Week 2 Individual Assignment

Week 2 Individual Assignment - E5-3Month DaySept6...

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Unformatted text preview: E5-3Month DaySept6 Merchandise Inventory (80 x $20)1,600 Cash9 Merchandise Inventory80 Cash10 Accounts Payable (2 x $21)42 Merchandise Inventory12 Accounts Receivable (26 x $31)806 SalesCost of Goods Sold (26 x $31)546 Merchandise Inventory14 Sales Returns and Allowances31 Accounts ReceivableMerchandise Inventory21 Cost of Goods Sold20 Accounts Receivable (30 x $31)930 SalesCost of Goods Sold (30 x $21)630 Merchandise InventoryE5-16a)1) April5 Purchases20,000 Accounts Payable2) April6 Freight-In900 Cash3) April7 Equipment26,000 Accounts Payable4) April8 Accounts Payable2,800 Purchase Returns and Allowances5) April15 Accounts Payable ($20,000 - $2,800)17,200 Purchase Discounts ($20,000 - $2,800) x 2%Cash ($17,200 - $344)b) May4 Accounts Payable ($20,000 - $2,800)17,200 Cash17,200 E6-7$10,000/100 = $100 per unit$26,000/200 = $130 per unita)1) FIFOEnding Inventory = 80 units @ $130 = $10,400COGS(100 units @ $100) + (120 units @ $130) = $25,6002) LIFOEnding Inventory = 80 units @ $100 = $8,000...
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This note was uploaded on 07/22/2011 for the course ACCT 281 taught by Professor Shelburn during the Spring '10 term at University of Phoenix.

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Week 2 Individual Assignment - E5-3Month DaySept6...

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