ASSIGMENTS 1-4 Nguyen Hoang Long

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Apr 3, 2024

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ACCOUNTING 1110-009 Fall 2021 ASSIGNMENTS Instructor: George Robertson Student: Nguyen Hoang Long (Leo) Student Number: 3003247990 1

ASSIGNMENT STANDARDS 1. Please prepare your paper in a professional manner, with a proper title page including (at a minimum) course name, section number, date, assignment number , student number and student name(s). 2. Although is it not required, I would encourage you to prepare your assignments in Word or Excel. It will make the paper more visually pleasing and more professional looking. However, hand- written assignments, in pencil, are fine, as long as I can read them! NOTE THAT JOURNAL ENTRIES AND FINANCIAL STATEMENTS PRODUCED BY AN ACCOUNTING SOFTWARE PROGRAM ARE NOT ACCEPTABLE 3. If you do not use a computer, YOU MUST PREPARE JOURNAL ENTRIES ON COLUMNAR ACCOUNTING PAPER. I will not accept journal entries and/or financial statements written on loose-leaf paper, graph paper, etc. 4. Proper English usage is expected on all assignments. Marks will be deducted for spelling and/or grammar errors. If you are using Word or Excel, DON'T FORGET TO USE SPELLCHECK! 5. Assignments are to be presented in a clear, well laid out manner. Messy assignments that are difficult to read and/or follow will be returned unmarked. 6. Incomplete assignments are not acceptable and will be returned unmarked. 7. Please STAPLE the sheets together. NO BINDER, COVERS OR PAPER CLIPS. 8. All assignments are to be handed in at the beginning of each class . 9. Late assignments will not be accepted. If you might be late for your online or in-person class, email the assignment earlier 10. I strongly recommend that you photocopy all assignments before submitting them OR save a copy. 11. Assignments are to be prepared independently. No group assignments or copying of assignment of other students is acceptable. Any copied assignments will get zero and details will be forwarded to the Dean’s Office for violation of the Douglas College Academic Integrity Policies. 2

ASSIGNMENT 1 CHAPTER 4 DUE November 11, 2021 QUESTION 1 Given the following adjusted account balances in random order, prepare the closing entries for Sheer Fabrics on June 30, 2021. Cash 35,000 Suzie Sheer, Capital 85,000 Accounts payable 33,000 Service revenue 84,000 Depreciation expense-building 12,000 Salary expense 29,000 Unearned service revenue 24,000 Prepaid rent 9,000 Supplies expense 6,000 Note payable 71,000 Land 65,000 Accounts receivable 32,000 Accum. depreciation-building 12,000 Interest revenue 14,000 Interest payable 3,000 Suzie Sheer, Withdrawals 20,000 Rent expense 15,000 Building 95,000 Supplies 4,000 Interest expense 4,000 General Journal Date 2021 Accounts Debit Credit June 30 Service revenue 84000 Income Summary 84000 to close revenue account and create the Income Summary account 30 Income Summary 66000 depreciation expense-building 12000 salary expense 29000 supplies expense 6000 rent expense 15000 interest expense 4000 to close expense account 30 income summary 18000 Suzie Sheer, Capital 18000 to close the income summary account and transfer net income to the Capital account 30 Suzie Sheer, Capital 20000 Suzie Sheer, Withdrawals 20000 to close the withdrawals account and transfer the 3

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withdrawals amount to the capital account 4

ASSIGNMENT 2 & 3 CHAPTER 5 & 6 DUE November 18, 2021 QUESTION 1 Kuhio Merchandising had the following transactions during May: May 5 Purchased $2,700 of merchandise on account, terms 3/15 n/60, FOB shipping point. 9 Paid transportation cost on the May 5 purchase, $250. 10 Returned $400 of defective merchandise purchased on May 5. 15 Paid for the May 5 purchase, less the return and the discount. Required: Assuming the perpetual inventory system is used, prepare the journal entries to record the above transactions. General Journal Date Accounts Debit Credit May 5 Inventory 2,700 Accounts Payable 2,700 May 9 Inventory 250 Cash 250 May 10 Accounts Payable 400 Inventory 400 May 15 Accounts Payable 2,300 Inventory 69 Cash 2,231 5

QUESTION 2 Following is a random list of some of the accounts and their balances on June 30, 2021, for Ohua Merchandising. Ohua uses a perpetual inventory system and all account balances are normal. OMIT EXPLANATIONS Inventory $ 67,000 P. Ohua, Capital 50,000 Sales revenue 470,000 Utilities expense 29,000 Interest revenue 28,000 Amortization expense 20,000 Salary expense 46,000 P Ohua, Withdrawals 25,000 Sales returns & allowances 30,000 Cost of goods sold 259,000 Interest expense 13,000 Accounts payable 56,000 Delivery expense 15,000 Accounts receivable 78,000 Sales discounts 25,000 Cash 29,000 Insurance expense 8,000 A physical count on June 30, 2021, reveals $65,000 of inventory on hand. a) Prepare the entry to adjust the inventory account on June 30, 2021. b) Prepare the closing entries on June 30, 2021. General Journal Date Accounts Debit Credit June 30 th , 2021 Cost of Goods Sold 2,000 Ohua Merchandise inventory 2,000 Adjustment for inventory’s shrinkage (67,000 – 65,000) Date Accounts Debit Credit June 30 Sales Revenue 470,000 Interest Revenue 28,000 Sales Return and Allowances 30,000 Sales Discounts 25,000 Income Summary 387,000 June 30 Income Summary 390,000 Cost of Goods Sold 259,000 Interest expense 13,000 Delivery expense 15,000 Insurance expense 8,000 Utilities expense 29,000 Amortization expense 20,000 Salary expense 46,000 June 30 P. Ohua, Capital 3,000 Income Summary 3,000 P. Ohua, Capital 25,000 P. Ohua, Withdrawals 25,000 6

