ACCT $253$ During Semester Test $2$ Version $4$

During Semester Test $2$ Version $4$

By placing my name on and$/$or completing this test, I am assuring that I did not participate in any activities during the test that provided either an unfair advantage to myself or to anybody else. I understand that if there is any action taken during the test that could even be seen as questionable, it is up to me to explain why the action was not inappropriate. It is my Instructor's decision about inappropriate activities that will be the final decision related to my performance score on the test.

Nan

I will try my best to award partial credit on each of the problems where possible. In order for me to do this, you need to show as much work as possible. If I do not see anything written, I have no justification for awarding partial credit. Thanks!

For During Semester Test $2$:

In the online text box in the assignment, type "I confirm that I am neither providing help to others or getting help from others while taking the test" and place your initials $($worth $2$ points$)$

Record each of the events on the following page in the Accounting Formula Spreadsheet $(14$ events worth $5$ points each$)$

Complete the following:

a$.$ Provide what the Journal Entries would look like ONLY for the selected events $(7$ worth $2$ points each$)$

b$.$ Provide what the T$-$Accounts would look like ONLY for the selected events $(7$ worth $2$ points each$)$

During Semester Test $2$ Events

Event $1$: TEST acquired $$10,000$ cash by issuing common stock.

Event $2$: TEST paid $$9,000$ cash to purchase land for a place to locate a future store.

Event $3$: TEST purchased on account merchandise inventory with a list price of $$20,000.$

Event $4$: The shipping terms for the inventory purchased in Event $3$ were FOB shipping point. TEST paid the freight company $$496$ cash for delivering the merchandise.

Event $5$: TEST returned some of the inventory purchased in Event $3.$ The list price of the returned merchandise was $$5,200.$ Event $6$a: TEST recognized $$18,000$ revenue on the sale on account of merchandise that cost $$9,500.$

Event $6b$ : TEST recognized $$9,500$ of cost of goods sold.

Event $7$: TEST received cash discount on goods in Event $3.$

The credit terms were $\frac{2}{10},\frac{n}{30}.$

Event $8$: TEST paid the $$14,504$ balance due on the account payable.

Event $9$: TEST sold the land that had cost $$9,000$ for $$11,000$ cash.

Event $10$a: A customer returned inventory $($bought on account$)$ with a price of $$2,000$ and merchandise had cost Test $$1,200.$ Event $10$b: The cost of the goods $($$$1,200)$ is returned to the inventory account.

Event $11$: TEST received $$5,500$ cash in advance from Pay company for services that will be performed in the following year.

Event $12$: TEST took a physical count of its inventory and found $$6,000$ of inventory on hand.