1 PROBLEM-1 25 POINTS 2 COMPUTER CONSULTING INC 3 4 5 UNADJUSTED ADJUSTMENT TRIAL BALANCE 7 DR CR DR CR 8 CASH 15,000 9 ACCOUNT RECEIVABLE 30,000 10 INTEREST RECEIVABLE 11 SUPPLIES 1,700 12 PREPAID INSURANCE 2,000 13 BUILDING 160,000 14 ACCUMULATED DEPRECIATION-BUILDING 10,000 15 EQUIPMENT 9,000 16 ACCUMULATED DEPRECIATION-EQUIPMENT 6,000 17 ACCOUNTS PAYABLE 18 LOAN PAYABLE 19 NOTE PAYABLE 140,000 20 WAGES PAYABLE 21 UNEARNED FEES 6,000 22 UNEARNED RENT 7,000 23 COMMON STOCK 30,000 24 RETAINED EARNINGS JANUARY 1, 2019 7,000 25 DIVIDEND PAID 2,000 26 FEES EARNED 62,000 27 RENTAL INCOME 28 ADVERTISING EXPENSE 29 WAGES EXPENSES 42,300 30 SUPPLIES EXPENSES 31 INSURANCE EXPENSE 32 RENT 33 DEPRECIATION EXPENSE 6,000 34 UTILITIES EXPENSE 35 INTEREST INCOME 36 268,000 268,000 37 38 INSTRUCTIONS: 39 1.JOURNALIZE THE ENTRIES THAT ADJUST THE ACCOUNTS AT DECEMBER 31, 2019 40 SOME ACCOUNTS WERE AFFECTED BY TWO OR MORE DIFFERENT ADJUSTING ENTRIES. 41 2.PREPARE AN INCOME STATEMENT, A STATEMENT OF RETAINED EARNINGS, AND A BALANCE SHEET. 42 3. JOURNALIZE CLOSING ENTRIES. USE INCOME SUMMARY ACCOUNT ADJUSTED TRIAL BALANCE DR CR 15,000 31,950 950 550 1,150 160,000 12,200 16,500 7,200 3,625 7,500 140,000 4,150 4,250 5,250 30,000 7,000 2,000 65,700 1,750 825 46,450 1,150 850 1,950 9,400 850 950 289,575 289,575 . iiiiiii 11 iliiliiiii 1 PROBELEMS: 3 10 POINTS 2 THE FOLLOWING INDEPENDENT CASES PERTAIN TO 2010 CALENDER-YEAR ACCOUNTING PERIOD: 3 4 CASE A CASE B CASE C CASE D CASE E 5 CASH 100000 40000 100000 25000 6 ACCOUNT RECEIVABLE 12500 45000 40000 45000 7 PREPAID INSURANCE 3000 10000 3000 5000 8 SUPPLIES 5000 5000 7000 15000 9 OTHER ASSETS 200000 160000 115000 80000 10 TOTAL ASSETS 238500 230000 265000 177000 11 12 ACCOUNTS PAYABLE 24000 60000 35000 18000 15000 13 WAGES PAYABLE 10000 5000 14 NOTE PAYABLE 20000 30000 45000 20000 15 TOTAL PAYABLE 49000 100000 95000 40000 16 17 COMMON STOCK 110000 110000 120000 100000 18 BEG RETAINED EARNINGS 20000 25000 50000 20000 19 DIVIDEND 10000 30000 40000 5000 20 REVENUE 232000 211000 85000 99000 21 EXPENSE 156000 65000 80000 60000 22 TOTAL STOCK HOLDER'S EQI 189500 135000 177000 23 TOTAL LIAB AND EQUITY 275000 265000 177000 24 25 INSTRUCTIONS: 26 DETERMINE THE MISSING AMOUNT The following transactions were selected from among those completed by the Lampco Inc. during October of the current year: October 3. Purchased merchandise on account from Axel Co., list price $15,000 trade discount 15%, terms FOB destination, 1/10, n/30. 6. Sold merchandise on account to Hart Co., list price $20,000 trade discount 20%, terms 2/10, n/30 at 20% gross profit. 7. Returned $4,000 of the merchandise purchased on September 3 from Axel Co. 12. Sold merchandise on account to Abc company, $ 8000 at 20% gross profit. 13. Paid Axel Co. on account for purchase of September 3, less return of September 7. 16. Received cash on account from sale of September 6 to Hart Co. 24. Sold merchandise to Wilcox Co., $7,500 terms 1/10, n/30 at 30% gross profit. sold 26. Sold merchandise for cash, $8,000 at 15% gross profit. 