6) The "Wow This is a Long Test Company - Maybe We Should Have Taken it in Class" had the following transactions during the month of March: March 2 Purchased merchandise in the amount of $12,300 from the "Give Me a Break Company" - terms were 3/10, n/30. March 7-Returned $500 worth of damaged merchandise from the March 2nd purchase. "Give Me a Break Company" gave a $500 reduction for this return. March 8-Purchased office equipment in the amount of $3800 March 10-Paid the freight costs of $330 from the March 2nd purchase March 11 - Paid for the purchases from the "Give Me a Break Company" - the March 2nd purchase Required: A) Prepare the Journal entries for the Wow Company for the above transactions. B) Assume that we paid "Give Me a Break" on March 31st instead of March 11th. What would the journal entry have been for this payment on March 31st?

6) The "Wow This is a Long Test Company - Maybe We Should Have Taken it in Class" had the following transactions during the month of March: March 2 Purchased merchandise in the amount of $12,300 from the "Give Me a Break Company" - terms were 3/10, n/30. March 7-Returned $500 worth of damaged merchandise from the March 2nd purchase. "Give Me a Break Company" gave a $500 reduction for this return. March 8-Purchased office equipment in the amount of $3800 March 10-Paid the freight costs of $330 from the March 2nd purchase March 11 - Paid for the purchases from the "Give Me a Break Company" - the March 2nd purchase Required: A) Prepare the Journal entries for the Wow Company for the above transactions. B) Assume that we paid "Give Me a Break" on March 31st instead of March 11th. What would the journal entry have been for this payment on March 31st?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On October 1, 8A Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $200 each. During the month of October, the following transactions occurred. Oct 4. Purchased 30 bicycles at a cost of $200 each from 8B Bicycle Company, terms 2/10, n/30. Oct 6. Sold 18 bicycles to 8C Group for $300 each, terms 1/10, n/30. Oct 7. Returned 2 defective bicycles to 8B Bicycle Company for the Oct. 4 transaction. Oct 13. Agreed to 8C's request for $300 allowance of the Oct. 6 transaction due to inferior Oct 14. Paid 8B Bicycle Company in full, less discount. Oct 20. Received a payment from 8C for the balance of the Oct. 6 transaction. a. Journalize the April transactions using a perpetual inventory system. b. Journalize the April transactions using a periodic inventory system.
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Required information [The following information applies to the questions displayed below.] In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 340 units at $9 on January 1, (2) 630 units at $10 on January 8, and (3) 930 units at $12 on January 29. Assuming 1,170 units are on hand at the end of the month, calculate the cost of goods available for sale, ending inventory, and cost of goods sold under LIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold LIFO
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Required information. In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 300 units at $5 on January 1, (2) 500 units at $9 on January 8, and (3) 910 units at $10 on January 29, Assume 1,110 units are on hand at the end of the month. Calculate the cost of goods available for sale, cost of goods sold, and ending inventory under the weighted average cost flow assumptions. Assume perpetual inventory system and sold 600 units between January 9 and January 28. (Round your intermediate calculations to 2 decimal places.) Goods Available for Sale Cost of Goods Sold Ending Inventory Weighted Average Cost
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Page 4 of 9 Keiler Motorcycle Shop completed the following transactions during the month of October. Keiler uses a perpetual inventory system. Any freight paid was paid with cash. Oct. 3 Purchased 20 bikes at a cost of $1,150 each from the Lyons Bike Company, under credit terms 1/30, n/45. FOB shipping point. 4 The correct company paid $150 cash freight for above shipment 6 Sold 10 bikes to Doug's Bicycle for $1,500 each, terms 1/15, n/30. Terms FOB destination. 7 Received credit from the Lyons Bike Company for the return of 2 defective bikes. 13 Issued a credit to Doug's Bicycle for the return of one bike from Oct 6 sale. 17 Purchased with cash Office Supplies from the Office Depot in the amount of $200. 20 Doug's Bicycle paid their account in full 24 Paid Lyons Bike Company. Required: Part A: Journalize the above transactions Part B: Calculate the balance of inventory at October 31, assuming the opening balance is $5,000 Part C: dentify one transaction that would be recorded…
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