1.A petty cash fund is established on January 1st in the amount of $500.On January 31st, the fund contained $280 in cash and $215 in receipts for miscellaneous expenses before replenishment.Record the Journal Entries for January 1st and January 31st.

2.If the month-end bank statement shows a balance of $140,000, outstanding checks are $48,000, a deposit of $16,000 was in transit at month end, and a check for $2,000 was erroneously charged by the bank against the account, the correct balance in the bank account at month end is

3.Wellness Corp. has outstanding accounts receivable totaling $1.27 million as of December 31 and sales on credit during the year of $6.4 million. There is also a debit balance of $6,000 in the allowance for doubtful accounts. If the company estimates that 2% of its accounts receivable will be uncollectible, what is the year-end adjustment to record bad debt expense?

4.Consider the following: Cash in Bank - checking account of $18,000, Cash on hand of $500, Post-dated checks received totaling $3,500, and certificates of deposit totaling $124,000. How much should be reported as cash in the balance sheet?

5.AGE Inc. made a $20,000 sale on account with the following terms: 2/10, n/30. If the company uses the net method to record sales made on credit, how much should be recorded as revenue?

6.On July 22, Peter Co. sold $23,500 of inventory items on credit with the terms 2/15, net 30. Payment on $15,000 sales was received on August 1 and the remaining payment was received on August 12. Assuming Peter uses the gross method of accounting for sales discounts, record the entries made on July 22, August 1 and August 12?

7.On January 1^st, Morgan Corp. makes a loan to Marie Co. and receives in exchange a three-year, $10,000 note bearing interest at 10 percent annually. The market rate of interest for a note of similar risk is 12 percent. Prepare the following journal entries.a) to record the receipt of the note, b) the annual journal entries to record interest andc) repayment of the notes receivable.(FYI - You may need the time value of money tables.)

8.May Corp. sells one product and uses a perpetual inventory system. The beginning inventory consisted of 80 units that cost $20 per unit. During the current month, the company purchased 480 units at $20 each. Sales during the month totaled 360 units for $43 each. What is the number of units in the ending inventory?

9.April Corp. sells one product and uses a perpetual inventory system. The beginning inventory consisted of 80 units that cost $20 per unit. During the current month, the company purchased 480 units at $20 each. Sales during the month totaled 360 units for $43 each. What is the cost of goods sold using the LIFO method?

10.Juren Co. uses the periodic inventory system. For the current month, the beginning inventory consisted of 7,200 units that cost $12 each. During the month, the company made two purchases: 3,000 units at $13 each and 12,000 units at $13.50 each. Juren also sold 12,900 units during the month. Using the FIFO method, what is the ending inventory?

11.Transactions for the month of June were:

PurchasesSales

June1(balance) 3,200 @ $3.20June22,400 @ $5.50

38,800 @3.1066,400 @5.50

74,800 @3.3094,000 @5.50

157,200 @3.40101,600 @6.00

222,000 @3.50185,600 @6.00

25800 @6.00

Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is

12.Transactions for the month of June were:

PurchasesSales

June1(balance) 3,200 @ $3.20June22,400 @ $5.50

38,800 @3.1066,400 @5.50

74,800 @ 3.3094,000 @5.50

157,200 @3.40101,600 @6.00

222,000 @3.50185,600 @6.00

25800 @6.00

Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is

13.Chester uses the periodic inventory system. For the current month, the beginning inventory consisted of 480 units that cost $65 each. During the month, the company made two purchases: 720 units at $68 each and 360 units at $70 each. Chester also sold 1,200 units during the month. Using the FIFO method, what is the amount of cost of goods sold for the month?

14.Checkpoint uses the periodic inventory system. For the current month, the beginning inventory consisted of 7,200 units that cost $12 each. During the month, the company made two purchases: 3,000 units at $13 each and 12,000 units at $13.50 each. Checkpoint also sold 12,900 units during the month. Using the LIFO method, what is the ending inventory?

15.Chester uses the periodic inventory system. For the current month, the beginning inventory consisted of 480 units that cost $65 each. During the month, the company made two purchases: 720 units at $68 each and 360 units at $70 each. Chester also sold 1,200 units during the month. Using the LIFO method, what is the amount of cost of goods sold for the month?

16.My Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1,100,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows:

Inventory at Current

DateCurrent PricesPrice Index

December 31, 2020$1,284,000107

December 31, 20211,450,000125

December 31, 20221,625,000130

What is the cost of the ending inventory at December 31, 2020, December 31, 2021, and December 31, 2022 under dollar-value LIFO?

17.Lexie Company sells product 19NLC for $20 per unit. The cost of one unit of 19NLC is $18, and the replacement cost is $17. The estimated cost to dispose of a unit is $4, and the normal profit is 40% of selling price. What is the net realizable value of 19NLC?

18.Lexie Company sells product 19NLC for $20 per unit. The cost of one unit of 19NLC is $18, and the replacement cost is $17. The estimated cost to dispose of a unit is $4, and the normal profit is 40% of selling price. At what amount per unit should product 19NLC be reported, applying lower-of-cost-or-market?