Homework_Chapter_8 - III 3211 section 02 Chapter 8 Homework...

Info iconThis preview shows pages 1–14. Sign up to view the full content.

View Full Document Right Arrow Icon
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 4
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 6
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 8
Background image of page 9

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 10
Background image of page 11

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 12
Background image of page 13

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 14
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: III 3211 section 02. Chapter 8 Homework - osoft Internet Eleorer _ 51 5| McGraw-Hill's _ . Homework Graded Sesswn Il'Wlll Manager '7'-l"§£'“"° TT’IW""“_HIHFI”W“"° Tim?" *NEXT JUMP TO VI JGHADE ‘3' HELP xQUIT& SAVE A Question 1 of Remaining time: Unlimite How did I dc Question 1: (15 points) E 871 Perpetual inventory system; journal entries L01 John’s Specialty Store uses a perpetuai inventory system. The following are some inventory transactions for % the month of May, 2006: i: John’s purchased merchandise on account for$5,DUU. Freight charges Elic 5300 were paid in cash. 2: John’s returned some of the merchandise purchased in [i]. The cost of the merchandise was $600 and John’s account was credited by the supplier. 3: Merchandise costing $2,800 was soLd for $5,200 in cash: Required: Prepare the necessary journal entries to record these transactions: 1. To record the purchase of inventory and the payment of freight charges. [Note that these two entries can be combined into one.l Inventory ' ISUEIEI f > IIT 3211 section 02, Chapter 8 Homework - trosoft Internet Explorer _ 5‘ ll McGraw-Hill's Homework Graded Session Irwin Manager [911111119 "I‘ hut-Haw Student > Assignment I ‘ 9.01"” 1‘ LIFE!“ . bNEXT JUMPTO 'i «GRADE 1', HELP xQUITEASFNE Prepare the necessary journal entries to record these transactions. :l 1. To record the purchase of inventory and the payment of freight charges. [Note that these two entries % can be combined into one.) Inventory V SUEIEI Accounte Payable V SUEIEI Inventory V EDD Cash V BUD [This is "freightyin". Note that "freightrout" should not be included in inventory.) i ii 2. To record purchase returns. Accounts; Payable V BUD Inventory V BUD 3. To record sales and cost of goods sold. [Note that these two entries can be combined into one.) [m 52oo W [W zeoo [m 2500 Installrng Update [— 5200 H H IIT 3211 section 02, apter fl Homework - osoft Internet Explorer mix: _ 51 ll McGraw-Hill's Homework Graded Session Irwin Manager WWW Wm Student > Assignment ‘BACK >NEXT JUMP TO vl ¢GHADE " HELP "QUITa SAVE A Question 2 of Remaining time: Unlimite How did I dt Question 2: (15 points) ' 'ty Sirvices Update u -- E 8-2 Periodic inventory system; journal entries L01 Installing update John's Specialty Store uses a periodic inventory system: The following are some inventory transactions for the month of May, 2006: i: John's purchased merchandise on account for $5,000: Freight charges of 5300 were paid in cash. 2: John’s returned some of the merchandise purchased in [i]. The cost of the merchandise was $600 and John’s account was credited by the supplier. 3: Merchandise costing $2,800 was soid for $5,200 in cash: Required: Prepare the necessary journal entries to record these transactions [Compare these entries with what you have for E 3-1. Make sure you understand the differences between these two inventory systems.) 1. To record the purchase of inventory and the payment of freight charges. Purchases V 5000 IIT 3211 settion 02, Chapter 8 Homework - trosoft Internet Explorer _ 5‘ ll McGraw-Hill's Homework Graded Session Irwin Manager ‘7' I "WW “I‘ I him“ “I‘ LIFE!“ Student > Aiiignment ‘eACK I’NEXT JUMP TO vi \fGHADE 7’ HELP “Gums SAVE at ruierunanuise Lusuilg )¢,ouu was suiu Iur au,4uu m m1le 5 Required: Prepare the necessary journal entries te record these transactions [Compare these entries with what you have for E 8-1. Make sure you understand the differences between these two inventory systems.) 