Accounting Homework 7

Accounting Homework 7

 

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ve attached the textbook doc with the questions and the exercise template that you must use. 

  

Check Figures

 

Unit 7 Check Figures

 

Exercise 6-4

1.      
 Cost of merchandise sold= $1,400,600

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Continued on next page

Ex.

6

-4

November 30, 2010

:

Inventory, November 30, 2010

, December 1, 2009

Cost of merchandise sold

Less:
Cost of merchandise sold
Exercise 6-4 Name:
Section:
Enter the appropriate amount or label in the shaded cells.
An asterisk (*) will appear next to an incorrect item or amount in the outlined cells.
a. WEDGEFORTH COMPANY
Schedule of Cost of Goods Sold
For the Year Ended

November 30, 2010
Cost of merchandise sold
Purchases
Purchases discounts
Less: Craig Pence: Enter the subtractions as positive amounts. Peggy Hussey: Enter the period of time covered by this statement. cpence: Enter the larger of the two subtractions on this lin

e. Purchases returns and allowances
Freight in
Net Purchases Merchandise
Add: Merchandise Inventory
Cost of merchandise purchased
Merchandise available for sale
b.
Gross profit reported for the year ended November 30, 2010:

Ex. 6-

7

Name:

Section:

.

supplies used

Exercise 6-7
Enter the appropriate amount or item in the shaded cells.
An asterisk (*) will appear next to or below an incorrect entry in the outlined cells.
Account Worksheet Column
1. Advertising expense Selling expense
Administrative expense
2. Depreciation expense on store equipment Other expense
3. Insurance expense on office equipment
4. Interest expense on notes payable
5 Rent expense on office building
6. Salaries of office personnel
7. Salary of sales manager
8. Sales

Ex. 6-

23

Name:

Section:

Enter the appropriate amount or item in the shaded cells.

Net Cost

Merchandise
a.

,000.00

b.

e.

Exercise 6-23
An asterisk (*) will appear next to an incorrect amount in the outlined cells.
Schedule of Invoice Payments
Returns and Allowances Net Cost Discount for Early Payment Freight Paid by Seller Amount to be Paid
$

15 Craig Pence: This amount is equal to the original invoice cost of the merchandise, less the returns and allowances and less the discount. Craig Pence: This amount is equal to the invoice price of the merchandise less the returns and allowances.
10,000.00
c. 8,250.00
d. 2,900.00
3,850.00

Pr. 6-5A

Name:

Section:

An asterisk (*) will appear next to an incorrect item or amount in the outlined cells.

5
6

6

7
15

19

22

23
Craig Pence: Always record the sale in the first entry, then record the cost of the inventory in the second entry.
Craig Pence: Always record the sale in the first entry, then record the cost of the inventory in the second entry.
23

Craig Pence: Always record the sale in the first entry, then record the cost of the inventory in the second entry.

28
Merchandise Inventory
Sales
Problem 6-5A
Enter the appropriate amount or account in the shaded cells.
JOURNAL
Date Description Debit Credit
Dec. 3
13
Peggy Hussey: Record the larger of the two credits on this line. Craig Pence: Always record the sale in the first entry, then record the cost of the inventory in the second entry.
16 Craig Pence: Record the larger of the two debits on this line.
19
22
28 Craig Pence: Record the adjustment to sales revenue first, before recording the adjustment to inventory. Peggy Hussey: Record the larger of the two credits on this line.
31
Accounts Receivable – Smith River Co.
Accounts Receivable – Zion Co.
Accounts Payable – Deepwater Co..
Accounts Payable – Hillsboro Co.
Cash
Cost of Merchandise Sold
Credit Card Expense
Sales Discounts
Sales Returns and Allowances
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