer was paid $710 cash for the returned merchandise/
6. Delivered goos FOB destination in event 4. Freight cost of $60 were paid in cash.
7. Collected the amount due on the account receivable within the discount period.
8. Took a physical count indicating that $7,970 of inventory was on hand at te end of the accounting period.
REQUIRED
a.Indentify these events as assets source (AS), asset use (AU), Asset exchange (AE), or claims exchange (CE)
b.Record each event in a statements model like the following.
C. Prepare an income statement, a statement of change in stockholders' equity, a balance sheet, and a statemet of cash flows.
.
NameCourseDate.docx
Name:
Course:
Date:
Problem P5-1A, Journalize purchase and sales transactions under a perpetual inventory system.
Financial Accounting
, 8
th
Edition by Weygandt, Kieso, and Kimmel
Primer on Using Microsoft Excel in Accounting
by Rex A Schildhouse
This challenge has been modified to a units presentation.
Problem P5-1A,
Ready-Set-Go Co. distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of
its customers. At the end of June, Ready-Set-Go’s inventory consisted of
120
suitcases purchased at
$10.00
each. During the month of July the following merchandising transactions occurred.
Jul 1
Purchased
150
suitcases on account for
$10.00
each from Trunk Manufacturers, FOB
destination, terms 2/10, n/30. The appropriate party also made a cash payment of
$100.00
for
freight on this date.
Jul 3
Sold
110
suitcases on account to Satchel World for
$20.00
each. The cost of suitcases
sold is
$1,400.00
Jul 9
Paid Trunk Manufacturers in full.
Jul 12
Received payment in full from Satchel World.
Jul 17
Sold
70
suitcases on account to Lady GoGo for
$20.00
each. The cost of
suitcases sold is
$1,010.00
Jul 18
Purchased
190
suitcases on account for
$1,900.00
from Holiday Manufacturers, FOB
shipping point, terms 1/10, n/30. The appropriate party also made a cash payment of
$125.00
for freight on this date.
Jul 20
Received
$300.00
credit (including freight) for
30
suitcases returned to Holiday
Manufacturers.
Jul 21
Received payment in full from Lady GoGo.
Jul 22
Sold
90
suitcases on account to Vagabond for
$25.00
each. The cost of suitcases
sold is
$1,350.00
Jul 30
Paid Holiday Manufacturers in full.
Jul 31
Granted Vagabond
$200.00
credit for
8
suitcases returned costing
$120.00
Sansomite's chart of accounts includes the following:
Acct Nbr
Account title:
Acct Nbr
Account title:
101
Cash
401
Sales Revenue
112
Accounts Receivable
412
Sales Returns and Allowances
120
Inventory
414
Sales Discounts
201
Accounts Payable
505
Cost of Goods Sold
Instructions:
Journalize the transactions for the month of July for Ready-Set-Go using a perpetual inventory system.
Date
Account titles and explanations
Ref
Debit
Credit
Jul 1
Account title
Amount
Account title
Amount
Text
3
Account title
Amount
Account title
Amount
Text
Account title
Amount
Account title
Amount
Text
9
Account title
Amount
Account title
Amount
Account title
Amount
Text
12
Account title
Amount
Account title
Amount
Account title
Amount
Text
17
Account title
Amount
Account title
Amount
Text
Account title
Amount
Account title
Amount
T.
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SET A Prepare journal entries to record the following merchandising t.pdf
- 1. SET A Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual ieventory system and the gross method. Wint: It will belp to identify each receivable and pay: able; for example, record the purchave on Jaly 1 in Accounts Payable- Boden. Jaly 1 Parchased merchandise from Boden Company for $6,000 under credit terms of 1/15,0/30, FOB shipping point, imvice dated Jaly 1. 2. Sold merchandise to Crek Co. for $900 under credit terms of 2/10,0/60. FOB shipping poist. invoice dated Jaly 2 . The merchandise had cost $500. 3 Paid $125 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,300 for $1,700cash. 9 Purchased merchandise from Leight Co, for $2,200 under credit terms of 2/15,n/60,FOB destination, invoice dated Jaly 9. 11 Retarned $200 of merchandise porchased on July 9 from Leight Co. and debited its account Dis can. payable for that amouns. 12 Received the balance due from Creek Co, for the invoice dated July 2, net of the discount. $2040 16 Paid the balance dee to Bodes Company within the discount period. 19. Sold merchandise that cost $800 to Art Co. for $1,200 undor credit termis of 2/15,D/60, FOB shipping poiat, imvice dated Jely 19. 21 Gave a price reduction (allowanco) of $100 to Art Co. for merchandise sold on July 19 and crodited Art's accoonts receivable for that amount. 24 Paid Leight Co the balance due, net of discosan. 30 Received the balance due from Art Co. for the invoice dated July 19, net of discount. 31 Sold merchandise that cost $4,800 to Creek Co, for $7,000 under credat terms of 2/10, n/60, FOB shipping point, invoice dated Jaly 31.