1. To record the purchase of inventory and the payment of freight charges. [m seen [W 5000 [m 300 [m 300 2. To record purchase returns. Accounts Payable ' EDD Purchase Returns V 3. To record sales. Cash V 5200 Saies Revenue V SEEIEI AOL Connectivity Services Upd i Installing Update BUD ii NH IIT 3211 section 02, apter 13 Homework - osoft Internet Explorer _ _ 5‘ ll McGraw-Hill's Homework Graded Session Irwin Manager l'fl'm‘e Il'fl'm‘e Student > Assignment ‘BACK >NEXT JUMP TO vi ¢GHADE " HELP "QUITe SAVE A Question 3 of Remaining time: Unlimite % How did I dt Question 3: (15 points) E 8-3 Determining cusl of goods sold; periodic inventory system L01 Askew Company uses a periodic inventory system and the gross method of accounting for purchase discounts. The June 30, 2006, year-end trial balance for the company contained the following information: Accounl Debil Credit Merchandise inventory, 7I1I05 32,000 Sales 380,000 Sales returns 12,000 Purchases 240,000 Purchase discounts 6,000 Purchase returns 10,000 Freightein 17,000 Freight-out 13,000 in addition, you determine that the June 30, 2006, inventory balance is $40,000. MIT 3211 settinn 02, Chapter 8 Homework - Mitrnsnft Internet Explorer _ 5‘ ll McGraw-Hill's Homework Graded Session Irwin Manager ‘ 3" I‘"9fl'“"° 3" I‘Qfl'm 3" Student > Aiiignment ‘BACK I’NEXT JUMP TO vl \fGHADE 7’ HELP “Gums SAVE Freight-in 17,000 d Freight-out 13,000 in addition, you determine that the June 30, 2006, inventory balance is 540,000. Required: 1‘ Caiculate the cost of goods soLd for the Askew Company for the year ending June 30, 2006. 2‘ Prepare the year-end adjusting entry to record cost of goods sold. 1. Cost of goods sold 5 '233000 2. Debit Credit [W zaaooo % m moon [m 5000 W moon m mm m zaoooo wooo W W IIT 321 1 section 02, apter fl Homework - osoft Internet Explorer McGraw-Hill‘s . . Homework Graded Sesswn lrwm Manager '3'1l.”??1i“"° “PEWTLZWWIFQWW “Tim Student > Aiiignment ‘BACK bNEXT JUMP TO vi ¢GHADE 7’ HELP "QUITa SAVE Question 4 of Remaining time: Unlimite How did I dt Question 4: (15 points) E 8-8 Trade and purchase discounls; the gross method and the net method compared L03 Tracy Company, a manufacturer of air conditioners, sold 100 units on account to Thomas Company on November 17, 2006. The units have a List price of $500 each, but Thomas was given a 30% trade discount. The terms of the sale were 2.110, na'30. Thomas uses a periodic inventory system. Required: ‘i. Assume that Thomas makes the payment on November 26, 2006, prepare the journal entries to record the purchase by Thomas on November 17 and payment on November 26, 2006, using the gross method of accounting for purchase discounts. 2. Assume that Thomas makes the payment on December 15, 2006, prepare the journai entry to record the payment on December 15, 2006, using the gross method of accounting for purchase discounts. 3. Repeat requirements 1 and 2 usingthe net method of accounting for purchase discounts. 1. November 17, 2006 Debit Credit lPorchases VI 5 I35000 -l_l — — ’ MIT 3211 section 02, Chapter 8 Homework - Microsoft Internet Explorer _ 5‘ ll McGraw-Hill's Homework Graded Session Irwin Manager ‘ 3" I‘"9fl'“"° 3" [911mm 3" Student > Aiiignment ‘BACK I’NEXT JUMP TO vl \fGHADE 7’ HELP “Gums SAVE 1. November 17, 2006 Debit Credit lPurchases 'I 3 '35000 Accounts Payab‘e V 5 35000 November 26, 2006 lAcceunts Payable VI l35000 Purchase Discounts V P00 Cash ' 311300 2. December 15, 2006 lAccounts Payable VI 35000 Cash V 35000 3. Requirement 1: November 1?, 2006 lPurchases VI 3:1300 Accounts Payab‘e ' 34300 November 26, 2006 IA/‘rmqu pmmhlo vi Imam f p T W W 1 1 1 MIT 3211 settinn 02, Chapter 8 Homewurk - Mitrnsnft Internet Explurer _ 5‘ ll McGraw-Hill's Homework Graded Session Irwin Manager ‘77 l"9fl“‘"° l"9fl“‘"° 135$!“ Student > Aiiignment ‘BACK I’NEXT JUMP TO vl \fGHADE 7’ HELP “Gums SAVE 2. December 15, 2006 4| lAeceunts Payable VI 35000 Cash V l35000 3. Requirement 1: November 17, 2006 lPurchases VI 311300 Accounts Payab‘e V November 26, 2006 lAeceunts Payable VI 34300 Cash v 34300 Requirement 2: December 15, 2006 lAccounts Payable VI 311300 % llnterest Expense VI 700 Cash V l35000 T 3:1300 H H W IIT 3211 section 02, apter fl Homework - osnft Internet Explorer I _ 5‘ ll McGraw-Hill's Homework Graded Session Irwin Manager '3'1l.”