total 2= 30 NORTHERN VIRGINIA COMMUNITY COLLEGE Business and Social Science Division Woodbridge Campus Principles of Accounting I Take home (Chapters 4 - 6) Professor Dr. Mark DAntonio NAME: _____________________ Answer all parts of all questions. Show calculations where appropriate. 1. You keep the accounting records for a small merchandising corporation which operates on a fiscal year that ends on December 31. Using the separate general journal form provided, journalize the selected business transactions given below. You may omit the explanations for your entries. (40 points) 2005 Dec. 2 Purchased $6,000 worth of merchandise on credit from Buy-Right Corp. Their invoice #a210 includes sales terms of 1/10, n/30, FOB shipping point. 3 Paid Express Shipping Company $150 for the delivery of the merchandise you purchased from Buy-Right Corp. on Dec. 2. 4 Sold $10,000 worth of merchandise on credit to Best Supply Co. on Invoice #2256, terms 2/10, n/30, FOB shipping point. The merchandise cost $7,000. (Remember you need to do 2 entries here!) 5 You discovered that some of the merchandise you purchased from Buy-Right Corp. on Dec. 2 was defective and had to be sent back. You returned $1,000 worth of merchandise. 14 Received a check from Best Supply Co. for the merchandise you had sold to them on Dec. 4, less their applicable discount. Note: Print neatly and Skip a line between your entries Date Accounts Debit Credit 40 Points (Show work and circle the answer for each question) Angel Inc. currently (on 1/1/2015) has 300,000 tons of gravel in their inventory (the balance sheet shows this is worth $300,000). On 1/10/2015 they make a gravel purchase: 200,000 at $1.50 per ton. On 1/18/2015 they make a gravel purchase: 200,000 at $2.00 per ton. On 1/23/2015 they make a gravel purchase: 200,000 at $2.50 per ton. On January 25th of 2015 they sell 650,000 tons of mulch to George Mason University for $4.50 per ton. 1) Calculate the Revenue = __________ 2) Fill out the inventory table below Date  Tons $ Paid/ton  $ Amount Total tons of $ Value Average Purchased Purchased Inventory inventory Per Ton Start 1/1/2015 n/a n/a n/a Buy Buy Buy 3) What is the COGS using FIFO = 4) What is the REMAINING INVENTORY AMOUNT using FIFO = 5) What is the COGS using LIFO = 6) What is the REMAINING INVENTORY AMOUNT Using LIFO = 7) What is the COGS using Weighted Average = 8) What is the REMAINING INVENTORY AMOUNT using Weighted average = The following information was available to reconcile Chisholm Company's book balance of cash with its bank statement balance as ...

1. total 2= 30
NORTHERN VIRGINIA COMMUNITY COLLEGE
Business and Social Science Division
Woodbridge Campus
Principles of Accounting I Take home (Chapters 4 - 6)
Professor Dr. Mark DAntonio
NAME: _____________________
Answer all parts of all questions. Show calculations where
appropriate.
1. You keep the accounting records for a small merchandising
corporation which operates on a fiscal year that ends on
December 31. Using the separate general journal form
provided, journalize the selected business transactions given
below. You may omit the explanations for your entries. (40
points)
2005
Dec. 2 Purchased $6,000 worth of merchandise on credit
from Buy-Right Corp. Their invoice #a210
includes sales terms of 1/10, n/30, FOB shipping
point.
3 Paid Express Shipping Company $150 for the delivery
of the merchandise you purchased from Buy-Right
Corp. on Dec. 2.
4 Sold $10,000 worth of merchandise on credit to
Best Supply Co. on Invoice #2256, terms 2/10,

2. n/30, FOB shipping point. The merchandise cost
$7,000. (Remember you need to do 2 entries here!)
5 You discovered that some of the merchandise you
purchased from Buy-Right Corp. on Dec. 2 was
defective and had to be sent back. You returned
$1,000 worth of merchandise.
14 Received a check from Best Supply Co. for the
merchandise you had sold to them on Dec. 4, less
their applicable discount.
Note: Print neatly and Skip a line between your entries
Date
Accounts
Debit
Credit

7. 40 Points (Show work and circle the answer for each question)
Angel Inc. currently (on 1/1/2015) has 300,000 tons of gravel in
their inventory (the balance sheet shows this is worth
$300,000). On 1/10/2015 they make a gravel purchase: 200,000
at $1.50 per ton. On 1/18/2015 they make a gravel purchase:
200,000 at $2.00 per ton. On 1/23/2015 they make a gravel
purchase: 200,000 at $2.50 per ton.
On January 25th of 2015 they sell 650,000 tons of mulch to
George Mason University for $4.50 per ton.
1) Calculate the Revenue = __________
2) Fill out the inventory table below
Date
Tons
$ Paid/ton

8. $ Amount
Total tons of
$ Value
Average
Purchased
Purchased
Inventory
inventory
Per Ton
Start
1/1/2015
n/a
n/a
n/a
Buy
Buy

9. Buy
3) What is the COGS using FIFO =
4) What is the REMAINING INVENTORY AMOUNT using

10. FIFO =
5) What is the COGS using LIFO =
6) What is the REMAINING INVENTORY AMOUNT Using
LIFO =
7) What is the COGS using Weighted Average =

11. 8) What is the REMAINING INVENTORY AMOUNT using
Weighted average =
The following information was available to reconcile Chisholm
Company's book balance of cash with its bank statement balance
as of December 31, 2010:
a. After all posting was completed on December 31, the
company's Cash account had a $9,675 debit balance, but
its bank statement showed a $9,000 balance.
b. Check No. 409 for $1,125 was outstanding.
c. In comparing the canceled checks returned with the
bank statement with the entries in the accounting
records, it was found that Check No. 437 for the
purchase of office supplies was correctly drawn for
$419 but was erroneously entered in the accounting
records as though it were for $491.

12. d. A debit memo for $455 listed a $440 NSF check plus a
$15 NSF charge. The check had been received from
Wayne Johnson as payment on his account and was
returned and uncollectible.
e. Also enclosed with the statement was a $25 debit memo
for bank services. It had not been recorded because no
previous notification had been received.
f. The December 31 cash receipts, $1,392, were placed in
the bank's night depository after banking hours on
that date and this amount did not appear on the bank
statement.
Required:
A. Prepare a bank reconciliation for the company as of
December 31, 2010. Be sure to label all numbers and clearly
indicate whether you are adding or subtracting. (15 points)
Chisolm Co.
Bank Reconciliation
December 31, 2010
Bank statement balance

13. Chisholm accounting balance

15. B. Prepare one (1) general journal entry necessary as a result
of the bank reconciliation. You may omit the explanation. (5
points)
Date
Debit
Credit

16. 1