Question
During the first quarter the following transactions occurred: THIS IS ALL QUESTION 1: On January 3, purchased and received $6,000 of inventory on account. Shipping
During the first quarter the following transactions occurred:
THIS IS ALL QUESTION 1:
On January 3, purchased and received $6,000 of inventory on account. Shipping terms were F.O.B. shipping point and delivery charges of $250 were paid in cash directly to the shipping company using Check #753. The sales terms given to us by the supplier were 2/10, n/30.
On January 11, Jamukha paid for the inventory purchased on January 3. Jamukha used check #754.
On January 20, purchased and received $5,950 of inventory paying with Check #755. Shipping terms were
F.O.B. destination.
On February 1, sold, on account, $11,625 of inventory to Willert Corp. The sales terms we gave Willert were 1/10, n/60. (reminder: Jamukha uses a periodic system, do not record
COGS yet)
On February 14, paid $6,000 on accounts payable. Check #756 was used.
On March 1, purchased equipment for $25,000 on account.
Equipment has a 5-year useful life and $5,000 salvage value.
On March I paid administative expenses of S4,250. Cheok #757 was used.
On March 20, received a check from Willert Corp for $7,500 to pay a portion of what is owed to Jamukha.
On March 21, sold, on account, $10,570 of inventory to Armstrong Inc. The sales terms we gave Armstrong were 1/10, n/60.
On March 22, found out that Willert Corp. filed for bankruptcy.
Jamukha therefore wrote off the remaining amount owed by
Willert
On March 25, Armstrong Inc. returned $896 worth of units they had purchased on March 21 because they were defective.
Adjusting Journal Entries:
Beginning inventory for Jamukha Corp. was $2175.Ending inventory was $4,480. Determine the cost goods sold for the quarter. Record the journal entry.
Jamukha Corp. estimates that 15% of its net revenues will end up uncollected. Record bad debt expense.Hint: You will need to calculate the net revenue balance before calculating bad debt expense.
Depreciation on the building was $3,000 for the quarter.Record depreciation expense for the building and the equipment (this requires a calculation) purchased March 1
The company reconciles its bank statement every quarter. Information from the December 31, 2021, bank reconciliation is provided below. You will need the facts in this item to complete the bank reconciliation for Requirement (e). There were no errors. Make the necessary journal entries. (hint: two entries
Bank Reconcilation:
Deposit In Transit
12/30/21 $7.200
Outstanding Checks
#741 $5000
#747
$1750
The Bank Statement received for the quarter ended March 31, 2022, was:
Beginning balance per bank
$.22550
Deposits: 1/2/22 $7,200; 2/15/22
$7,500
$. 24374
Credit memo: EFT from
Armstrong
$ 9674
Checks: #747 $1,750; #753 $250; #754 $5,880;
#756 $6,000; #757
$4,250;
($18130)
Debit memo: Bank service charge (Record as "Administrative
expense.")
($ 76)
Ending balance per bank
$28718
needs to be in GAAP rules and better thru excel screen shots. thank you .
During the first quarter the following transactions occurred:
THIS IS ALL QUESTION 1:
On January 3, purchased and received $6,000 of inventory on account. Shipping terms were F.O.B. shipping point and delivery charges of $250 were paid in cash directly to the shipping company using Check #753. The sales terms given to us by the supplier were 2/10, n/30.
On January 11, Jamukha paid for the inventory purchased on January 3. Jamukha used check #754.
On January 20, purchased and received $5,950 of inventory paying with Check #755. Shipping terms were
F.O.B. destination.
On February 1, sold, on account, $11,625 of inventory to Willert Corp. The sales terms we gave Willert were 1/10, n/60. (reminder: Jamukha uses a periodic system, do not record
COGS yet)
On February 14, paid $6,000 on accounts payable. Check #756 was used.
On March 1, purchased equipment for $25,000 on account.
Equipment has a 5-year useful life and $5,000 salvage value.
On March I paid administative expenses of S4,250. Cheok #757 was used.
On March 20, received a check from Willert Corp for $7,500 to pay a portion of what is owed to Jamukha.
On March 21, sold, on account, $10,570 of inventory to Armstrong Inc. The sales terms we gave Armstrong were 1/10, n/60.
On March 22, found out that Willert Corp. filed for bankruptcy.
Jamukha therefore wrote off the remaining amount owed by
Willert
On March 25, Armstrong Inc. returned $896 worth of units they had purchased on March 21 because they were defective.
Adjusting Journal Entries:
Beginning inventory for Jamukha Corp. was $2175.Ending inventory was $4,480. Determine the cost goods sold for the quarter. Record the journal entry.
Jamukha Corp. estimates that 15% of its net revenues will end up uncollected. Record bad debt expense.Hint: You will need to calculate the net revenue balance before calculating bad debt expense.
Depreciation on the building was $3,000 for the quarter.Record depreciation expense for the building and the equipment (this requires a calculation) purchased March 1
The company reconciles its bank statement every quarter. Information from the December 31, 2021, bank reconciliation is provided below. You will need the facts in this item to complete the bank reconciliation for Requirement (e). There were no errors. Make the necessary journal entries. (hint: two entries
Bank Reconcilation:
Deposit In Transit
12/30/21 $7.200
Outstanding Checks
#741 $5000
#747
$1750
The Bank Statement received for the quarter ended March 31, 2022, was:
Beginning balance per bank
$.22550
Deposits: 1/2/22 $7,200; 2/15/22
$7,500
$. 24374
Credit memo: EFT from
Armstrong
$ 9674
Checks: #747 $1,750; #753 $250; #754 $5,880;
#756 $6,000; #757
$4,250;
($18130)
Debit memo: Bank service charge (Record as "Administrative
expense.")
($ 76)
Ending balance per bank
$28718
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