exercise 17 - 1 ACCOUNTING Exercise 17 Burton Snowboards 2...

Info iconThis preview shows pages 1–30. Sign up to view the full content.

View Full Document Right Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

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

Unformatted text preview: 1 ACCOUNTING Exercise 17 Burton Snowboards 2 ECONOMIC EVENTS 1. Spend $4,000,000 to make 40,000 snowboards. 2. Sell 35,000 snowboards, on credit, for $200 each. 3. Record $3,500,000 Cost of Sales. 4. Certain customers return 2,000 snowboards. 5. Record the returned snowboards. 6. Customers pay remaining balance within 10 days. Our terms are 2/10, N30. 7. Pay $200,000 for salaries. 8. Sell 5,000 snowboards $200 each. Customers pay using American express cards. American Express charges a fee which is 6% of sales. 9. Record $500,000 Cost of sales. 10. Pay $10,000 to ship snowboards to customers. 11. Collect from American Express. 12. Pay $400,000 to buy back some of the companys stock. 13. Transfer Net Income (Loss) to Retained Earnings. 3 JOURNAL ENTRIES 1. 2. 3. 4. 5. 4 JOURNAL ENTRIES 6. 7. 8. 9. 10. 5 JOURNAL ENTRIES 11. 12. 13. 14. 15. 6 Cash Reference Transaction Current Balance Debit Credit Debit Credit 40,000,000 7 Common Stock Reference Transaction Current Balance Debit Credit Debit Credit 20,000,000 8 Paid in Capital Reference Transaction Current Balance Debit Credit Debit Credit 10,000,000 9 Retained Earnings Reference Transaction Current Balance Debit Credit Debit Credit 10,000,000 10 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 11 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 12 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 13 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 14 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 15 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 16 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 17 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 18 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 19 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 20 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 21 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 22 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 23 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 24 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 25 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 26 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 27 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 28 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 29 TRIAL BALANCE Account Debit Credit Total 30...
View Full Document

Page1 / 71

exercise 17 - 1 ACCOUNTING Exercise 17 Burton Snowboards 2...

This preview shows document pages 1 - 30. Sign up to view the full document.

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