§1'“"° “Ifimfll'LWW'IFTéflmm “Tim Student > Aiiignment ‘BACK bNEXT JUMP TO '1 ¢GHADE 7’ HELP xcums. SAVE Question 5 of? Remaining time: Unlimited Q How did I do? Question 5: (10 points) The December 31, 2006, year-end inventory balance of the Raymond Corporation is $210,000. Identify which of the following should be excluded in the $210,000 ending inventory. '7 Goods shipped to Raymond t.o.b. destination on December 26, 2006, were received on January 2, 200?. The invoice cost of $30,000 is included in the $210,000 inventory balance. At yearrend, Raymond held $14,000 of merchandise on consignment from the Harrison Company. [That is, Raymond is the consignee.) This merchandise is included in the $210,000 inventory balance. I7 '7 On December 29, merchandise costing $6,000 was shipped to a customerf.o.b. shipping point and arrived at the customer’s location on January 3, 2007. The merchandise is included in the $210,000 inventory balance. I. At year-end, Raymond had merchandise costing $15,000 on consignment with the Joclyn Corporation. [That is, Raymond is the consignor.) The merchandise is included in the preliminary inventory balance. Pa rtial Grading Emlained IIT 3211 section 02, apter fl Homework - osoft Internet Explorer _ _ 5‘ ll McGraw-Hill's Homework Graded Session Irwin Manager l'fl'm‘e Il'fl'm‘e Student > Aiiignment ‘BACK >NEXT JUMP TO vi ¢GHADE " HELP "QUITa SAVE A Question 6 of Remaining time: Unlimite How did I dt Question 6: (15 points) E 8-11 Inuenlory cosl flow methods; periodic system L01 L04 Altira Corporation uses a periodic inventory system. The Following information related to its merchandise inventory during the month of August 2006 is available: Aug. 1 Inventory on hand -2,000 units; cost $6.10 each. 8 Purchased 10,000 units f0r$5.50 each. 14 Sold 8,000 units for $12.00 each. 18 Purchased 6,000 units for $5.00 each. 25 Sold 7,000 units for $11.00 each. 3‘l Inventory on hand -3,000 units. Required: Determine the inventory balance Altira would report in its August 31, 2006, balance sheet and the cost of goods sold it would report in its August 2006 income statement using each of the following cost Flow methods: v D IIT 3211 settion 02, Chapter 8 Homework - trosoft Internet Explorer _ 5‘ ll McGraw-Hill's Homework Graded Session Irwin Manager [911111119 "I‘ --"' I ‘ 911mm 1‘ LIFE!“ . 5'" Student > Aiiignment ‘BACK I’NEXT JUMPTO vl «GRADE " HELP “QUIT8‘SAVE Required: Determine the inventory balance Altira would report in it: August 31, ZEUS, balance Sheet and the cost of goods sum it would report in its August 2006 income statement using each of the tollovm‘ng cost flow methods: 1: First-in, First-out [F‘FO] 2: Last-in, First-out [LIFO] 3: Average Cost First-in, First-out (FIFO) Cost of Goods SoLd S 82200 Cost of Ending Inventory: 3 15UUU Lastrin, Firstrout [LIFO] Cost of Goods SoLd S 79500 Cost of Ending inventory: 5 17700 Average Cost Cost of Good: Sold S 51000 Cost of Ending Inventory: 3 152UU IIT 3211 settinn l]2, apter fl Homework - osnft Internet Explorer _ _ 5‘ ll McGraw-Hill's Homework Graded Session Irwin Manager l'fl'm‘e Il'fl'm‘e Student > Assignment ‘BACK " VJEIaT JUMP TO vl ¢GHADE " HELP x QUITE. SAVE Question 7 of Remaining time: Unlimite How did I dt Question 7: (15 points) E 8-12 Inventory cost flow methods; perpetual system L01 L04 Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2006: Aug. 1 inventory on hand—2,000 units; cost $6.10 each. 8 Purchased 10,000 units for $5.50 each. 14 Sold 8,000 units for $12.00 each. 18 Purchased 6,000 units for $5.00 each. Q 25 Sold 7,000 units for $11.00 each. 31 inventory on hand73,000 units. Required: Determine the inventory balance Altira would report in its August 31, 2006, balance sheet and the cost of goods sold it would report in its August 2006 income statement using each of the following cost flow v a“; _ L mrm D methods: 4r: MIT 3211 section 02. Chapter 8 Homework - crosoft Internet Eleorer _ 51 5| McGraw-Hill's Homework Graded Session Irwin Manager I‘Qfl'm‘e [911mm Student > mignmam ‘BACK JUMP TO ' “GRADE '5’ HELP x QUITE: SAVE Required: Determine the inventory balance Altira would report in it: August 31, ZEUS, balance Sheet and the cost of goods SDld it would report in its August 2006 income statement using each of the following cost flow methods: ‘i‘ First-in, first-out [FIFO] 2‘ Last-in, first-out [UFO] 3‘ Average cost First-in, First-out (FIFO) Ending Inventory: S 15000 Cost of Goods Soid: S '82200 Lastrin, Firstrout [LIFO] Ending Inventory: 3 17733 Cost of Goods Said: 5 79500 Average Cost Ending Inventory: 3 '15?20 Cost of Goods Said: 5 31480 ...
View Full Document

Page1 / 14

Homework_Chapter_8 - III 3211 section 02 Chapter 8 Homework...

This preview shows document pages 1 - 14. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online