Part 1

Presented below are the components in determining cost of goods sold.

       Determine the missing amounts.

Part 2

Cha Company buys merchandise on account from Wirtz Company. The selling price of the goods is $850, and the cost of the goods is $500. Both companies use perpetual inventory systems.

1.  Journalize the transaction on the books of both companies.

Part 3

Prepare the journal entries to record the following transactions on Novy Company's books using a perpetual inventory system.

• On March 2, Novy Company sold $956,000 of merchandise to Opps Company, terms 4/10, n/30. The cost of the merchandise sold was $550,000.
• On March 6, Opps Company returned $95,600 of the merchandise purchased on March 2. The cost of the returned merchandise was $59,000.
• On March 12, Novy Company received the balance due from Opps Company.

Part 4

At year-end, the perpetual inventory records of Gutierrez Company showed merchandise inventory of $112,300. The company determined, however, that it's actual inventory on hand was $110,200.

Record the necessary adjusting entry.

Part 5

Presented below are transactions related to R. Humphrey Company.

1. On December 3, R. Humphrey Company sold $662,200 of merchandise to Frazier Co., terms 4/10, n/30, FOB destination. R. Humphrey paid $400 for freight charges. The cost of the merchandise sold was $351,200.
2. On December 8, Frazier Co. was granted an allowance of $26,600 for merchandise purchased on December 3.
3. On December 13, R. Humphrey Company received the balance due from Frazier Co.

•  Prepare the journal entries to record these transactions on the books of R. Humphrey Company using a perpetual inventory system.
• Assume the R. Humphrey Company received the balance due from Frazier Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2.

Part 6

Presented below are selected accounts for McPhan Company as reported in the worksheet using a perpetual inventory system at the end of May 2017.

Complete the worksheet by extending amounts reported in the adjusted trial balance to the appropriate columns in the worksheet.

Part 7

Yolanda Hagen, a former disc golf star, operates Yolanda's Discorama. At the beginning of the current season on April 1, the ledger of Yolanda's Discorama showed Cash $2,000, Inventory $2,600, and Owner's Capital $4,600. The following transactions were completed during April.

1. Apr. 5 Purchased golf discs, bags, and other inventory on account from Mumford Co. $1,200, FOB shipping point, terms 2/10, n/60.
2. 7 Paid freight on the Mumford purchase $60.
3. 9 Received credit from Mumford Co. for merchandise returned $100.
4. 10 Sold merchandise on account for $840, terms n/30. The merchandise sold had a cost of $504.
5. 12 Purchased disc golf shirts and other accessories on account from Saucer Sportswear $660, terms 1/10, n/30.
6. 14 Paid Mumford Co. in full, less discount.
7. 17 Received credit from Saucer Sportswear for merchandise returned $60.
8. 20 Made sales on account for $640, terms n/30. The cost of the merchandise sold was $350.
9. 21 Paid Saucer Sportswear in full, less discount.
10. 27 Granted an allowance to customers for clothing that was flawed $40.
11. 30 Received payments on account from customers $910.

• Journalize the April transactions using a perpetual inventory system.
• Enter the beginning balance in the ledger accounts and post the April transactions.
• Make a trial balance on April 30,2017.

 

Attached is the worksheet for the above problems. Thanks in advance.

• 1497931749-Accounting.xlsx

SuperTutor

(15)

Status NEW Posted 20 Jun 2017 04:06 AM My Price 20.00

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