Practice Exam 2 - Part II - Solutions


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Unformatted text preview: of this product. Instructions: Prepare a journal entry to record the cost of goo ds sold relating to the sale on June 3, assuming that Handy uses: (a) A LIFO flow assumption. (b) A FIFO flow assumption. (c) The average cost flow assumption. This is very much the same as the homework example used in the lecture. 3 Question 3 (x points) At March 31, the balance of the Cash account according to the records of Fisher Company was $7,261. The March 31 bank statement showed a balance of $8,798. You are to prepare the bank reconciliation of F...
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This note was uploaded on 08/26/2013 for the course ACCT 115 taught by Professor Kaplan during the Summer '08 term at Drexel.

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