401ch8solutions

401ch8solutions - EXERCISE 8-5 (1520 minutes) (a) Inventory...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
EXERCISE 8-5 (15–20 minutes) (a) Inventory December 31, 2012 (unadjusted). ....... $234,890 Transaction 2. ......................................................... 10,420 Transaction 3. ......................................................... –0– Transaction 4. ......................................................... –0– Transaction 5. ......................................................... 8,540 Transaction 6. ......................................................... (10,438) Transaction 7. ......................................................... (11,520) Transaction 8. ......................................................... 1,500 Inventory December 31, 2012 (adjusted). ............ $233,392 (b) Transaction 3 Sales Revenue. .............. 12,800 Accounts Receivable. ......................... 12,800 (To reverse sale entry in 2012) Transaction 4 Purchases (Inventory). .......... 15,630 Accounts Payable. .............................. 15,630 (To record purchase of merchandise in 2012) Transaction 8 Sales Returns and Allowances. ......... 2,600 Accounts Receivable. ......................... 2,600
Background image of page 1

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

View Full DocumentRight Arrow Icon
EXERCISE 8-6 (10–20 minutes) 2011 2012 2013 Sales Revenue. ..................................... $290,000 $360,000 $410,000 Sales Returns and Allowances. .......... 6,000 13,000 10,000 Net Sales. ............................................... 284,000 347,000 400,000 Beginning Inventory. ............................ 20,000 32,000 37,000** Ending Inventory. ................................. 32,000* 37,000 34,000 Purchases. ............................................. 247,000 260,000 298,000 Purchase Returns and Allowances. .... 5,000 8,000 10,000 Freight-in. .............................................. 8,000 9,000 12,000 Cost of Goods Sold. ............................. 238,000 256,000 303,000 Gross Profit. .......................................... 46,000 91,000 97,000 *This was given as the beginning inventory for 2012. **This was calculated as the ending inventory for 2012. EXERCISE 8-9 (15–25 minutes) (a) Jan. 4 Accounts Receivable. ........................... 640 Sales Revenue (80 X $8). ............. 640 Jan. 11 Purchases ($150 X $6.50). .................... 975 Accounts Payable. ....................... 975 Jan. 13 Accounts Receivable. ........................... 1,050 Sales Revenue (120 X $8.75). ...... 1,050 Jan. 20 Purchases (160 X $7). ........................... 1,120 Accounts Payable. ....................... 1,120
Background image of page 2
Jan. 27 Accounts Receivable. ........................... 900
Background image of page 3

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

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

Page1 / 15

401ch8solutions - EXERCISE 8-5 (1520 minutes) (a) Inventory...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online