30. Received merchandise returned by Wilcox Co. from sale on September 24, $2,000 30. Purchased merchandise from EFG Company, list price $ 8000 trade discount 20%, terms FOB Shipping Point. Instructions: Journalize the transactions for the Lampco Inc. THE FOLLOWING INFORMATION PERTAINS TO MODEL A-4 DIGITAL WATCHES OF THE TIME CORPORATION FOR THE MONTH OF OCTOBER, 2020 12 DATE CALCULATORS UNITS UNIT UNITS COST SELLING OCTOBER PRICE 1 BEGINNING INV 100 $ 60.00 7 PURCHASE 400 62.00 SALE 300 $90.00 17 PURCHASE 500 64.00 PURCHASE 300 65.00 SALE 600 95.00 21 PURCHASE 500 66.00 22 PURCHASE 600 67.00 SALE 1,000 100.00 19 20 28 INSTRUCTIONS: 1.ASSUMING THAT THE COMPANY USES PERPETUAL INVENTORY SYSTEM, CALCULATE THE COST OF THE ENDING INVENTORY AND COST OF GOODS SOLD USING THE FOLLWING METHOD: A. FIFO B. LIFO 2.ASSUMING THAT THE COMPANY USES PERIODIC INVENTORY SYSTEM, CALCULATE THE COST OF THE ENDING INVENTORY AND COST OF GOODS SOLD USING THE FOLLWING METHOD: A. FIFO B. LIFO C. AVERAGE METHOD Determine cost of ending Inventory using Lower of Cost or Market method .(LCM) Last Purchase Invoice Next to the last purcase invoice Descriptio Quaintity Purchase Unit A 75 Unit Cost $ Quaintity Purchase Unit Cost 50 $ 10.00 12.00 Unit B 100 $ 15.00 75 $ 14.00 Unit C 150 18.00 100 $ 20.00 31-Dec-19 Quaintity on Hand 86 Market Price $ 11.00 Unit A Unit B 112 $ 13.00 Unit C 110 $ 19.00 1 PROBLEM-1 25 POINTS 2 COMPUTER CONSULTING INC 3 4 5 UNADJUSTED ADJUSTMENT TRIAL BALANCE 7 DR CR DR CR 8 CASH 15,000 9 ACCOUNT RECEIVABLE 30,000 10 INTEREST RECEIVABLE 11 SUPPLIES 1,700 12 PREPAID INSURANCE 2,000 13 BUILDING 160,000 14 ACCUMULATED DEPRECIATION-BUILDING 10,000 15 EQUIPMENT 9,000 16 ACCUMULATED DEPRECIATION-EQUIPMENT 6,000 17 ACCOUNTS PAYABLE 18 LOAN PAYABLE 19 NOTE PAYABLE 140,000 20 WAGES PAYABLE 21 UNEARNED FEES 6,000 22 UNEARNED RENT 7,000 23 COMMON STOCK 30,000 24 RETAINED EARNINGS JANUARY 1, 2019 7,000 25 DIVIDEND PAID 2,000 26 FEES EARNED 62,000 27 RENTAL INCOME 28 ADVERTISING EXPENSE 29 WAGES EXPENSES 42,300 30 SUPPLIES EXPENSES 31 INSURANCE EXPENSE 32 RENT 33 DEPRECIATION EXPENSE 6,000 34 UTILITIES EXPENSE 35 INTEREST INCOME 36 268,000 268,000 37 38 INSTRUCTIONS: 39 1.JOURNALIZE THE ENTRIES THAT ADJUST THE ACCOUNTS AT DECEMBER 31, 2019 40 SOME ACCOUNTS WERE AFFECTED BY TWO OR MORE DIFFERENT ADJUSTING ENTRIES. 41 2.PREPARE AN INCOME STATEMENT, A STATEMENT OF RETAINED EARNINGS, AND A BALANCE SHEET. 42 3. JOURNALIZE CLOSING ENTRIES. USE INCOME SUMMARY ACCOUNT ADJUSTED TRIAL BALANCE DR CR 15,000 31,950 950 550 1,150 160,000 12,200 16,500 7,200 3,625 7,500 140,000 4,150 4,250 5,250 30,000 7,000 2,000 65,700 1,750 825 46,450 1,150 850 1,950 9,400 850 950 289,575 289,575 . iiiiiii 11 iliiliiiii 1 PROBELEMS: 3 10 POINTS 2 THE FOLLOWING INDEPENDENT CASES PERTAIN TO 2010 CALENDER-YEAR ACCOUNTING PERIOD: 3 4 CASE A CASE B CASE C CASE D CASE E 5 CASH 100000 40000 100000 25000 6 ACCOUNT RECEIVABLE 12500 45000 40000 45000 7 PREPAID INSURANCE 3000 10000 3000 5000 8 SUPPLIES 5000 5000 7000 15000 9 OTHER ASSETS 200000 160000 115000 80000 10 TOTAL ASSETS 238500 230000 265000 177000 11 12 ACCOUNTS PAYABLE 24000 60000 35000 18000 15000 13 WAGES PAYABLE 10000 5000 14 NOTE PAYABLE 20000 30000 45000 20000 15 TOTAL PAYABLE 49000 100000 95000 40000 16 17 COMMON STOCK 110000 110000 120000 100000 18 BEG RETAINED EARNINGS 20000 25000 50000 20000 19 DIVIDEND 10000 30000 40000 5000 20 REVENUE 232000 211000 85000 99000 21 EXPENSE 156000 65000 80000 60000 22 TOTAL STOCK HOLDER'S EQI 189500 135000 177000 23 TOTAL LIAB AND EQUITY 275000 265000 177000 24 25 INSTRUCTIONS: 26 DETERMINE THE MISSING AMOUNT The following transactions were selected from among those completed by the Lampco Inc. during October of the current year: October 3. Purchased merchandise on account from Axel Co., list price $15,000 trade discount 15%, terms FOB destination, 1/10, n/30. 6. Sold merchandise on account to Hart Co., list price $20,000 trade discount 20%, terms 2/10, n/30 at 20% gross profit. 7. Returned $4,000 of the merchandise purchased on September 3 from Axel Co. 12. Sold merchandise on account to Abc company, $ 8000 at 20% gross profit. 13. Paid Axel Co. on account for purchase of September 3, less return of September 7. 16. Received cash on account from sale of September 6 to Hart Co. 24. Sold merchandise to Wilcox Co., $7,500 terms 1/10, n/30 at 30% gross profit. sold 26. Sold merchandise for cash, $8,000 at 15% gross profit. 30. Received merchandise returned by Wilcox Co. from sale on September 24, $2,000 30. Purchased merchandise from EFG Company, list price $ 8000 trade discount 20%, terms FOB Shipping Point. Instructions: Journalize the transactions for the Lampco Inc. THE FOLLOWING INFORMATION PERTAINS TO MODEL A-4 DIGITAL WATCHES OF THE TIME CORPORATION FOR THE MONTH OF OCTOBER, 2020 12 DATE CALCULATORS UNITS UNIT UNITS COST SELLING OCTOBER PRICE 1 BEGINNING INV 100 $ 60.00 7 PURCHASE 400 62.00 SALE 300 $90.00 17 PURCHASE 500 64.00 PURCHASE 300 65.00 SALE 600 95.00 21 PURCHASE 500 66.00 22 PURCHASE 600 67.00 SALE 1,000 100.00 19 20 28 INSTRUCTIONS: 1.ASSUMING THAT THE COMPANY USES PERPETUAL INVENTORY SYSTEM, CALCULATE THE COST OF THE ENDING INVENTORY AND COST OF GOODS SOLD USING THE FOLLWING METHOD: A. FIFO B. LIFO 2.ASSUMING THAT THE COMPANY USES PERIODIC INVENTORY SYSTEM, CALCULATE THE COST OF THE ENDING INVENTORY AND COST OF GOODS SOLD USING THE FOLLWING METHOD: A. FIFO B. LIFO C. AVERAGE METHOD Determine cost of ending Inventory using Lower of Cost or Market method .(LCM) Last Purchase Invoice Next to the last purcase invoice Descriptio Quaintity Purchase Unit A 75 Unit Cost $ Quaintity Purchase Unit Cost 50 $ 10.00 12.00 Unit B 100 $ 15.00 75 $ 14.00 Unit C 150 18.00 100 $ 20.00 31-Dec-19 Quaintity on Hand 86 Market Price $ 11.00 Unit A Unit B 112 $ 13.00 Unit C 110 $ 19.00