ch5 hw answers

ch5 hw answers - 300 6. June 22 Cash 6,700 Accounts...

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CHAPTER 5 HOMEWORK: Multiple Choice(Page 252): 1 . a 2. b 3. b 4. d 5. d 6. b 7. b 8. a 9. b 10. b E5-1A Prepare journal entry for each transaction assuming that the company uses a perpetual inventory system. Date Journal Entry Debits Credits May 02 Inventory 500,000 Accounts payable 500,000 May 09 Inventory 800 Cash 800 May 16 Accounts payable 5,000 Inventory 5,000 May 22 Accounts receivable 180,000 Sales revenue 180,000 Cost of goods sold 100,000 Inventory 100,000
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May 24 3,000 Accounts receivable 3,000 Inventory 1,200 Cost of goods sold 1,200 E5-8A Prepare the journal entries to record the transactions for Fedora Company assuming that the company uses a perpetual inventory system. Date Journal Entry Debits Credits 1. June 02 Inventory 4,000 Accounts payable 4,000 2. June 04 Accounts payable 400 Inventory 400 3. June 06 Accounts receivable 7,000 Sales revenue 7,000 Cost of goods sold 3,500 Inventory 3,500 4. June 09 Accounts payable 3,600 Inventory 72 Cash 3,528 5. June 10 Sales returns & allowances 300 Accounts receivable
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Unformatted text preview: 300 6. June 22 Cash 6,700 Accounts receivable 6,700 7. June 24 Salary expense 1,850 Cash 1,850 8. June 25 Rent expense 1,200 Cash 1,200 Purchase from Plumes A/P: $4,000 - $400 = $3,600 Sale to Fancy Cap A/R: $7,000 - $300 = $6,700 E5-9A Post the journal entries to T-accounts. What is the amount of ending inventory that will appear on The Fedora Company's balance sheet at June 30? BB 3,650 3,528 4. 2. 400 4,000 1. 6. 6,700 1,850 7. 4. 3,600 1,200 8. 3,772 3. 7,000 300 5. 6,700 6. BB 25,570 400 2. 1. 4,000 3,500 3. 72 4. 25,598 25,000 BB 4,220 BB 25,000 4,220 3. 3,500 7,000 3 3,500 7,000 7. 1,850 8. 1,200 1,850 1,200 5. 300 300 Accounts Receivable Accounts Payable Inventory Cash Retained Earnings Contributed Capital Sales Returns & Allowances Salary Expense Rent Expense Cost of Goods Sold Sales Revenue The ending inventory that will appear on The Fedora Companys balance sheet at June 30 is $25,598....
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ch5 hw answers - 300 6. June 22 Cash 6,700 Accounts...

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