Purchase journal Purchase journal refers to the journal that is used to record all purchases on account. In the purchase journal, all purchase transactions are recorded only when the business purchased the goods on account. For example, the business purchased cleaning supplies on account. To record: The purchase transactions in the PS Incorporation during the month of June.

Question

Sp25 ACCT X CengageNOWv2 | Online teaching X exhibit 6.4.jpg 71x399) x + bw.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 25 $1,200 $30,000 8 Purchase 75 1,240 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 1,260 75,600 10 Sale 50 2,000 100,000 19 Sale 20 2,000 40,000 < 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 44,240 28 Sale 44 2,250 99,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illust first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER un Check My Work 3 more Check My Work uses remaining Q Search hp

Answer 1

Question

Chapter 5, Problem 5.14EX

(a)

To determine

Purchase journal

Purchase journal refers to the journal that is used to record all purchases on account. In the purchase journal, all purchase transactions are recorded only when the business purchased the goods on account. For example, the business purchased cleaning supplies on account.

To record: The purchase transactions in the PS Incorporation during the month of June.

(b)

To determine

To describe: The total amount posted to the accounts payable, and office supplies accounts.

(c)

To determine

To describe: The June 30 balances of the O U Incorporation creditor account, and assume that the opening balance is zero.

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Sp25 ACCT X CengageNOWv2 | Online teaching X exhibit 6.4.jpg 71x399) x + bw.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 25 $1,200 $30,000 8 Purchase 75 1,240 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 1,260 75,600 10 Sale 50 2,000 100,000 19 Sale 20 2,000 40,000 < 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 44,240 28 Sale 44 2,250 99,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illust first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER un Check My Work 3 more Check My Work uses remaining Q Search hp

PLEASE HELP! NOTICE. THERE ARE FIVE CELLS ON THE LEFT SIDE TO FILL. THE DROPDOWN SHOWS THE OPTIONS FOR THESE CELLS.

Calm Ltd has the following data relating tò two investment projects, only one of which mayb e s e l e c t e d :The cost of capital is 10 per cent, and depreciation is calculated using straight line method.a . Calculate for each of the project:i. Average annual accounting rate of return on average capital investedi i . Net Present Valuei l l . I n t e r n a l R a t e o f Returnb. Discuss the relative merits of the methods of evaluation mentioned above in (a).Q.4a . In the context of process costing, discuss the following concepts briefly, i . Equivalent unitsNormal lossill. Abnormal lossi v. Joint productsV . By productsb . Discuss the different types of standard costing and objectives of standard costing.

Answer 2

Question

Chapter 5, Problem 5.14EX

(a)

To determine

Purchase journal

Purchase journal refers to the journal that is used to record all purchases on account. In the purchase journal, all purchase transactions are recorded only when the business purchased the goods on account. For example, the business purchased cleaning supplies on account.

To record: The purchase transactions in the PS Incorporation during the month of June.

(b)

To determine

To describe: The total amount posted to the accounts payable, and office supplies accounts.

(c)

To determine

To describe: The June 30 balances of the O U Incorporation creditor account, and assume that the opening balance is zero.

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Answer 3

Question

Chapter 5, Problem 5.14EX

(a)

To determine

Purchase journal

Purchase journal refers to the journal that is used to record all purchases on account. In the purchase journal, all purchase transactions are recorded only when the business purchased the goods on account. For example, the business purchased cleaning supplies on account.

To record: The purchase transactions in the PS Incorporation during the month of June.

(b)

To determine

To describe: The total amount posted to the accounts payable, and office supplies accounts.

(c)

To determine

To describe: The June 30 balances of the O U Incorporation creditor account, and assume that the opening balance is zero.

Expert Solution & Answer

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Answer 4

Question

Chapter 5, Problem 5.14EX

(a)

To determine

Purchase journal

Purchase journal refers to the journal that is used to record all purchases on account. In the purchase journal, all purchase transactions are recorded only when the business purchased the goods on account. For example, the business purchased cleaning supplies on account.

To record: The purchase transactions in the PS Incorporation during the month of June.

(b)

To determine

To describe: The total amount posted to the accounts payable, and office supplies accounts.

(c)

To determine

To describe: The June 30 balances of the O U Incorporation creditor account, and assume that the opening balance is zero.

Expert Solution & Answer

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Answer 5

Chapter 5, Problem 5.14EX

(a)

To determine

Purchase journal

Purchase journal refers to the journal that is used to record all purchases on account. In the purchase journal, all purchase transactions are recorded only when the business purchased the goods on account. For example, the business purchased cleaning supplies on account.

To record: The purchase transactions in the PS Incorporation during the month of June.

(b)

To determine

To describe: The total amount posted to the accounts payable, and office supplies accounts.

(c)

To determine

To describe: The June 30 balances of the O U Incorporation creditor account, and assume that the opening balance is zero.

Answer 6

Chapter 5, Problem 5.14EX

(a)

To determine

Purchase journal

Purchase journal refers to the journal that is used to record all purchases on account. In the purchase journal, all purchase transactions are recorded only when the business purchased the goods on account. For example, the business purchased cleaning supplies on account.

To record: The purchase transactions in the PS Incorporation during the month of June.

Answer 7

Chapter 5, Problem 5.14EX

(a)

To determine

Purchase journal

Purchase journal refers to the journal that is used to record all purchases on account. In the purchase journal, all purchase transactions are recorded only when the business purchased the goods on account. For example, the business purchased cleaning supplies on account.

To record: The purchase transactions in the PS Incorporation during the month of June.

Answer 8

(b)

To determine

To describe: The total amount posted to the accounts payable, and office supplies accounts.

Answer 9

(b)

To determine

To describe: The total amount posted to the accounts payable, and office supplies accounts.

Answer 10

(c)

To determine

To describe: The June 30 balances of the O U Incorporation creditor account, and assume that the opening balance is zero.

Answer 11

(c)

To determine

To describe: The June 30 balances of the O U Incorporation creditor account, and assume that the opening balance is zero.

Answer 12

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Ch. 5 - Why would a company maintain separate accounts...Ch. 5 - What are the major advantages of the use of...Ch. 5 - Prob. 3DQ Ch. 5 - How many postings to Fees Earned for the month...Ch. 5 - During the current month, the following errors...Ch. 5 - Prob. 6DQ Ch. 5 - What is an electronic form, and how is it used in...Ch. 5 - Prob. 8DQ Ch. 5 - What happens to the special journal in a...Ch. 5 - Prob. 10DQ

Solution Summary: The author explains that the purchase journal is used to record all purchases on account. The total amount posted to the accounts payable, and office supplies accounts are identified.

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To describe: The total amount posted to the accounts payable, and office supplies accounts.

To describe: The June 30 balances of the O U Incorporation creditor account, and assume that the opening balance is zero.

Chapter 5 Solutions