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ACCT 221 Midterm: Ch. 1-6 -Journalize the following selected transactions for April 2013 in a two-column journal




Question;ACCT;221 Midterm: Ch. 1-6;Problem;1. Journalize the following selected;transactions for April 2013 in a two-column journal. Journal entry explanations may be omitted.;April 1;Received;cash from stockholder, Kevin Marks, in return for stock, $14,000.;2;Received;cash for providing accounting services, $9,500.;3;Billed;customers on account for providing services, $4,200.;4;Paid;advertising expense, $700.;5;Received;cash from customers on account, $2,500.;6;Dividends;paid, $1,010.;7;Received;telephone bill, $900.;8;Paid;telephone bill, $900.;Date;Description;Post Ref;Debit;Credit;2. Journalize in a two column journal the;adjusting entries required at August 31, 2013. Omit explanations.;1. Fees accrued but unbilled are $4,500.;2. The supplies account balance on December 31;is $5,250. The supplies on hand are;$1,015.;3. Wages accrued but not paid are $3,500.;4. Depreciation of office equipment is $2,200.;5. Rent expired during year, $7,800.;Date;Description;Post Ref;Debit;Credit;3. On the basis of the following data taken from;the Adjusted Trial Balance columns of the work sheet for the year ended March;31 for Boles Athletic Company, journalize the four closing entries.;Cash;$ 30,000;Accounts;Receivable;45,200;Supplies;5,000;Equipment;169,900;Accumulated;Depreciation;$ 32,000;Accounts;Payable;12,500;Capital;Stock;71,600;Dividends;47,000;Fees;Earned;510,000;Salary;Expense;244,500;Rent;Expense;48,000;Depreciation;Expense;25,000;Supplies;Expense;9,500;Miscellaneous;Expense;2,000;$626,100;$626,100;Date;Description;Post Ref;Debit;Credit;4.Merchandise with a list price of $7,500;is purchased on account, terms FOB shipping point, 1/10, n/30. The;seller prepaid transportation costs;of $300. Prior to payment, $2,000 of the merchandise is returned. The;correct amount is paid within the;discount period.;Record;the foregoing transactions of the buyer in the sequence indicated below.;(a);Purchased;the merchandise.;(b);Recorded;receipt of the credit memorandum for merchandise returned.;(c);Paid;the amount owed.;Date;Description;Post Ref;Debit;Credit;5.;Merchandise with a list price of $3,800 and costing $2,000 is sold on account;subject to the following terms;FOB shipping point, 2/10, n/30. The seller prepays the $50 shipping charges;and bills the customer, (seller;pays Cash). Prior to payment for the;goods, the seller issues a credit memorandum for $800 to the customer for;merchandise costing $500 that is;returned. The correct amount is received within the discount period.;Record;the foregoing transactions of the seller in the sequence indicated below.;(a);Sold;the merchandise, recognizing the sale and cost of merchandise sold.;(b);Paid;the transportation charges.;(c);Issued;the credit memorandum.;(d);Received;payment from the customer.;Date;Description;Post Ref;Debit;Credit;6.;The following data regarding purchases and sales of a commodity were taken from;the related perpetual inventory;account;June 1 Balance 25 units at $60;6 Sale 20 units;8 Purchase 20 units at $61;16 Sale 10 units;20 Purchase 20 units at $62;23 Sale 25 units;30 Purchase 15 units at $63;Determine;the cost of the inventory balance at June 30, using (1) the first-in, first-out;method and (2) the last-in, first-out method.;Identify the quantity, unit price, and total cost of each lot in the;inventory.


Paper#37895 | Written in 18-Jul-2015

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