12th Edition

ISBN: 9780134486444

Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

Publisher: PEARSON

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Textbook Question

Chapter 2, Problem S2.7SE

Journalizing transactions and posting to T-accounts

Learning Objective 3

Roland Foster Optical Dispensary completed the following transactions during the latter part of March.

Mar. 15	Purchased office supplies on account, $3,400.
28	Paid $1,800 on account.

Requirements

Journalize the transactions of Roland Foster Optical Dispensary. Include an explanation with each journal entry.
Open the following accounts (use T-account format): Cash (Beginning Balance of $21,000), Office Supplies: and Accounts Payable. Post the journal entries from Requirement I to the accounts, and compute the balance in each account.

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Chapter 2, Problem S2.6SE

Chapter 2, Problem S2.8SE

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ABC Company produces a single product. Operating data for the company and its absorption costing income statement for the last year are presented below: Particulars Units in beginning inventory Units produced Amount 0 9,000 Units sold 7,000 Sales 1,00,000 Less: Cost of goods sold: Beginning inventory Add: Cost of goods manufactured 54,000 Goods available for sale 54,000 Less: Ending inventory 12,000 Cost of goods sold 42,000 Gross margin 58,000 Less: Selling and administrative expenses 28,000 Net operating income 30,000 Variable manufacturing costs are $4 per unit. Fixed manufacturing overhead totals $18,000 for the year. The fixed manufacturing overhead was applied at a rate of $2 per unit. Variable selling and administrative expenses were $1 per unit sold Required: Prepare a new income statement for the year using variable costing.

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Chapter 2 Solutions

Horngren's Accounting (12th Edition)

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