1 ) Rebar Company prepared the following analysis of its year end inventory on December 31 First, determine the total lower of cost or market value for each product in Rebar Company's inventory Second, prepare the journal entry needed at year end to value the inventory at LCM, if applicable Historical Cost Replacement Cost Product Quantity per unit per unit A 17 $430 $499 B 140 325 299 C 38 75 69 2 ) The accounting records for Delta Driving School shows a cash balance of $14,134 on February 28, 2019 On the evening of February 28, company receipts of $1,250 were placed in the bank's night deposit drop box The deposit was processed by the bank on March 1 The February 28 bank statement shows a balance of $18,877, including collection of a $6,000 note receivable plus $55 of interest earned, a service charge of $40, and a $1,550 debit memo for the payment of the company's utility bill All of the checks that the company had written were listed on the bank statement except for check 1908 in the amount of $1,528 Prepare a bank reconciliation to calculate the companys adjusted cash balance at February 28, 2019 Prepare the journal entries needed to adjust the cash records as a result of the bank reconciliation Circle the number that will appear as Cash on Deltas Balance Sheet at February 28, 2019 3 ) Aardvark Company sells merchandise only on credit For the year ended December 31, 2019, the following data are available Sales (all on credit) $1,200,000 Accounts Receivable, January 1, 2019 225,000 Allowance for doubtful accounts, January 1, 2019 (credit) 15,000 Cash collections during 2019 1,050,000 Accounts written off as uncollected (default) during 2019 10,000 Determine the balance of Accounts Receivable at December 31, 2019 Assume that the company estimates bad debts at 2 of credit sales What amount will the company record as bad debt expense for 2019 What journal entry would Aardvark prepare to record bad debt expense for 2019 (related to part B) Assume that the company estimates bad debts based on the aging method, and the aging schedule estimates that $30,100 of the year end accounts receivable will be uncollected What amount will the company record as bad debt expense for 2019 What journal entry would Aardvark prepare to record bad debt expense for 2019 (related to part D) What is the net realizable value of the receivables (i e , Net A R) to be reported on the balance sheet at year end (assuming the A R aging method was used by Aardvark) 4 ) The following inventory transactions occurred at Zapata, Inc , which uses a perpetual inventory system October 2 Purchased 50 units of inventory from a supplier on credit The goods cost $30 each and the credit terms were 2 10, n 30 The shipping costs were $100 under the terms FOB destination and Zapata received the inventory on October 3 rd October 4 Returned 5 units of inventory from the October 2 nd transaction to the supplier October 6 Sold 15 of the units purchased on October 2 nd for $50 each to customers for cash October 7 October 10 Accepted a return of one unit of inventory from an October 6 th customer for a cash refund Established a petty cash fund for $300 October 11 October 15 October 28 Paid the supplier for one half of the inventory purchased on October 2 nd , net of any returns Used $20 out of petty cash to pay for stamps (postage expense) Purchased 10 units of inventory from a supplier on credit The goods cost $25 each and no credit terms were granted The shipping costs were $50 under the terms FOB destination and Zapata received the inventory on November 2 October 30 October 31 Paid the remaining balance owed to the supplier from the October 2 nd transaction Replenished petty cash Record the appropriate journal entries for these transactions with the appropriate date (no journal entry description is required) Include only journal entries that relate to October business If no journal entry is needed, write the transaction date and NO ENTRY 5 ) The following data are available for one of the products (i e , baseballs) sold by Cano Company, which uses a perpetual inventory system November 1 On hand, 10 units at $2 each 8 Sold, 6 units for $10 each 14 15 Purchased, 30 units at $3 each Purchased, 10 units at $4 each 25 Sold, 24 units for $10 each If the company uses the FIFO method, determine the following amounts (in dollars $) i) Ending Inventory on November 30 th ii) Cost of Goods Sold for November Show your calculations to receive full credit If the LIFO method is used, determine the following amounts (in dollars $) i) Ending Inventory on November 30 th ii) Cost of Goods Sold for November Show your calculations to receive full credit

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1:) Rebar Company prepared the following analysis of its year-end inventory on December 31. First, determine the total lower of cost or market value for

1:)

Rebar Company prepared the following analysis of its year-end inventory on December 31. First, determine the total lower of cost or market value for each product in Rebar Company's inventory. Second, prepare the journal entry needed at year-end to value the inventory at LCM, if applicable.

		Historical Cost	Replacement Cost
Product	Quantity	per unit	per unit
A	17	$430	$499
B	140	325	299
C	38	75	69

2:)

The accounting records for Delta Driving School shows a cash balance of $14,134 on February 28, 2019. On the evening of February 28, company receipts of $1,250 were placed in the bank's night deposit drop box. The deposit was processed by the bank on March 1. The February 28 bank statement shows a balance of $18,877, including collection of a $6,000 note receivable plus $55 of interest earned, a service charge of $40, and a $1,550 debit memo for the payment of the company's utility bill. All of the checks that the company had written were listed on the bank statement except for check #1908 in the amount of $1,528.

Prepare a bank reconciliation to calculate the companys adjusted cash balance at February 28, 2019.
Prepare the journal entries needed to adjust the cash records as a result of the bank reconciliation.
Circle the number that will appear as Cash on Deltas Balance Sheet at February 28, 2019.

3:)

Aardvark Company sells merchandise only on credit. For the year ended December 31, 2019, the following data are available:

Sales (all on credit)	$1,200,000
Accounts Receivable, January 1, 2019	225,000
Allowance for doubtful accounts, January 1, 2019 (credit)	15,000
Cash collections during 2019	1,050,000
Accounts written off as uncollected (default) during 2019	10,000

Determine the balance of Accounts Receivable at December 31, 2019.

Assume that the company estimates bad debts at 2% of credit sales. What amount will the company record as bad debt expense for 2019?

What journal entry would Aardvark prepare to record bad debt expense for 2019 (related to part B)?

Assume that the company estimates bad debts based on the aging method, and the aging schedule estimates that $30,100 of the year-end accounts receivable will be uncollected. What amount will the company record as bad debt expense for 2019?

What journal entry would Aardvark prepare to record bad debt expense for 2019 (related to part D)?

What is the net realizable value of the receivables (i.e., Net A/R) to be reported on the balance sheet at year-end (assuming the A/R aging method was used by Aardvark)?

4:)

The following inventory transactions occurred at Zapata, Inc., which uses a perpetual inventory system:

October 2	Purchased 50 units of inventory from a supplier on credit. The goods cost $30 each and the credit terms were 2/10, n/30. The shipping costs were $100 under the terms FOB destination and Zapata received the inventory on October 3^rd.
October 4	Returned 5 units of inventory from the October 2^nd transaction to the supplier.
October 6	Sold 15 of the units purchased on October 2^nd for $50 each to customers for cash.
October 7 October 10	Accepted a return of one unit of inventory from an October 6^th customer for a cash refund. Established a petty cash fund for $300.
October 11 October 15 October 28	Paid the supplier for one-half of the inventory purchased on October 2^nd, net of any returns. Used $20 out of petty cash to pay for stamps (postage expense). Purchased 10 units of inventory from a supplier on credit. The goods cost $25 each and no credit terms were granted. The shipping costs were $50 under the terms FOB destination and Zapata received the inventory on November 2.
October 30 October 31	Paid the remaining balance owed to the supplier from the October 2^nd transaction. Replenished petty cash.

Record the appropriate journal entries for these transactions with the appropriate date (no journal entry description is required). Include only journal entries that relate to October business. If no journal entry is needed, write the transaction date and NO ENTRY.

5:)

The following data are available for one of the products (i.e., baseballs) sold by Cano Company, which uses a perpetual inventory system.

November	1	On hand, 10 units at $2 each
	8	Sold, 6 units for $10 each
	14 15	Purchased, 30 units at $3 each Purchased, 10 units at $4 each
	25	Sold, 24 units for $10 each

If the company uses the FIFO method, determine the following amounts (in dollars $): i) Ending Inventory on November 30^th? ii) Cost of Goods Sold for November? Show your calculations to receive full credit.

If the LIFO method is used, determine the following amounts (in dollars $): i) Ending Inventory on November 30^th? ii) Cost of Goods Sold for November? Show your calculations to receive full credit.