Ch 5 and 6 Procopy Practice

pdf

School

University of South Florida *

*We aren’t endorsed by this school

Course

2021

Subject

Accounting

Date

Jun 14, 2024

Type

pdf

Pages

Uploaded by PrivatePowerSeal65

A AAAAAAAA AR R R 2R 2 R R R 2RI ACG 2021 Jennifer Cainas Review of Periodic and Perpetual Journal Entries Prepare the necessary journal entries: Part 1: (perpetual) Wendy’s Wedding Dresses purchased 5 wedding dresses from her supplier on credit, for a cost of $1,500, terms 3/15, n./30. She uses a perpetual inventory system. Wendy noticed one of the dresses had a stain, and returned it to the supplier. The cost of the dress was $250. Wendy paid $100 in shipping to have to dresses shipped into the store. Wendy pays the supplier the amount owed, within the discount period. Wendy sells a wedding dress to a customer (for cash) for $1,200. The cost of the dress was $300. 34

ifer Ca ACG 2021 Jennifer Cainas nts it shipped to West Palm Beach, for $2,000. The customer Wendy sells a dress to a customer that wa ” fee was charged by the credit card company. The uses a Visa Card to pay for the transaction, and a 2% cost of the dress was $550. o the store, because she called of the engagement. The and the cost was $300. The customer was refunded the Wendy returned the dress to A customer of Wendy’s returned her dress t original sales price of the dress was $1,000, money in cash. Because the dress had not been altered or worn, inventory. Part 2 (periodic): Wendy’s Wedding Dresses purchased 5 wedding dresses from her supplier on credit, for a cost of $1,500, terms 3/15, n./30. She uses a periodic inventory system. Wendy noticed one of the dresses had a stain, and returned it to the supplier. The cost of the dress was $250. Wendy paid $100 in shipping to have to dresses shipped into the store. 35

2R R R R RAR A AR R A A A A AR A A Al Al Al A A A Al A Al Al A A A A ACG 2021 Jennifer Cainas Wendy pays the supplier the amount owed, within the discount period. Wendy sells a wedding dress to a customer (for cash) for $1,200. The cost of the dress was $300. Wendy sells a dress to a customer that wants it shipped to West Palm Beach, for $2,000. The customer uses a Visa Card to pay for the transaction, and a 2% fee was charged by the credit card company. The cost of the dress was $550. A customer of Wendy’s returned her dress to the store, because she called of the engagement. The original sales price of the dress was $1,000, and the cost was $300. The customer was refunded the money in cash. Because the dress had not been altered or worn, Wendy returned the dress to inventory. 36

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

ACG 2021 Jennifer Cainas Review Problem for Chapter 6 The following inventory information was available for Hallmark Company on 3/31/09. Beginning Inventory: ~ March 1* 200 units at $4.00 each Purchases for the month: March 10%" 500 units at $4.50 each March 20" 400 units at $4.75 each March 30" 300 units at $5.00 each Sales were as follows: March 15: 500 units March 25: 400 units 1. Under a periodic inventory system, compute the ending inventory balances and cost of goods sold under FIFO, LIFO, and Weighted Average. 2. Under a perpetual inventory system, compute ending inventory balances and COGS under LIFO and Weighted Average methods. 40