Week4_ch4_solutions [Uploaded]

Week4_ch4_solutions [Uploaded] - FB2100 Accounting I...

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FB2100 – Accounting I – Semester A 2010 Solutions to Assigned Questions – Week 4 – Chapter 4 Quick Study 4-4 (10 minutes) July 31 Cost of Goods Sold . ............................................ 1,900 Merchandise Inventory . ............................. 1,900 To adjust for shrinkage based on physical count [$37,800 - $35,900]. Quick Study 4-5 (10 minutes) July 31 Sales . ...................................................................... 160,200 Income Summary . ......................................... 160,200 To close temporary accounts with credit balances. July 31 Income Summary . ................................................. 165,900 Sales Discounts . .......................................... 4,700 Sales Returns and Allowances . .................. 6,500 Cost of Goods Sold* . .................................... 106,900 Depreciation Expense . ................................. 10,300 Salaries Expense . ......................................... 32,500 Miscellaneous Expenses . ............................. 5,000 To close temporary accounts with debit balances. (*$105,000 + $1,900 —from QS 4-4)
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FB2100 – Accounting I – Semester A 2010 Solutions to Assigned Questions – Week 4 – Chapter 4 Problem 4-1A (40 minutes) July 1 Merchandise Inventory . .................................... 6,000 Accounts Payable—Boden . ...................... 6,000 Purchased goods on credit, terms 1/15, n/30. 2 Accounts Receivable—Creek. .......................... 900 Sales . ........................................................... 900 Sold goods on credit, terms 2/10, n/60. 2 Cost of Goods Sold . .......................................... 500 Merchandise Inventory . ............................. 500 To record cost of the July 2 sale. 3 Merchandise Inventory . .................................... 125 Cash . ........................................................... 125 Paid freight on incoming goods. 8 Cash . ................................................................... 1,700 Sales . ........................................................... 1,700 Sold goods for cash. 8 Cost of Goods Sold . .......................................... 1,300 Merchandise Inventory . ............................. 1,300 To record cost of the July 8 sale. 9 Merchandise Inventory . .................................... 2,200 Accounts Payable—Leight . ...................... 2,200 Purchased goods on credit, terms 2/15, n/60. 11 Accounts Payable—Leight . .............................. 200 Merchandise Inventory . ............................. 200 Received credit memo from returning goods to supplier. 12 Cash . ................................................................... 882 Sales Discounts (2%) . ....................................... 18 Accounts Receivable—Creek . .................. 900 Collected receivable within the discount period.
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FB2100 – Accounting I – Semester A 2010 Solutions to Assigned Questions – Week 4 – Chapter 4 Problem 4-1A
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Week4_ch4_solutions [Uploaded] - FB2100 Accounting I...

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