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ACCT 216 Week 3




Question;1. Classify the following items as (a) an addition to the bank balance;(b) a subtraction from the bank balance, (c) an addition to the book;balance, or (d) a subtraction from the book balance:_____ $20 in service charges _____ A $300 check deposited that was returned NSF_____ An outstanding check that you wrote for $2,000_____ A deposit in transit of $5,500_____ Bank Error: the bank credited your account for a deposit made by another customer2. During 2011, Jimmy Enterprises completed the following transactions:a. Sales revenue on account, $550,000.b. Collections on account, $325,000c. Write-offs of uncollectible, $13,000d. Uncollectible account expense, 5% of sales revenueRequired:1. Prepare the journal entries for the above transactions. 2. Suppose Robotics, Inc.?s inventory records for a particular item indicated the following transactions in September:September 1 Beginning Inventory 6 units @ $29September 10 Purchase 19 units @ $32September 22 Purchase 12 units @ $30September 27 Purchase 4 units @ $31Required;The company sold 22 units on September 30. Compute the ending inventory;and cost of goods sold using each of the following methods:1. LIFO2. FIFO3. Average Cost


Paper#44985 | Written in 18-Jul-2015

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