Working Papers, Chapters 18-26 for Warren/Reeve/Duchacâs Accounting, 27E
27th Edition
ISBN: 9781337272162
Author: Reeve, James M., Duchac, Jonathan, WARREN, Carl S.
Publisher: South-Western College Pub
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Chapter 3, Problem 3.12EX
Determining supplies purchased
The supplies and supplies expense accounts at February 28, after
| supplies | Supplies Expenses | ||||
| Bal. | 690 | Bal. | 4,110 | ||
Determine the amount of supplies purchased during the year.
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Customer allowances and returnsAssume the following data for Lusk Inc. before its year-end adjustments:
Journalize the adjusting entries for the following:a. Estimated customer allowancesb. Estimated customer returns
ABC Products uses a periodic inventory system. The company’s records show the beginning inventory of oil filters on January 1 and the purchases of this item during the current year to be as follows:
Jan 1 Beginning Inventory ……………………………. 19 units at Rs 30
Feb 23 Purchase ………………………………………… 12 units at Rs 35
Apr 20 Purchase ………………………………………... 30 units at Rs 38
May 4 Purchase ………………………………………... 40 units at Rs 45
Nov.30 Purchase ………………………………………... 9 units at Rs 50
A physical count indicates 22 units in inventory at year-end. Determine the cost of the ending inventory and cost of goods sold on the basis of each of the following methods of inventory valuation.
Average cost
FIFO
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Chapter 3 Solutions
Working Papers, Chapters 18-26 for Warren/Reeve/Duchacâs Accounting, 27E
Ch. 3 - How are revenues and expenses reported on the...Ch. 3 - Is the matching concept related to (a) the cash...Ch. 3 - Why are adjusting entries needed at the end of an...Ch. 3 - What is the difference between adjusting entries...Ch. 3 - Identify the four different categories of...Ch. 3 - If the effect of the debit portion of an adjusting...Ch. 3 - If the effect of the credit portion of an...Ch. 3 - Does every adjusting entry affect net income for...Ch. 3 - Prob. 9DQCh. 3 - (a) Explain the purpose of the two accounts:...
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