ACC 3010

Project 2

Spring Summer 2018

This project will be submitted in 3 parts. The submission dates and Required parts to be completed for each submission are:

Submission 1 - due Saturday June 16 before 5pm - You must submit your completed March Journal entries, your completed Inventory Cards for all 3 Inventory costing methods, and the Worksheet complete through the Trial Balance. Your file must be named correctly - "Your name (first and last) Project 2 part 1. Failure to name your file correctly will result in a 1 point deduction

1. Complete the Perpetual Inventory card worksheets to reflect the March purchases and sales under the 3 different Inventory costing methods. For the weighted average computations, round unit cost to the nearest penny and total cost to the nearest dollar.

2. Complete the March Journal Entries to reflect the purchases and sales transactions (company uses the perpetual method) under the LIFO costing method and post.

3. Post the March entries to the worksheet columns for the March entries and complete the Trial Balance columns of the Worksheet.

Inventory Information

Inventory on hand at the beginning of October:

Units Cost / unit Total Cost

Purchase # 1 10 50 $500

Purchase # 2 35 60 2,100

45 $2,600

March 2018 transactions related to buying and selling doodad inventory

1-Mar Sold 25 doodads at $115 each on credit

3-Mar Purchased 40 doodads at a cost of $70 per doodad on credit

15-Mar Sold 30 doodads at $125 each on credit

20-Mar Purchased 25 doodads at a cost of $80 per doodad on credit

24-Mar Sold 35 doodads at $140 each on credit

The PHYSICAL count of doodad inventory on hand at March 31, 2018 shows 18 doodads at a LIFO cost of $980.

#NAME?
PARTIALLY ADJUSTED TRIAL BALANCE
March 31 2018								Adjusting
		Part Adj T/B		March Jes		Trial	Balance	& Bank Rec	Jes	Adusted TB
		DR	CR	DR	CR	DR	CR	DR	CR	DR	CR
Cash		$253,560
Accounts Receivable		146,800
Allowance for Uncollectible Accounts			$2,569
Supplies		85,650
Inventory		2,600
Prepaid Insurance		16,800
Land		50,000
Building		125,500
Accumulated Depr Building			5,670
Computer equipment		52,950
Accumulated Depr Comp Equip			1,750
Office Furniture		85,960
Accumulated Depr - Office Furniture			890
Accounts Payable			48,526
Interest Payable			3,200
Utilities Payable			8,952
Wages Payable			98,505
Long term Note Payable			90,000
Mortgage Payable			60,000
Common Stock			400,000
Retained Earnings			106,468
Dividends		4,000
Service Revenue			345,650
Tablet Sales Revenue			210,250
Cost of Goods Sold		165,850
Bad Debt Expense
Depreciation Expense Building		1,350
Depreciation Expense - Computer Equip		890
Depreciation Expense - Office Furn		650
Interest Expense		3560
Insurance Expense		38,950
Supplies expense		72,860
Bank fee (expense)
Utilities Expense		75,900
Wage Expense		198,600
TOTALS		$1,382,430	$1,382,430	$0