Cash Merchandise inventory Store supplies Prepaid insurance Store equipment RELOUR LAIENE Unadjusted Trial Balance January 31 Accumulated depreciation-Store equipment Accounts payable Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Depreciation expense-Store equipment Sales salaries expense Office salaries expense Insurance expense Rent expense-Selling space Rent expense-Office space Store supplies expense Advertising expense Totals Debit $ 21,200 14,500 5,100 2,400 42,800 2,300 1,800 2,200 38,000 0 15,650 15,650 0 8,000 8,000 0 9,400 $ 187,000 Credit $ 18,150 16,000 5,000 32,000 115,850 $ 187,000 Additional Information: a. Store supplies still available at fiscal year-end amount to $2,200. b. Expired insurance, an administrative expense, Is $1,600 for the fiscal year. c. Depreciation expense on store equipment, a selling expense, is $1,675 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,800 of inventory available at fiscal year-end.

Cash Merchandise inventory Store supplies Prepaid insurance Store equipment RELOUR LAIENE Unadjusted Trial Balance January 31 Accumulated depreciation-Store equipment Accounts payable Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Depreciation expense-Store equipment Sales salaries expense Office salaries expense Insurance expense Rent expense-Selling space Rent expense-Office space Store supplies expense Advertising expense Totals Debit $ 21,200 14,500 5,100 2,400 42,800 2,300 1,800 2,200 38,000 0 15,650 15,650 0 8,000 8,000 0 9,400 $ 187,000 Credit $ 18,150 16,000 5,000 32,000 115,850 $ 187,000 Additional Information: a. Store supplies still available at fiscal year-end amount to $2,200. b. Expired insurance, an administrative expense, Is $1,600 for the fiscal year. c. Depreciation expense on store equipment, a selling expense, is $1,675 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,800 of inventory available at fiscal year-end.

Name: rchandising Operations Problems Assig....CashMerchandise inventorySto
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Description: rchandising Operations Problems Assig....CashMerchandise inventoryStore suppliesPrepaid insuranceStore equipmentRELOUN LUPIENVEUnadjusted Trial BalanceJanuary 31Accumulated depreciation-Store equipmentAccounts payableCommon stockRetained earningsDiv

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 4E

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Lancer, Inc. (a U.S.-based company). establishes a subsidiary in Croatia on January 1, 2019. The following account balances for the year ending December 31, 2020, are stated in kuna (K), the local currency: Sales 200,000 100,000 60,000 12,000 K Inventory (bought on 3/1/20) Equipment (bought on 1/1/19) Rent expense Dividends (declared on 10/1/20) Notes receivable (to be collected in 2023) Accumulated depreciation-equipment Salary payable Depreciation expense 22,000 36,000 18,000 5,000 6,000 The following U.S.S per kuna exchange rates are applicable: January 1, 2019 Average for 2019 January 1, 2020 March 1, 2020 s0.19 0.20 0.24 0.25 0.27 October 1, 2020 December 31, 2020 Average for 2020 0.28 0.26 Lancer is preparing account balances to produce consolidated financial statements. a. Assuming that the kuna is the functional currency, what exchange rate would be used to report each of these accounts in U.S. dollar consolidated financial statements? b. Assuming that the U.S. dollar is the…
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Accounting for Merchandising Businesses and Inventory and Assets Define the following: Cost of goods sold Credit memo Credit terms Debit memo FIFO FOB Gross profit Invoice LIFO Net sales Periodic inventory Perpetual inventory Sales Selling expense Subsidiary ledger Trade discount Weighted average
Terminology Match each phrase with its definition. A. Sales discount B. Credit period C. Discount period D. FOB destination E. FOB shipping point F. Gross profit G. Merchandise inventory H. Purchases discount 1. 2. 3. 4. 5. 6. 7. 8. Goods a company owns and expects to see to its customers. Time period that can pass before a customer's full payment is due. Seller's description of a cash discount granted to buyers in return for early payment. Ownership of goods is transferred when the seller delivers goods to the carrier. Purchaser's description of a cash discount received from a supplier of goods. Difference between net sales and the cost of goods sold. Time period in which a cash discount is available. Ownership of goods is transferred when delivered to the buyer's place of business. 1
When does the cost of inventory become an expense?a. When cash is collected from the customerb. When inventory is delivered to a customerc. When payment is made to the supplierd. When inventory is purchased from the supplier
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2) Sea Travel sells motor boats. One of Sea Travel's most popular models is the Wing. During the current year, Sea Travel purchased 24 Wings at the following costs. Total cost Unit Cost $7000 $7100 $7250 Purchase Date Units Purchased May 2 May 20 May 25 $28,000 14,200 4 8 58000 June 5 10 $7300 73000 24 $173,200 On May 28, Sea Travel sold 11 Wings to the jack Sport racing team. Compute a) the cost of goods sold on May 28 and b) The ending inventory of Wing boats at June 5, using the following cost flow assumptions: c) Prepare journal entries to record the cost of the 11 wings sold on May 28, assuming that the company uses the:
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