Course Hero Logo

Copy of Acc 101 Test 2 Winter 2021 Student File rev-1.xlsx...

Course Hero uses AI to attempt to automatically extract content from documents to surface to you and others so you can study better, e.g., in search results, to enrich docs, and more. This preview shows page 1 - 3 out of 13 pages.

ACC 101 Test # 2NameVioanna Obley1.The following procedures were recently implemented at the Los Leones, Inc.6 pointsFor each procedure, indicate whether the internal control over cash represents (1) a strengthor (2) a weakness.S or WWeakness(a) To save money, a decision was made not to bond Key Employees.(b) To enhance productivity, one person orders inventory and records the receipt
of inventory.A second person makes payment for purchases.(c)In the mail room, two people open the mail, they make a listing of checks received
The checks are sent to a third person to make the deposit and the listing of amountsreceived with the person names are sent to a fourth person to record amounts received.2.Based upon the following data, determine 1) the goods available and 2) the cost of8 pointsgoods sold for MarchMerchandise Inventory March 1$52,300Merchandise Inventory March 3179,500Purchases during March420,350Freight In8,500Beginning Inventory +52,300Delivery Expense11,450 Purchases During the Period -420,350Selling Wages2,600 Ending Inventory =79500Purchases Returns & Allowances13,750Cost of Good Sold393,150Purchases Discounts7,600Beginning Inventory +52,300Goods Available for Sale445450 Cost of Good Sold =393150Cost of Goods Sold393150Goods Available for Sale445,450You must show your work for any partial credit on this exam for any problem with calculations
3.Big Corp which uses the PERPETUAL method.AvailableDateDescriptionUnitsCost/UnitSales PriceCostsUnits5/1Beg. Inventory142$4.25$4.251425/5Purchase500$6.25$6.255005/12Sold350$12.50 $12.503505/15Purchase175$6.50$6.501755/22Sold160$12.50 $12.50160Totals42.001,327.00A.

Upload your study docs or become a

Course Hero member to access this document

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 13 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Winter
Professor
N/A
Tags
Generally Accepted Accounting Principles, Goods Sold, invoice, Accounting software

Newly uploaded documents

Show More

Newly uploaded documents

Show More

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture