AC107 _Week 6 Assignment _Jennine Bell.xlsx

AC107 _Week 6 Assignment _Jennine Bell.xlsx - WEEK 6...

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WEEK 6 ASSIGNMENT INSTRUCTIONS The week 6 assignment includes exercises to reinforce the learning objectives for week 6, including matching vocabulary, the periodic and perpetual inventory systems, and valuation of inventory and cost of goods sold using FIFO, LIFO and Weighted Average. The instructions for completing the exercises can be found in each of the exercise tabs. The Grade Rubric tab identifies how the assignment will be scored and will be completed by your instructor. This week there is new chart of accounts handout tab which includes th new accounts for sales and purchases and one to help you identify the normal balance of these new accounts. If you open the assignment file and begin to work without saving it first you may lose your work! Excel files are embedded web pages, and your work may be lost if you do not SAVE the file first! Be sure to submit the entire file in the Week 6 Assignment upload area. Please do not try to save and submit the tabs separately. Do not send zipped files!
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Tammy's Tresses Expanded Chart of Accounts to Include Inventory and ASSETS Current Assets 101 Cash 103 Petty Cash 105 Change Fund 122 Accounts Receivable 131 Merchandise Inventory 141 Supplies 145 Prepaid Insurance Property, Plant, and Equipment 161 Computer Equipment 161.1 Accumulated Depreciation - Computer Eq. 171 Hair Dressing Equipment 171.1 Accumulated Depreciation - Hair Dressing Eq. LIABILITIES Current Liabilities 202 Accounts Payable 219 Wages Payable 231 Sales Tax Payable OWNER'S EQUITY 311 Tammy, Capital 312 Tammy, Drawing 313 Income Summary
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s d Cost of Goods Sold - Periodic Method REVENUE 401 Styling Revenue 405 Permanents Revenue 407 Coloring Revenue 411 Manicure Revenue 415 Sales Revenue 415.1 Sales Returns and Allowances 415.2 Sales Discounts EXPENSES Cost of Goods Sold 501 Purchases 501.1 Purchase Returns & Allowances 501.2 Purchase Discounts 502 Freight-in Operating Expenses 511 Wages Expense 521 Rent Expense 523 Supplies Expense 525 Telephone Expense 535 Insurance Expense 540 Depreciation Expense - Computer Expense 541 Depreciation Expense - Hair Dressing Equipment 551 Bank Service Charge Expense 553 Cash Short and Over Expense
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AC 107 GRADING RUBRIC WEEK 6 Total Points Available Terms 11 11 items @ 1 point each Periodic System 10 5 items @ 2 points each Perpetual Journal Entries 8 16 items @ 1/2 point each Inventory Valuation 9 FIFO 36 items @ 1/4 point each 9 LIFO 36 items @ 1/4 point each 9 Weighted Average 9 items @ 1 point each 2 Question 4 @ 2 points 2 Question 5 @ 2 points Points 60 Total points earned will be added and then rounded to the nearest 1/10th point.
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Student Score 0.0
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VOCABU IN THE BOX PROVIDED BY EACH VOC You can research these ter Term J 1. Conservatism A.
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