1. Record the inventory valuation Material: Samsung S22 Cell Phone point: 30 Number: SNCP Transactions: April...

Transcribed Image Text:

1. Record the inventory valuation Material: Samsung S22 Cell Phone point: 30 Number: SNCP Transactions: April 1 $ 280 each. April 2 #1 at $ 270 each. April 4 1. April 5 April 7 265 each. April 8 2. April 10 Required: Reorder Beginning balance on hand is 150 cell phones at 50 cell phones are purchased on Purchase Order 125 cell phones are sold on Requisition Order # 5 cell phones are returned to the storeroom as noted on the Returned Phone Report #1. These units were sold on April 4. 200 Cell Phones are purchased on PO #2 at $ 180 Cell Phones are sold on Requisition Order # 20 Cell Phones are returned to the storeroom as noted on the Returned Phone Report #2. These units were sold on April 8. Material Ledger Card using FIFO, LIFO and Average. 2. Bad Debts On 4/13/21, Best Buy sold merchandise to Ms. Julia Lee for S 55,000 on account with terms: net 30. The cost of the merchandise was $ 35,000. The company uses the direct write off method. On 6/10/21, Best Buy got notice that Ms. Julia Lee filed for bankruptcy and wrote-off her receivable. On 5/27/22, Ms. Julia Lee contacted Best Buy to pay her receivable in full + 12% interest. Required: Journal entries for BJ's 3. Depreciation Home Depot purchased machinery for $115,000 with a residual value of $3,000 and a useful life of 5 years. Create the depreciation schedule for this machinery using: SLM, Sum of Digits and Double declining Balance. 1. Record the inventory valuation Material: Samsung S22 Cell Phone point: 30 Number: SNCP Transactions: April 1 $ 280 each. April 2 #1 at $ 270 each. April 4 1. April 5 April 7 265 each. April 8 2. April 10 Required: Reorder Beginning balance on hand is 150 cell phones at 50 cell phones are purchased on Purchase Order 125 cell phones are sold on Requisition Order # 5 cell phones are returned to the storeroom as noted on the Returned Phone Report #1. These units were sold on April 4. 200 Cell Phones are purchased on PO #2 at $ 180 Cell Phones are sold on Requisition Order # 20 Cell Phones are returned to the storeroom as noted on the Returned Phone Report #2. These units were sold on April 8. Material Ledger Card using FIFO, LIFO and Average. 2. Bad Debts On 4/13/21, Best Buy sold merchandise to Ms. Julia Lee for S 55,000 on account with terms: net 30. The cost of the merchandise was $ 35,000. The company uses the direct write off method. On 6/10/21, Best Buy got notice that Ms. Julia Lee filed for bankruptcy and wrote-off her receivable. On 5/27/22, Ms. Julia Lee contacted Best Buy to pay her receivable in full + 12% interest. Required: Journal entries for BJ's 3. Depreciation Home Depot purchased machinery for $115,000 with a residual value of $3,000 and a useful life of 5 years. Create the depreciation schedule for this machinery using: SLM, Sum of Digits and Double declining Balance.