Assume that on September 1. Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Oriole Co. at a total cost of $1.770, terms n/30. 9 Paid freight of S60 on calculators purchased from Oriole Co. 10 Returned calculators to Oriole Co. for $69 credit because they did not meet specifications. 12 Sold calculators costing $500 for $750 to Fryer Book Store, terms n/30. Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $30 14 20 Sold calculators costing $700 for $890 to Heasley Card Shop, terms n/30. Journalize the September transactions. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Assume that on September 1. Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Oriole Co. at a total cost of $1.770, terms n/30. 9 Paid freight of S60 on calculators purchased from Oriole Co. 10 Returned calculators to Oriole Co. for $69 credit because they did not meet specifications. 12 Sold calculators costing $500 for $750 to Fryer Book Store, terms n/30. Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $30 14 20 Sold calculators costing $700 for $890 to Heasley Card Shop, terms n/30. Journalize the September transactions. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...

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Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.
The accounts and their balances in the ledger of Markeys Mountain Shop as of December 31, the end of its fiscal year, are as follows: Data for the adjustments are as follows. Assume that Markeys Mountain Shop uses the perpetual inventory system. a. Merchandise Inventory at December 31, 140,357. b. Store supplies inventory (on hand) at December 31, 540. c. Depreciation of building, 3,400. d. Depreciation of store equipment, 3,800. e. Salaries accrued at December 31, 1,250. f. Insurance expired during the year, 1,480. Required 1. Complete the work sheet after entering the account names and balances onto the work sheet. Ignore this step if using CLGL. 2. Journalize the adjusting entries. If using manual working papers, record adjusting entries on journal page 63.
A partial work sheet for McKnight Music Store is presented here. The merchandise inventory at the beginning of the fiscal period was 48,473. W. J. McKnight, the owner, withdrew 40,000 during the year. Required 1. Prepare an income statement. 2. Journalize the closing entries. Check Figure Cost of Goods Sold, 192,521
John Neff owns and operates Waikiki Surf Shop. A year-end trial balance is provided on page 561. Year-end adjustment data for the Waikiki Surf Shop are shown below. Neff uses the periodic inventory system. Year-end adjustment data are as follows: (a, b)A physical count shows that merchandise inventory costing 51,800 is on hand as of December 31, 20--. (c, d, e)Neff estimates that customers will be granted 2,000 in refunds of this years sales next year and the merchandise expected to be returned will have a cost of 1,200. (f)Supplies remaining at the end of the year, 600. (g)Unexpired insurance on December 31, 2,600. (h)Depreciation expense on the building for 20--, 5,000. (i)Depreciation expense on the store equipment for 20--, 3,000. (j)Wages earned but not paid as of December 31, 1,800. (k)Neff also offers boat rentals which clients pay for in advance. Unearned boat rental revenue as of December 31 is 3,000. Required 1. Prepare a year-end spreadsheet. 2. Journalize the adjusting entries. 3. Compute cost of goods sold using the spreadsheet prepared for part (1).
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