ORIE 3150 Homework #3 Fall 2011 answers 2

ORIE 3150 Homework #3 Fall 2011 answers 2 - ORIE 3150...

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ORIE 3150 Homework #3 Due September 21, 2011 P4-2A from the text b) Unfortunately, the text likes to put the date next to T-account entries. This is not the standard practice. Rather than type out all of these myself, I will just provide the textbook answers provided by the author and say ignore the dates. 1
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Again, the textbook author does not follow the standard practice of listing all of the debit accounts first. While the following is NOT the correct format, I do not have time to retype the whole thing. 2. P5-7B EHLINGER DEPARTMENT STORE Income Statement (Partial) For the Year Ended December 31, 2012 Net Sales $694,000 Cost of Goods Sold (427,000) Gross Profit $267,000 3
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3. DeffTone Industries sells specialty audio equipment. On February 14, 2007, the company sold new audio equipment to Cornell University for $1,800. DeffTone received a gross margin of 35% on the sale. The equipment was sold on the terms 1%10, net 30. DeffTone uses the periodic inventory system. On February 19, 2007, Cornell University’s check for payment was received. a) Show DeffTone’s February 14 journal entry. February 14, 2007 Accounts Receivable 1,800 Sales Revenue 1,800 b) Show the February 19 journal entry. February 19, 2007 Cash 1,782 Sales Discount 18 Accounts Receivable 1,800 4. The following information is available for the Watkins Corporation. For the balance
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This note was uploaded on 09/30/2011 for the course ORIE 3150 at Cornell.

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ORIE 3150 Homework #3 Fall 2011 answers 2 - ORIE 3150...

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