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ACCT 221 Midterm Ch. 1-6 Problem




Question;1. Journalize the following selected transactions for April 2013 in a two-column journal. Journal entryexplanations may be omitted.April 1 Received cash from stockholder, KevinMarks, in return for stock, $14,000.2 Received cash for providing accountingservices, $9,500.3 Billed customers on account for providingservices, $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.DateDescriptionPost RefDebitCredit2. Journalize in a two column journal the adjusting entries required at August 31, 2013. Omit explanations.1. Fees accrued but unbilled are $4,500. supplies account balance on December 31 is $5,250. The supplies on hand are $1,015.Wages accrued but not paid are $3,500.Depreciation of office equipment is $2,200.Rent expired during year, $7,800.DateDescriptionPost RefDebitCredit3. On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the year ended March 31 for Boles Athletic Company, journalize the four closing entries.CashAccountsReceivableSuppliesEquipmentAccumulatedDepreciationAccounts PayableCapital StockDividendsFees EarnedSalary ExpenseRent ExpenseDepreciationExpenseSupplies ExpenseMiscellaneousExpense$ 30,00045,2005,000169,900$ 32,00012,50071,60047,000510,000244,50048,00025,0009,5002,000$626,100DateDescription$626,100Post RefDebitCredit4. Merchandise with a list price of $7,500 is purchased on account, terms FOB shipping point, 1/10, n/30. Theseller prepaid transportation costs of $300. Prior to payment, $2,000 of the merchandise is returned. Thecorrect amount is paid within the discount period.Record the foregoing transactions of the buyer in the sequence indicated below.(a)(b)(c)Purchased the merchandise.Recorded receipt of the credit memorandum for merchandise returned.Paid the amount owed.DateDescriptionPost RefDebitCredit5. 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)(b)Sold the merchandise, recognizing the saleand cost of merchandise sold.Paid the transportation charges.(c)(d)Issued the credit memorandum.Received payment from the customer.DateDescriptionPost RefDebitCredit6. The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account:June 1 Balance6 Sale8 Purchase16 Sale20 Purchase23 Sale30 Purchase25 units at $6020 units20 units at $6110 units20 units at $6225 units15 units at $63Determine the cost of the inventory balance at June 30, using (1) the first-in, first-out method and (2) the lastin, first-out method. Identify the quantity, unit price, and total cost of each lot in the inventory.


Paper#40098 | Written in 18-Jul-2015

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