College Accounting - Study Guide / Working Papers 1-15
23rd Edition
ISBN: 9781337913560
Author: HEINTZ
Publisher: CENGAGE L
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Chapter 7, Problem 10SPB
1
To determine
Prepare the
2 & 3
To determine
Record the vouchers in the petty cash record and total and rules the petty cash record; Prepare journal entry to record to replenish the petty cash fund.
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RJ Corporation has provided the following information about one of its
inventory items:
Date
Transaction
No. of Units
Cost per Unit
1/1
Beginning Inventory
425
$ 3,370
6/6
Purchase
795
$ 3,770
9/10
Purchase
1,310
$ 4,170
11/15 Purchase
795
$ 4,370
During the year, RJ sold 2,970 units.
What was ending inventory using the average cost flow assumption
under a periodic inventory system?
a. $1,196,350.
b. $1,661,400.
c. $1,427,073.
d. $1,551,350.
Chapter 7 Solutions
College Accounting - Study Guide / Working Papers 1-15
Ch. 7 - Prob. 1TFCh. 7 - Prob. 2TFCh. 7 - Prob. 3TFCh. 7 - Prob. 4TFCh. 7 - Prob. 5TFCh. 7 - Prob. 1MCCh. 7 - Prob. 2MCCh. 7 - Prob. 3MCCh. 7 - Prob. 4MCCh. 7 - When the cash short and over account has a debit...
Ch. 7 - Match the following words with their definitions...Ch. 7 - Prob. 2CECh. 7 - Prob. 3CECh. 7 - Prob. 4CECh. 7 - Why must a signature card be filled out and signed...Ch. 7 - Prob. 2RQCh. 7 - Prob. 3RQCh. 7 - Prob. 4RQCh. 7 - What are the most common reasons for differences...Ch. 7 - Prob. 6RQCh. 7 - Prob. 7RQCh. 7 - Name five common uses of electronic funds...Ch. 7 - Prob. 9RQCh. 7 - What should be prepared every time a petty cash...Ch. 7 - At what two times should the petty cash fund be...Ch. 7 - Prob. 12RQCh. 7 - At what two times would an entry be made affecting...Ch. 7 - What does a debit balance in the cash short and...Ch. 7 - CHECKING ACCOUNT TERMS Match the following words...Ch. 7 - Prob. 2SEACh. 7 - Prob. 3SEACh. 7 - Prob. 4SEACh. 7 - Prob. 5SEACh. 7 - Prob. 6SEACh. 7 - CASH SHORT AND OVER ENTRIES Based on the following...Ch. 7 - Prob. 8SPACh. 7 - Prob. 9SPACh. 7 - Prob. 10SPACh. 7 - Prob. 11SPACh. 7 - CHECKING ACCOUNT TERMS Match the following words...Ch. 7 - Prob. 2SEBCh. 7 - Prob. 3SEBCh. 7 - Prob. 4SEBCh. 7 - Prob. 5SEBCh. 7 - Prob. 6SEBCh. 7 - CASH SHORT AND OVER ENTRIES Based on the following...Ch. 7 - Prob. 8SPBCh. 7 - Prob. 9SPBCh. 7 - Prob. 10SPBCh. 7 - CASH SHORT AND OVER ENTRIES Listed below are the...Ch. 7 - Prob. 1MYWCh. 7 - Prob. 1MPCh. 7 - Prob. 1CP
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- Barington Mills manufactures denim cloth from two primary raw materials, cotton and dye. Work-in-process includes lapped cotton, spun yarn, and undyed cloth, while finished goods include three grades of dyed cloth. The average inventory amounts on hand at any one time last year and the unit costs are as follows. Average inventory Unit cost Raw materials: Cotton 70,000 lb. $2.75 Dye 125,000 gal. $5 Work in process: Lapped cotton 2,000 rolls $10.50 Spun yarn 5,000 spools $6.75 Undyed cloth 500 rolls $ 26.10 Finished goods: Grade 1 cloth 250 rolls Grade 2 cloth 190 rolls Grade 3 cloth 310 rolls $65 $ 80 $ 105 The company operates 50 weeks per year, and its cost of goods sold for the past year was $17.5 million. Determine the company's inventory turns and weeks of supply.arrow_forwardThe balance in the office supplies account on June 1 was $16,300, supplies purchased during June were $4,300, and the supplies on hand at June 30 were $3,100. The amount to be used for the appropriate adjusting entry is a. $16,700 b. $17,500 c. $19,200 d. $16,200. Correct answerarrow_forwardA). If the price is dropped to £400 for chairs and increased to £800 for tables, and all other costs remain the same: i). Calculate margin of safety in units & % for the two products. ii). Comment on the margin of safety & the riskiness of the two products. B). Identify and discuss THREE assumptions that are underlying break-even analysis.arrow_forward
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