1.Alpha Company prepares quarterly adjusting entries. On November 1, 2017, Alpha Company purchased equipment with a sticker price of $8,515 and signed a note due in 9 months for $10,000 that included interest in the value of the note. Use this information to prepare a general journal entry for the November 1 equipment purchase. Prepare any additional general journal adjusting entries for Fiscal Years 2017 & 2018. Additionally, prepare the general journal entry to record the payment of the note when due in 2018.

General Journal

2. Alpha Company uses the perpetual inventory system and had the following inventory and sales activity for the month of May 2016:

Date

Activity

Quantity

Unit Price

5/1

Beginning inventory

175

10

5/5

Purchase

200

12

5/10

Sales

245

25

5/15

Purchase

300

15

5/20

Sales

300

30

5/25

Purchase

150

16

Using the LIFO method, determine the dollar values following for the month of May:

1.Ending inventory

2.Goods Available for Sale

3.Sales

4.Cost of Goods Sold

5.Gross Profit

1.Alpha Company prepares quarterly adjusting entries. On November 1, 2017, Alpha Company purchased equipment with a sticker price of $8,515 and signed a note due in 9 months for $10,000 that included interest in the value of the note. Use this information to prepare a general journal entry for the November 1 equipment purchase. Prepare any additional general journal adjusting entries for Fiscal Years 2017 & 2018. Additionally, prepare the general journal entry to record the payment of the note when due in 2018. General Journal Date Accounts Debit Credit 8/31/17 9/30/17 12/31/17 3/31/18 5/31/18 2 Alpha Company uses the perpetual inventory system and had the following inventory and sales activity for the month of May 2016: Date Activity Quantity Unit Price 5/1 Beginning inventory 175 10 5/5 Purchase 200 12 5/10 Sales 245 25 5/15 Purchase 300 15 5/20 Sales 300 30 5/25 Purchase 150 16 Using the LIFO method, determine the dollar values following for the month of May: 1. Ending inventory 2. Goods Available for Sale 3. Sales 4. Cost of Goods Sold 5. Gross Profit