COLLEGE ACCOUNTING
13th Edition
ISBN: 9780357531846
Author: Scott
Publisher: CENGAGE L
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Textbook Question
Chapter 3, Problem 6QY
A $250 payment for salaries expense was incorrectly journalized and posted as a debit to Salaries Expense for $2,500 and a credit to Cash for $2,500. Using the one-step method, how would the entry be corrected?
- a. Cash 2,500
Salaries Expense 2,500
- b. Salaries Expense 250
Cash 250
- c. Cash 2,250
Salaries Expense 2,250
- d. Salaries Expense 2,250
Cash 2,250
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The following lots of Commodity Z were available for sale during the year.
Beginning inventory
First purchase
Second purchase
Third purchase
10 units at $30
25 units at $32
30 units at $34
10 units at $35
The firm uses the periodic inventory system, and there are 20 units of the commodity on hand at
the end of the year.
What is the ending inventory balance of Commodity Z using the weighted average cost method?
a. $620
b. $659
c. $690
d. $655
Assume that three identical units of merchandise were purchased during October, as follows:
Units
Cost
Oct. 5
Purchase
1
$ 5
12
Purchase
1
13
28
Purchase
1
15
Total
3
$33
One unit is sold on October 31 for $28. Using the table provided, determine the cost of goods sold
using the weighted average cost method.
a. $11
b. $17
c. $13
d. $22
Chapter 3 Solutions
COLLEGE ACCOUNTING
Ch. 3 - A __________ is a book in which business...Ch. 3 - Transferring information from the journal to the...Ch. 3 - For a journal entry to be complete, it must...Ch. 3 - The __________ is used to determine where the...Ch. 3 - Prob. 5QYCh. 3 - A 250 payment for salaries expense was incorrectly...Ch. 3 - Prob. 1DQCh. 3 - How does the journal differ from the ledger?Ch. 3 - What is the purpose of providing a ledger account...Ch. 3 - List by account classification the order of the...
Ch. 3 - Arrange the following steps in the posting process...Ch. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - In the following two-column journal, the capital...Ch. 3 - Decor Services completed the following...Ch. 3 - Montoya Tutoring Service completed the following...Ch. 3 - Prob. 4ECh. 3 - Arrange the following steps in the posting process...Ch. 3 - The bookkeeper for Nevado Company has prepared the...Ch. 3 - Determine the effect of the following errors on a...Ch. 3 - Journalize correcting entries for each of the...Ch. 3 - The chart of accounts of the Barnes School is...Ch. 3 - Laras Landscaping Service has the following chart...Ch. 3 - Following is the chart of accounts of Sanchez...Ch. 3 - The chart of accounts of Ethan Academy is shown...Ch. 3 - Leanders Landscaping Service maintains the...Ch. 3 - Following is the chart of accounts of Smith...Ch. 3 - Why Does It Matter? ECOTOUR EXPEDITIONS, INC.,...Ch. 3 - What Would You Say? You are the new bookkeeper for...Ch. 3 - What Do You Think? You work as an accounting...Ch. 3 - What Would You Do?
You are responsible for...Ch. 3 - Prob. 1CP
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