Sheridan Inc. is a retailer operating in British Columbia. Sheridan uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory: the inventory is not damaged. Assume that there are no credit transactions: all amounts are settled in cash. You are provided with the following information for Sheridan Inc. for the month of January 2022. Date January 11 January 5 January 8 January 10 January 15 January 16 January 20 January 25 Description Beginning inventory Purchase Sale Sale return Purchase Purchase return Sale Purchase Quantity Unit Cost or Selling Price 100 $13 144 16 111 24 24 10 55 5 93 18 18 18 30 20

Sheridan Inc. is a retailer operating in British Columbia. Sheridan uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory: the inventory is not damaged. Assume that there are no credit transactions: all amounts are settled in cash. You are provided with the following information for Sheridan Inc. for the month of January 2022. Date January 11 January 5 January 8 January 10 January 15 January 16 January 20 January 25 Description Beginning inventory Purchase Sale Sale return Purchase Purchase return Sale Purchase Quantity Unit Cost or Selling Price 100 $13 144 16 111 24 24 10 55 5 93 18 18 18 30 20

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Description: Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. For each of the following cost flow assumptions, calculate cost of goods sold, ending in

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 1M

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Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section and place a check mark () in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owners equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. Insert the new balance in the owners capital account. 10. Prepare a post-closing trial balance.
Cullumber Inc. is a retailer operating in Calgary, Alberta. Cullumber uses the perpetual inventory system. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Cullumber for the month of January 2025. Date Dec. 31 Jan. 2 Jan. 6 Jan. 9 Jan. 10 Jan. 23. Jan. 30 Description. Ending inventory Purchase: Sale Purchase Sale Purchase Sale Quantity 162 109 177 66 60 100 120 Unit Cost or Selling Price $21 21 38 25 41 28 48
Waterway Inc. is a retailer operating in British Columbia. Waterway uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Waterway Inc. for the month of January 2022. Date January 1 January 5 January 8 January 10 January 15 January 16 January 20 January 25 (a1) January 1 January 5 January 8 January 10 January 15 January 16 January 20 Description January 25 Beginning inventory Purchase Sale Sale return Purchase Purchase return Sale Purchase $ $ $ $ $ $ Quantity 100 $ 139 Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round moving-average cost per unit answers to 3 decimal places, eg. 5.251.) Moving-Average Cost per unit $ 111 10 55 5 88 18 Unit Cost or Selling Price $13 16 27 27 18 18 31 20
Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders buys and sells furniture and equipment for cash or on credit. On 1 March 2021, Africa Traders sold furniture on credit to Mrs A South to the amount of R9 300. On 27 April 2021, Mrs South paid R8 765,25 in full settlement of her account. Required: What amount will be recorded in the VAT Input column of the cash receipts journal of Africa Traders on 27 April 2021? NB: Instructions 1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72) 2. Use a full stop to indicate any decimals (eg: 1000.01) 3. You must enter cents even if it is 0 (eg .00) 4. Only show the amount, do not show the R (eg: 12141.72) Answer:
Concord Inc. is a retailer operating in British Columbia. Concord uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Concord Inc. for the month of January 2022.
Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them with lamp fixtures. There is an agreement that Lamplight Plus is not required to provide cash payment immediately and instead will provide payment within thirty days of the invoice date. You are to provide the journal entries for the following transactions assuming a perpetual inventory system. Cash Accounts Payable Purchases Accounts Receivable Merchandise Inventory Sales PLEASE NOTE: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). Lamplight purchases thirty light fixtures for $20 each on August 1, invoice date August 1, with no discount terms DR CR Lamplight returns ten light fixtures, receiving a credit amount for the full purchase price on August 3: DR CR Lamplight purchases an additional fifteen light fixtures for $15 each on August 19, invoice…
Crane Inc. is a retailer operating in British Columbia. Crane uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Crane Inc. for the month of January 2022. Date Description Quantity Unit Cost or Selling Price January 1 Beginning inventory 100 $12 January 5 Purchase 137 15 January 8 Sale 112 23 January 10 Sale return 10 23 January 15 Purchase 55 17 January 16 Purchase return 5 17 January 20 Sale 85 27 January 25 Purchase 17 19 For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round…
On October 10, 202X, Jackson Co. issued debit memorandum no. 1 for $380 to Ada Co. for merchandise returned from invoice no. 312. The merchandise was purchased on account. Your task is to journalize, record, and post this transaction as appropriate. Use the perpetual inventory system. Journalize the transaction. (Record debits first, then credits. Exclude explanations from journal entries. Ignore posting references for purposes of this problem.) Account Titles Date Oct. 10 Debit Accounts Payable Subsidiary Ledger Record the transaction to the subsidiary ledger account and post to the general ledger accounts. (Select the appropriate account names for each ledger. Ignore posting references for purposes of this problem.) Credit General Ledger
Crane Inc. is a retailer operating in British Columbia. Crane uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Crane Inc. for the month of January 2022. Date Description Quantity Unit Cost or Selling Price January 1 Beginning inventory 100 $12 January 5 Purchase 137 15 January 8 Sale 112 23 January 10 Sale return 10 23 January 15 Purchase 55 17 January 16 Purchase return 5 17 January 20 Sale 85 27 January 25 Purchase 17 19 Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round intermediate calculations to 0 decimal places and final answers to 3 decimal…
Prepare the journal entries to record the following transactions on Cullumber Company's books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 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.) (a) On March 2, Cullumber Company sold $890,100 of merchandise to Oriole Company, terms 2/10, n/30. The cost of the merchandise sold was $546,300. On March 6, Oriole Company returned $105,400 of the merchandise purchased on March 2. The cost of the merchandise returned was $62,600. On March 12, Cullumber Company received the balance due from Oriole Company. (b) (c) No. Date Account Titles and Explanation Debit Credit (a) March 2 + Accounts Receivable 890,100 Sales Revenue 890,100 (To record sale of merchandise) March 2 + Cost of Goods Sold 546,300 Inventory 546,300 (b) March 6 + Sales Returns and Allowances…
Current Attempt in Progress Prepare the journal entries to record the following sales transactions in Swifty Corp's books. Świfty uses a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Jan. 2 Świfty sold $37,000 of goods to Xtra Inc., terms n/45, FOB destination. The cost of the goods sold was $20,720. Swifty expected a return rate of 15%. The appropriate company paid freight costs of $740. Xtra returned $4,900 of the merchandise purchased from Świfty on January 2, because it was not needed. The cost of the merchandise returned was $2,744, and it was restored to inventory. 11 Świfty received the balance due from Xtra. Date Account Titles and Explanation Debit Credit Jan. 2 (To record credit sale) 2 (To record cost of goods sold)
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