Costs using the last in fust out cost flow assumption

  • No School
  • AA 1
  • 6

This preview shows page 4 - 6 out of 6 pages.

costs using the Last-In Fust Out cost flow assumption On December 31st, a count of ending inventory reveals that there are 344 units of computer replacement parts on hand. d. All revenue is recorded in the "Sales Revenue account and reported set of cash discounts on the income statement e. The effective interest method is used to amortize bond premiums and discounts f. Adjustments are made at the end of the year for prepaid insurance, cent, advertising, depreciation, and interest expense & The bookkeeper is paid a salary of $4,500 on the 15th of every month. h. The company declared dividends of $700 for the year Anime selling expenses include advertising and supplies expense. All other expenses, other than depreciation and interest expense, are considered general & administrative PARTA Prepare journal entries for each transaction listed above (with descriptions) Post journal entries to the general ledger accounts Prepare an adjusted trial balance. Prepare all necessary adjusting journal entries with descriptions) and post to the general ledger Prepare an adjusted trial balance on December 31st. Prepare clotmg entries, post to the general ledger, and carefowad balances to my Ist of the best rent Facts Journal General Ledger Trial Balance IS SE BS CF Ratios Hohne Insert Page Layout Formulas Data Review View Help Acrobat O Search Garamond - 11-AA BIU.B .A. == LB . 2 Wrap Text Merge & Center. General $ % 1 * 12 888 ard ,
Image of page 4
Font Conditional Format as Cell Formatting Table Styles - Styles Alignment Number X fr B C D E F h. The company
Image of page 5
Image of page 6

You've reached the end of your free preview.

Want to read all 6 pages?

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes
A+ icon
Ask Expert Tutors