ORIE 3150 Homework #3 Fall 2011 answers 2

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

Info icon This preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Image of page 1

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

View Full Document Right Arrow Icon
2
Image of page 2
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
Image of page 3

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

View Full Document Right Arrow Icon
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.
Image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern