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Question: 1 On December 1, 2020, G Company had the following account balances. Debit Credit Cash :5 7,200 Accumulated Depreciation $ 2,200 Equipment Accounts receivable 4,600 Accounts Payable 4,500 Inventory 12,000 Salaries and Wages Payable 1,000 Supplies 1,200 Owner's Capital 39,300 Equipment 22,000 m m During December, the company completed the following summary transactions. December 5 Purchased golf bags, clubs, and balls on account from Tiger Co. $1,200, FOB shipping point, terms 2110, nr'60. Appropriate party paid freight on purchases $50. December 9 Received credit from Tiger Co. for merchandise returned $100. December 10 Sold merchandise on account to John traders $600, FOB shipping point, terms 2115, nf30. The cost of goods sold is $400. Appropriate party paid freight cost $20. December 12 Purchased golf shoes, sweaters, and other accessories on account from Classic Sportswear $450, FOB destination, terms 3110, nf30. Appropriate party paid freight on purchases $50. December 16 Paid Tiger Co. in full. December 1? Received credit from Classic Sportswear for merchandise returned $50. December 20 Made sales on account to Chenzi traders $500, FOB Destination, terms 2;'10, nf30. Cost of goods sold is $300 Appropriate party paid freight cost $20. December 21 Paid Classic Sportswear in full. December 23 Goods returned from Chenzi traders $100. The cost of goods sold is $30 December 30 Received payments from Chenzi traders in full. December 31 Received payments from John traders in full. Instructions a. Journalize the December transactions using both perpetual and periodic inventory system in a table side by side. b. Enter the December 1 balances in the ledger and post the December transactions and prepare a trail balance on December 31 (using perpetual inventory system). Question: 2 Casper Inc. buys and sells a household cleaning item for the last 8 years at their New Jersey outlet. The following information is for Casper Inc. for the month ended June 30 2018. Casper Inc. uses the periodic method for inventory. Date Description Quantity Unit Cost or Selling Price June 1 Opening Inventory 80 80 June 3 Purchase 270 86 June 5 Sale 220 140 June 9 Sale 15 25 June 11 Sales Return 30 140 June 13 Purchase 110 92 June 15 Purchase Return 20 92 June 17 Sale 130 152 June 19 Purchase 70 100 Required: a. Calculate (i) Ending Inventory, (ii) Cost of Goods sold, (iii) Gross Profit Under each of the following methods. LIFO. (2) FIFO. (3) Average-cost. b. From your calculations, analyze which method results in 1. The highest ending inventory, and 2. The highest cost of goods sold.Question: 4 Fleming Sign Company uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 1% of net credit sales will eventually be uncollectible. Selected account balances at December 31, 2013, and December 31, 2014, appear below: 12f31f13 12f31f14 Net Credit Sales $400,000 $500,000 Accounts Receivable 60,000 80,000 Allowance for Doubtful Accounts 5,200 ? Instructions (a) Record the following events in 2014. Aug. 10 Determined that the account of Sue King for $800 is uncollectible. Sept. 12 Determined that the account of Tom Young for $3,700 is uncollectible. Oct. 10 Received a check for $500 as payment on account from Sue King, whose account had previously been written off as uncollectible. She indicated the remainder of her account would be paid in November. Nov. 15 Received a check for $300 from Sue King as payment on her account. (b) Prepare the adjusting journal entry to record the bad debt provision for the year ended December 31,2014. (0) What is the balance of Allowance tor Doubtful Accounts at December 31, 2014? Question: 5 Zimmer Company sold the following two machines in 2020: m m Cost $76,000 580.000 Purchase date July 1. 2016 January 1. 2017 Useful life 8 years 5 years Salvage value $4,000 $4.000 Depreciation method Straight-line Double-declining-balance Date sold July 1. 2020 August 1, 2020 Sales price $35,000 $16,000 Instructions 1. Pass the necessary journal entries to record purchase of the machine A and Machine B on 1 July 2016 and 1 January, 2017 respectively. 2. Calculate depreciation of the machine A and machine B for the year 2016, 2017. 2018. 2019. . 3. Journalize all entries required to update depreciation and record the sales of the two assets in 2020. Question: 3 The bank portion of the bank reconciliation for backhaus Company at November 30, 2008 was as follows: Backhaus Company Bank Reconciliation November 30, 2008 Taka Cash Balance as per Bank 14,367.90 Add: Deposits in Transit 2,530.20 16,898.10 Less: Outstanding Checks: Check Number Check Amount (Taka) 3451 2,260.40 3470 720.10 3471 844.50 3472 1,426.80 3474 1,050.00 6,301.80 Adjusted cash Balance per bank 10,596.30 The adjusted Cash Balance per Bank agreed with the cash balance per books at November 30: The December bank statement showed the following checks and Deposits: Bank Statement Checks Deposits Amount Date Number (Taka) Date Amount (Taka) 1-Dec 3451 2,260.40 1-Dec 2,530.20 2-Dec 3471 844.50 4-Dec 1,211.60 7-Dec 3472 1,426.80 8-Dec 2,365.10 4-Dec 3475 1,640.70 16-Dec 2,672.70 8-Dec 3476 1,300.00 21-Dec 2,945.00 10-Dec 3477 2,130.00 26-Dec 2,567.30 15-Dec 3479 3,080.00 29-Dec 2,836.00 27-Dec 3480 600.00 30-Dec 1,025.00 30-Dec 3482 475.50 Total 18, 152.90 29-Dec 3483 1, 140.00 31-Dec 3485 540.80 Total 15,438.70Question 3 The Cash records per books for December showed following: Cash Payments Journal Cash receipts Journal Date Number Amount Date Amount 1-Dec 3475 1,640.70 3-Dec 1,211.60 2-Dec 3476 1,300.00 7-Dec 2,365.10 2-Dec 3477 2, 130.00 15-Dec 2,672.70 4-Dec 3478 621.30 20-Dec 2,954.00 8-Dec 3479 3,080.00 25-Dec 2,567.30 10-Dec 3480 600.00 28-Dec 2,836.00 17-Dec 3481 807.40 30-Dec 1,025.00 20-Dec 3482 475.50 31-Dec 1,690.40 22-Dec 3483 1, 140.00 Total 17,322.10 23-Dec 3484 798.00 24-Dec 3485 450.80 30-Dec 3486 1,889.50 Total 14,933.20 The bank statement contained two bank memoranda. (1) A credit of Taka 4,145 for the collection of a Taka 4,000 note for Backhaus Company plus interest of Taka 160 and less a collection fee of Taka 15. Backhaus (2 ) Company has not accounted for the collection. A debit of Taka 572.80 for NSF check written by D. Chagnon, a customer. At December 31, the check had not been redeposited in the bank. At December 31, the cash balance per books was Taka 12,485.20 and the cash balance per the bank statement was Taka 20,154.30. The bank did not make any errors, but two errors were made by Backhaus Company. Required: (a) Prepare a Bank reconciliation at December 31. b) Prepare the adjusting entries based on the reconciliation