Accounting in Action
Yes, this is correct. Virtually every organisation and person in our society uses accounting
information. Businesses, investors, creditors, government agencies, and not-for-profit
organisations must use
Lecture Illustrations - Derek Lighting
Derek Lighting buys lamps for $40 each and sells them for $60 each. On 1
September 2010, 24 lamps were in inventory. Derek Lighting completed the
transactions during the first two weeks of September as follows:
Ledger posting using perpetual and periodic inventory methods
Dodgy Brothers sells gym equipment. The information below relates to one of their products: the
economy treadmill. Economy treadmills cost $500 each and sell for $1000 each. Informat
Acme Rural Supplies sells farm supplies. At the end of last period the balance in the
inventory account for cattle drums was 7 units @ $100.
The following sales and purchase transactions took place in July 2012.
July 2 Acme Rural Suppli
ADDITIONAL PERIODIC STOCK QUESTION (with solution )
Bentleigh Bikes sells bicycles. The following transactions occurred in August 2012: On 1
August the Inventory account balance was $900 Dr.
Lecture 5 - Exercises Solutions
Task 1 - Worksheet
Acme Shoe Store has provided an unadjusted Trial Balance see first two columns of worksheet over page.
1. Earlier in the year, Acme had received $4,350 in deposits for goods which