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ACCT200

# ACCT200 - Accounting 200 Review for Exam 2 Chapters 5 6 and...

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Accounting 200 Review for Exam 2 Chapters 5, 6, and 7 Chapter 5 Section I The following events occur in January (Previous beginning inventory was 0): 1/1 Calcutron Company buys 500 calculators at \$3.00 each terms 1/10 net 30 from Calculator world. Calculators are shipping FOB Shipping point. 1/2 Freight costs for calculator purchase of \$100.00 are paid by the responsible party. 1/4 Calcutron Co. sells Doggett, Co. 200 calculators for \$6.00 each, terms 2/10 net 30. (Hint: If calculating value of Merchandise Inventory sold is required, don't forget to include freight costs if appropriate). 1/4 Calcutron Co ships Doggett, Co the calculators FOB Shipping point. Freight Costs are \$35. 1/5 Doggett, Co. Returns 15 calculators to Calcutron that don’t work. 1/6 Calcutron returns the nonworking calculators to Calculator World and receives a credit for a calculators equal to purchase price plus any freight-in costs paid associated with the original purchase. 1/13 Calcutron receives payment from Doggett, Co. 1/24 Calcutron makes a cash sale of 150 calculators at \$6.50 each. PART A: Make the appropriate entries for Calcutron using the periodic system. Assuming that Ending Inventory is \$450.00. Make the income statement through gross profit. PART B: Using the same information make the appropriate entries for Calcutron using the perpetual system. Assuming that Ending Inventory is \$450.00. Make any necessary adjusting entries. Make the income statement through gross profit.

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Part A: Income Statement (Do the journal entries on the following page first).
PART A Journal Entries Date Account Title DB CR

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Part B: Income Statement (Do the journal entries on the following page first).
PART B Journal Entries Date Account Title DB CR

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Section II Jordan Co’s year-end adjusted trial balance: Pt A DB CR Cash 34821 Accounts Receivable 525
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ACCT200 - Accounting 200 Review for Exam 2 Chapters 5 6 and...

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