Accounting Lab

3624 Words15 Pages
Chapter 7
Homework These problems are not in My Accounting Lab. They can be found in the Textbook Material beginning on page 379. Complete homework using Excel or PDF Working papers (below). Check your work against the homework solutions (below). Turn in your printed homework in class. Practice Problems: Quick Check #1-10 Assigned Problems: E7-13, 19, 20, P7-26A, P7-28A (14 points) Extra Credit: P7-29A (2 points)

Accounting Information Systems
√ Quick Check

Answers: 1. a 2. d 3. b 4. c 5. b 6. d 7. d 8. a 9. c 10. b

Explanations: 5. b. Gross profit = $2,505 (Sales revenue $4,319 – Cost of goods sold $1,814)

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Short Exercises
(5 min.)

S 7-1

Control is the most
…show more content…
You cannot take a purchase discount. 2,876

S 7-10

2,876

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(5-10 min.) 1. Total purchases on account…………….. $2,876 2. Total Accounts Payable paid off during November………………………….. $ 819 3. In Motion owes House Textiles…………. $ 451 In total, In Motion owes $2,057 on account.

S 7-11

(10 min.)

S 7-12

1. Cash (Exhibit 7-11)............................................ $1,875 2. Gross sales revenue (Exhibit 7-9)................... $7,491 Less: Sales discounts (Exhibit 7-9)................ (35) Net sales revenue............................................. $7,456 3. Purchased furniture on account— Purchases journal p. 8 (Exhibit 7-10) 4. City Office Supply November 30 balance (Exhibit 7-11)............... $ 543

208

Accounting 7/e Solutions Manual



Exercises
(5 min.)

E 7-13

Number 101 102 103 104 105 106 201 221 301 321 401 501 521

Account Cash Accounts receivable Inventory Supplies Computer equipment Accumulated depreciation Accounts payable Note payable, long-term Jerry Mobile, capital Jerry Mobile, withdrawals Sales revenue Cost of goods sold Depreciation expense

(10 min.) Total assets = $81,500 ($18,100 + $63,400)

E 7-14

Owner’s equity = $25,600 ($8,600 − $2,000 + $40,000 − $21,000) Total liabilities = $55,900 ($81,500 − $25,600)

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(5 min.) Annual depreciation = B9 / C8 = $3,000 ($60,000 / 20 years)

E 7-15

(5
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