41 AB CDF 1 Journal Entries 3 Pick a drop down option from each cell, and enter figures in spaces provided. 12 Mindy started selling baking sheets to her customers in addition to teaching baking classes and selling baked goods. She knows she purchased the following items throughout the year Units Total Purchases in $ 8 3/15/2019 Initial Purchase Baking Sheets 6/15/2019 Additonal Baking Sheets 9/15/2019 Additional Baking Sheets Cost 50 $ 100 $ 200 $ 10 13 Record the journal entry to show Mindy's total purchase of inventory. Assume she made all of these purchases on account, but her employee never recorded the purchases throughout the year. Debit Credit Inventory Accounts Payable 14 Mindy took a physical inventory count on 12/31/2019 and knows she still has 75 baking sheets still on han Assume Mindy wants to show the highest net income at the end of the year so she looks profitable to the bank. What inventory costing system would you tell her to use? Using this costing system and Knowing she started the year with zero inventory. what should her ending inventory account be as o 12/31/2019? C20 X fo Accounts Payable TJ 2 14 Mindy took a physical inventory count on 12/31/2019 and knows she still has 75 baking sheets still on hand. Assume Mindy wants to show the highest net income at the end of the year so she looks profitable to the bank. What inventory costing system would you tell her to use? Using this costing system, and knowing she started the year with zero inventory, what should her ending inventory account be as of 12131/2019? Cost System Used ON Ending Inventory Account: 3 15 Mindy has decided to use a periodic inventory system. What is her cost of goods sold as of 12/31/2019? 5 Cost of Goods Sold Account: 16 Record the entry to adjust Mindy's ending inventory account for baking sheets sold throughout the year Debit Credit 17 Assume Mindy charged $15 per baking sheet, and an additional 6% of sales tax with each sale. She only accepted cash from customers (no credit card sales). Debit Credit Unearned Revenue 3 Mindy determined the shelving and tables that she purchased on March 1st to have a useful live of 5 9 years. She uses straight-line depreciation. Record depreciation for this year. Credit 2 Depreciation Expense - Shelving Accumulated Depreciation Debit $ 667 5 Mindy has been teaching baking classes in people's homes. She sells tickets in advance and accepts 6 credit cards. She had done 20 parties in 2019, with 8 people attending each party, at $100 per ticket 7 She pays a credit card fee of 2% E Debit Credit ELETTR Cash 1 Credit Card Service Fees Baking Classes Revenues 4 Mindy has also booked classes for January and February of the coming year, 2 parties, 8 people 5 attending, at $100 per ticket. Credit card service fees of 2% apply. Debit Credit Cash Credit Card Service Fees Unearned Revenue