Practice Exam 2 - Part II - Solutions

Instructionsprepareajournalentrytorecordthecostofgoo

Info iconThis preview shows page 1. Sign up to view the full content.

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

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...
View Full Document

This note was uploaded on 08/26/2013 for the course ACCT 115 taught by Professor Kaplan during the Summer '08 term at Drexel.

Ask a homework question - tutors are online