exam 2 bootcamp from lab - Accounting 2013 Exam 2 Boot Camp...

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Accounting 2013 Exam 2 Boot Camp Note: If used properly these materials can be used to evaluate how well you know the topics, you should be able to answer or solve these problems without any books or notes. If you use these materials to just learn how to do these problems, it may not yield the results needed. The preparation of these materials assumed that a student attended class, took notes and did all the drill exercises and we selected random exercises to bring home the point. The Topics Chapter 6 1. Journal Entries and effect on the accounting equation (including net income) a. Purchases of inventory b. Freight c. Returns d. Discounts e. Sales of inventory f. Returns g. Discount h. Cost of Goods Sold Source Chapter 6 Demonstration problem (Adapted) Assume Oakley Incorporated-the maker of stylish sunglasses, goggles, and many other leading products- made merchandise costing $150,000 and sold it on credit to Sunglass Hut for $375,000 with terms 2/10, n/30. $20,000 of the merchandise purchased was returned by Sunglass Hut to Oakley. Oakley reduced Sunglass’s account by the return. Sunglass Hut paid the remaining balance within the discount period. Required: Record the tranactions from Oakley’s point of view Oakley’s Transactions Oakley is __________________________ Account Debit Credit a) b) c) Record the transactions from Sunglass Hut’s Point of View Sunglass is the ________________ Acc 2013 Exam 2 Boot Camp Page 1 of 10
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Account Debit Credit a) b) c) 1. Compute Oakley’s net sales 2. Compute Oakley’s gross profit and gross profit percentage on the sale. Note: Also the project should help you with these transactions. An On-Line Quiz will be available during Spring Break to question you on the project. i. Bank reconciling items CP6-2 Identifying Outstanding Checks and Deposits in Transit and Preparing a Bank Reconciliation and Journal Entries The August 2006 bank statement for Martha Company and the cash T-account for August 2006 follow: 1. Prepare the bank reconciliation for August. Bank Reconciliation BANK BOOKS Add: Add: Less: Less: Adjusted bank balance Adjusted book balance Acc 2013 Exam 2 Boot Camp Page 2 of 10
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No deposits were in transit and no checks were outstanding at the end of July. 2.Give any journal entries that the company should make as a result of the bank reconciliation. Note: Also, review the matching items such as M6-4, note whether the reconciling item is on the bank or book side and whether it is added or subtracted. j. Chapter 8 Notes Receivable k. Adjusting entry for interest revenue l. Collection of a note M8-9 RecRoom Equipment Company received an $8,000, six-month, 10 percent note to settle an unpaid balance owed by a customer. Prepare journal entries to record the following transactions for RecRoom. Rather than use letters to reference each transaction, use the date of the transaction.
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exam 2 bootcamp from lab - Accounting 2013 Exam 2 Boot Camp...

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