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mage in order to place a ref Saved ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation ion 3 - Chapter 3 Homew X b Home | bartleby X + Oter 3 Homework i 3 1 of 3 ! Required Information [The following information applies to the questions displayed below] The beginning account balances for Terry's Auto Shop as of January 1, Year 2, follow Account Titles Cash Inventory Common Stock Beginning Balances $ 6,170 3,050 7,320 1,990 Book Retained Earnings The following events affected the company during the Year 2 accounting period: 6 1. Purchased merchandise on account that cost $4,250. Hint 2. The goods in Event 1 were purchased FOB shipping point with freight cost of $235 cash. Print D rences 3. Returned $490 of damaged merchandise for credit on account 4. Agreed to keep other damaged merchandise for which the company received a $205 allowance. 5. Sold merchandise that cost $2,650 for $4,830 cash. 6. Delivered merchandise to customers In Event 5 under terms FOB destination with freight costs amounting to $150 cash. 7. Pald $2,910 on the merchandise purchased in Event 1. Required: a. Organize appropriate ledger accounts under an accounting equation. Record the beginning balances and the transaction data in the accounts. In the last column of the tale, provide appropriate account titles for the Retained Earnings amounts. Note: Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank. Not every cell will require entry. Events Beginning Balance 2 3. 5a. 5b. 6. 7 Ending Balance TERRY'S AUTO SHOP Effect of Events on the Financial Statements Assets Cash Inventory 4 + + + + here to search Hi B 11 il Liabilition IF Accounts Payable 4 + + + + + Stockholders' Equity Common Stock Retained Earnings Account Titles for Retained Earnings + ST + 4 + + + + +4 + + + < Prev 3 8+ 5 of E

mage in order to place a ref Saved ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation ion 3 - Chapter 3 Homew X b Home | bartleby X + Oter 3 Homework i 3 1 of 3 ! Required Information [The following information applies to the questions displayed below] The beginning account balances for Terry's Auto Shop as of January 1, Year 2, follow Account Titles Cash Inventory Common Stock Beginning Balances $ 6,170 3,050 7,320 1,990 Book Retained Earnings The following events affected the company during the Year 2 accounting period: 6 1. Purchased merchandise on account that cost $4,250. Hint 2. The goods in Event 1 were purchased FOB shipping point with freight cost of $235 cash. Print D rences 3. Returned $490 of damaged merchandise for credit on account 4. Agreed to keep other damaged merchandise for which the company received a $205 allowance. 5. Sold merchandise that cost $2,650 for $4,830 cash. 6. Delivered merchandise to customers In Event 5 under terms FOB destination with freight costs amounting to $150 cash. 7. Pald $2,910 on the merchandise purchased in Event 1. Required: a. Organize appropriate ledger accounts under an accounting equation. Record the beginning balances and the transaction data in the accounts. In the last column of the tale, provide appropriate account titles for the Retained Earnings amounts. Note: Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank. Not every cell will require entry. Events Beginning Balance 2 3. 5a. 5b. 6. 7 Ending Balance TERRY'S AUTO SHOP Effect of Events on the Financial Statements Assets Cash Inventory 4 + + + + here to search Hi B 11 il Liabilition IF Accounts Payable 4 + + + + + Stockholders' Equity Common Stock Retained Earnings Account Titles for Retained Earnings + ST + 4 + + + + +4 + + + < Prev 3 8+ 5 of E

Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter19: Variable Costing (varcost)
Section: Chapter Questions
Problem 2R: Open the file VARCOST from the website for this book at cengagebrain.com. Enter the formulas where...
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mage in order to place a ref Saved ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation ion 3 - Chapter 3 Homew X b Home | bartleby X + Oter 3 Homework i 3 1 of 3 ! Required Information [The following information applies to the questions displayed below] The beginning account balances for Terry's Auto Shop as of January 1, Year 2, follow Account Titles Cash Inventory Common Stock Beginning Balances $ 6,170 3,050 7,320 1,990 Book Retained Earnings The following events affected the company during the Year 2 accounting period: 6 1. Purchased merchandise on account that cost $4,250. Hint 2. The goods in Event 1 were purchased FOB shipping point with freight cost of $235 cash. Print D rences 3. Returned $490 of damaged merchandise for credit on account 4. Agreed to keep other damaged merchandise for which the company received a $205 allowance. 5. Sold merchandise that cost $2,650 for $4,830 cash. 6. Delivered merchandise to customers In Event 5 under terms FOB destination with freight costs amounting to $150 cash. 7. Pald $2,910 on the merchandise purchased in Event 1. Required: a. Organize appropriate ledger accounts under an accounting equation. Record the beginning balances and the transaction data in the accounts. In the last column of the tale, provide appropriate account titles for the Retained Earnings amounts. Note: Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank. Not every cell will require entry. Events Beginning Balance 2 3. 5a. 5b. 6. 7 Ending Balance TERRY'S AUTO SHOP Effect of Events on the Financial Statements Assets Cash Inventory 4 + + + + here to search Hi B 11 il Liabilition IF Accounts Payable 4 + + + + + Stockholders' Equity Common Stock Retained Earnings Account Titles for Retained Earnings + ST + 4 + + + + +4 + + + < Prev 3 8+ 5 of E
Transcribed Image Text:mage in order to place a ref Saved ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation ion 3 - Chapter 3 Homew X b Home | bartleby X + Oter 3 Homework i 3 1 of 3 ! Required Information [The following information applies to the questions displayed below] The beginning account balances for Terry's Auto Shop as of January 1, Year 2, follow Account Titles Cash Inventory Common Stock Beginning Balances $ 6,170 3,050 7,320 1,990 Book Retained Earnings The following events affected the company during the Year 2 accounting period: 6 1. Purchased merchandise on account that cost $4,250. Hint 2. The goods in Event 1 were purchased FOB shipping point with freight cost of $235 cash. Print D rences 3. Returned $490 of damaged merchandise for credit on account 4. Agreed to keep other damaged merchandise for which the company received a $205 allowance. 5. Sold merchandise that cost $2,650 for $4,830 cash. 6. Delivered merchandise to customers In Event 5 under terms FOB destination with freight costs amounting to $150 cash. 7. Pald $2,910 on the merchandise purchased in Event 1. Required: a. Organize appropriate ledger accounts under an accounting equation. Record the beginning balances and the transaction data in the accounts. In the last column of the tale, provide appropriate account titles for the Retained Earnings amounts. Note: Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank. Not every cell will require entry. Events Beginning Balance 2 3. 5a. 5b. 6. 7 Ending Balance TERRY'S AUTO SHOP Effect of Events on the Financial Statements Assets Cash Inventory 4 + + + + here to search Hi B 11 il Liabilition IF Accounts Payable 4 + + + + + Stockholders' Equity Common Stock Retained Earnings Account Titles for Retained Earnings + ST + 4 + + + + +4 + + + < Prev 3 8+ 5 of E
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Cengage Learning
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