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QUESTION 3 The following are transactions for Rainbow Fashions for the month of June. June 2 Purchased $2,000 of inventory under terms 1/10, n/60 and FOB shipping point from Trendy Manufacturing. The merchandise had cost Trendy $1,800 June 7 Returned defective merchandise to Trendy Manufacturing with invoice price of $400. June 8 Paid the freight charges on the purchase from Trendy Manufacturing in cash for $100. June 9 Sold merchandise to New Miss Store on account for $5,000 with terms 2/15, n/60 FOB shipping point. Cost of the merchandise sold was $4,000. June 10 Paid Trendy Manufacturing the balance on account. June 12 Granted sales allowance of $300 to New Miss Store for defective merchandise. June 23 Collected balance owing from New Miss Store. Prepare the journal entries for Rainbow Fashions for the transactions listed, assuming that Rainbow Fashions uses a perpetual inventory system. General Journal Date Accounts Debit Credit June 2 Inventory 2,000 Accounts Payable 2,000 June 7 Accounts Payable 400 Inventory 400 June 8 Inventory 100 Cash 100 June 9 Accounts Receivable 5,000 Sales Revenue 5,000 June 9 Cost of Goods Sold 4,000 Accounts Payable 4,000 June 12 Sales Allowances 300 Accounts Receivable 300 June 23 Cash 4,606 Sales Discounts 94 Accounts Receivable 4,700 7

CHAPTER 6 QUESTION 4 The Surfboarding Company provided the following information for one of its top-selling surfboards: Total $ Date Item Units per unit Nov.1 Beginning inventory 26 $197 5 Sale (12) 300 12 Purchase 65 210 16 Sale (50) 305 19 Purchase 38 215 22 Sale (62) 310 26 Purchase 40 216 Required: Calculate the ending inventory using a weighted-average assuming a periodic inventory system. 8

QUESTION 5 Kalakaua Merchandising had the following transactions during May: May 1 Beginning inventory was 20 units valued at $25 per unit. May 5 Purchased 80 units of merchandise on account for $2,160, terms n/15, FOB shipping point. May 9 Paid transportation cost on the May 5 purchase, $240. May 10 Returned two units of defective merchandise purchased on May 5. May 11 Sold 30 units for $50 per unit on account. May 15 Paid for the May 5 purchase, less the return . May 20 Sold 10 units for $50 per unit on account. Required: 1. Assuming FIFO and that the perpetual inventory system is used, prepare the journal entries to record the above transactions. Perpetual Inventory Method Date Account Name Debit Credit 9

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Date Account Name Debit Credit 10

QUESTION 6 Assume the following data for Nahua Sales for October 2016: Beginning inventory Oct. 1 5 units at $90 each Sale Oct. 3 3 units at $120 each Oct. 6 purchase 11 units at $95 each Sale Oct. 8 4 units at $120 each Sale Oct. 9 3 units at $120 each On October 31, a physical count reveals 6 units on hand. Required: Calculate gross margin for Nahua Sales assuming the weighted-average cost method is being used and a periodic inventory system. 11

QUESTION 7 The inventory of Ukelele Company was destroyed by flood on Jun 1. From an examination of the accounting records, the following data for the first five months (Jan to May) of the year are obtained: Sales $55,000 Sales Returns and Allowances 2,000 Purchases 34,500 Freight-In 1,000 Purchase Returns and Allowances 1,400 Required: Determine the merchandise lost by flood using the Gross Profit Method, assuming a beginning inventory of $3,000 and a gross profit rate of 40% on net sales. 12

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ASSIGNMENT 4: CHAPTER 8, DUE November 25, 2021 QUESTION 1 The following data have been gathered for Ilima Company to assist you in preparing the July 31, 2021, bank reconciliation: a) The July 31 bank balance was $4,000. b) The bank statement included $30 of service charges. c) There was an EFT deposit of $900 on the bank statement for the monthly rent due from a tenant. d) Cheques #541 and #543 for $205 and $320, respectively, were not among the processed cheques returned with the statement. e) The July 31 deposit of $4,435 did not appear on the bank statement. f) The bookkeeper had erroneously recorded a $500 cheque as $5,000. The cheque was written to a vendor to pay off an accounts payable. g) Included with the processed cheques was a cheque written by another company for $200, which was deducted from Ilima Company's account by mistake. h) The bank statement included an NSF cheque written by Maxie Company for a $460 payment on account. i) The cash account showed a balance of $3,200 on July 31. Prepare the July 31, 2021, bank reconciliation for Ilima Company in GOOD FORM. 13

QUESTION 2 On August 1, 2021, Kapahulu Station established a $350 petty cash fund. At the end of August, the petty cash fund contained: - Cash on hand $65.25 - Petty cash tickets for postage $95.50 office supplies 94.50 miscellaneous items 99.25 a) Prepare the journal entry to establish the petty cash fund on August 1, 2021. b) Prepare the journal entry on August 31, 2021, to replenish the petty cash fund. c) Assume on August 31, 2021, after replenishing the petty cash fund, Kapahulu Station desires to increase the petty cash fund to $400. Prepare the necessary journal entry. General Journal Date 2021 Accounts Debit Credit 14