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ch 5-6 acc - Ch 5 6 Textbook Exercises Exercise E5-3 E5-16...

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Ch. 5 & 6 Textbook Exercises Exercise E5-3, E5-16, E6-7, E6-12 University of Phoenix ACC/281 Instructor: Hong Zhao By Scott Ward
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Ch. 5: Exercises (E5-3) Sept. 6 Merchandise Inventory ........................................................... 1,600 Cash ............................................................................... 1,600 9 Merchandise Inventory ............................................................ 80 Cash ............................................................................... 80 10 Accounts Payable .................................................................... 42 Merchandise Inventory .................................................. 42 12 Accounts Receivable ............................................................... 806 Sales ............................................................................... 806 Cost of Goods Sold .................................................................. 546 Merchandise Inventory .................................................. 546 14 Sales Returns and Allowances ................................................ 31 Accounts Receivable ..................................................... 31 Merchandise Inventory ........................................................... 21 Cost of Goods Sold ....................................................... 21 20 Accounts Receivable ............................................................... 930 Sales .............................................................................. 930 Cost of Goods Sold ................................................................. 630 Merchandise Inventory ................................................. 630
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(E5-16) (a) April 5 Purchases ............................................................ 20,000 Accounts Payable ........................................ 20,000 April 6 Freight-in ............................................................ 900 Cash ............................................................. 900 April 7 Equipment .......................................................... 26,000 Accounts Payable ........................................ 26,000 April 8 Accounts Payable ............................................... 2,800 Purchase Returns and Allowances .............................................. 2,800 April 15 Accounts Payable ............................................... 17,200 Purchase Discounts ..................................... 344 Cash .................................................... 16,856 (b) May 4 Accounts Payable ............................................... 17,200 Cash ............................................................ 17,200
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Ch. 6: Exercises (E6-7) (a) 1) FIFO – 100 @ $100 each, 200 @ $130 each, ending inventory – 80 100 x 100 + 120 x 130 = 10,000 + 15,600 = 25,600 36,000 – 25,600 = 10,400 2) LIFO – 100 @ $100 each, 200 @ $130 each, ending inventory – 80 200 x 130 + 20 x 100 = 26,000 + 2000 = 28,000 36,000 – 28,000 = 8,000 3) Average Cost – 36,000 / 300 = $120 per unit, units sold 220
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