E. 10/11/22: Crocks Adventure Tours claims the king pillows were not waterproof as advertised and are unacceptable. Sandman Inc. offers to reduce the price to $100 and the offer was accepted. Date Description PR Debit Credit F. 10/13/22: Crocks Adventure Tours pays the king bed bill and the king pillow bill. Date Description PR Debit Credit G. 10/15/22: Sandman Inc. negotiates the sale and delivery of 10 king beds and 10 king pillows to Simple Bed Sales. Simple Bed Sales signs a $20,000 plus 6% interest. Cost of the merchandise is $13,000. The wat is die eeue 13 pou destination of 5130 was put in cash Date Description PR Debit Credit H. 10/30/22- Sandman Inc. wes the allowance method and writes off an accounts receivable halunce from Hinters Club Bede in the amount of 5600 Date Description PR Debit Credit I. 103122 After performing an aging of accounts receivable. Sandman Ine estimates that $2,000 of its accounts receivable will be collectible. The allowance for doubtful accounts has a $600 debit balance. Date Deseription PR Debit Credit J. 715/2): Simple Bed Sites paid the note plus interest in full Date Deseription PR Debit Credit Tandem Supplies, an office supply store, ses a perpetual inventory system. Tandem recorded the following activity in the paper inventory account Date Activity Units Cost Per Unit COGS Inventory October 1 Beginning Inventory 2.500 516 October 10 Purchase 5,100 SIC October 11 Sale 5.900 October 20 Purchase 4.800 $18 October 25 Sales 5.300 Compute: Cost of Goods Sold and Ending Inventory using K. FIFO: COGS Ending Inventory L. LIFO:COGS Ending Inventory Beginning Inventory for the Penny Pinchers Candy Store is $2.000 (cost), purchases are $18,300 and ending inventory is $3,000. What is the cost of goods sold? If sales are $28,000 and expenses are $750, what is Gross Margin and Net Income? M. COGS Gross Margin Net Income N. Penny Pinchers Candy Store sold $300 of jelly beans to Beebe Food Pantry, FOB destination Cost of the merchandise was 30 and the cost of shipping was $15. Prepare the general journal entries for both companies for the sale and delivery of the jelly beans on July 7. All transactions were paid in enth 1 ne entries are required, leve blank Date Pay Pinchen Camily Sture Description PR Desi Credit Date Bebe Food Pantry Description PR Debit Credit O. Tun Fruitti Candies returned $100 of melted chocolate Sants to Penny Pinchers Candy Store that had been purchased on account. Record the customer return on August 4 Date Description PR Debit Credit P. Penny Pinchers Camily Store recognized that Candy Town would not be able to pay their accounts receivable balance of $120 and wrote of the debt using the direct write of method Date Description PR Debit Credit Q. A customer at Penny Pinebers Candy Store purchased a case of bubblegum for $155 with their VISA credit card. Prepare the general journal entry For Penny Pinchers Candy Store assuming VISA charges a 3% service charge out all card purchases Date Description PR Debit Credit Q. Penny Pinchers Candy Store purchased candy com costing $750 on account, terms 2/10n30 Date Description PR Debit Credit R. Penny Pinchers Candy Store paid the amount owed for the candy corn within the discount period Date Description PR Debit Credit S. Spradlinine Purchased diamond mine in North Carolina for $12,000,000. It is estimated that the mine contains 10,000 tons of diamonds. The land has residual value of $2,000,000. Record the depletson journal entry to mine 300 tons of diamonds for the first year of production Date Description I'R Debit Credit T. What is the Carrying Value of the mine after the first year of production? John Wallace purchased a delivery track conting $40,000 for his dirt moving business on January 3, 2020. He expects the truck to last 10 year and have a residual value of $10,000 U. Prepare the 15 year depreciation entry for the truck Date Description PR Debit Credit V. What is the carrying value of the track after year 39 W. John Wallace changes the oil in the delivery truck on January 2, paying $200 for the change and new filters. Record the expenditure Date Description PR Debit Credit X. John Wallace sells his delivery truck after January of year 4 for $28,000. Record the sale of the delivery truck on January 10, 2024 Dute Deseription PR Debit Credit Y. Jolin Wallace purchased a Van on August 1, 2020 for 28,000. He expects the useful life to be 5 years and the van to have a residual value of 4,000. Prepare the year-end adjusting entry for depreciation. Date Description PR Debit Credit Z. Penny Pinchers Candy Store is recognized all over the world as the marketplace for unusual candy items. The company uses the lower of cost or market to value their inventory and has asked you to calculate the current merchandise inventory amount. Item Units Cost Market Gumdrop Buttons 100 $1.00 $1.25 Sugarplum Fairies 230 $2.55 $2.50 Dingleberries 140 $2.20 $2.00 Sky Hooks 55 $3.00 $3.75 Magic Beans 120 $1.20 $1.25 Oompa Loompa Drops 13 $6.00 $5.50 Cost of Merchandise Inventory E. 10/11/22: Crocks Adventure Tours claims the king pillows were not waterproof as advertised and are unacceptable. Sandman Inc. offers to reduce the price to $100 and the offer was accepted. Date Description PR Debit Credit F. 10/13/22: Crocks Adventure Tours pays the king bed bill and the king pillow bill. Date Description PR Debit Credit G. 10/15/22: Sandman Inc. negotiates the sale and delivery of 10 king beds and 10 king pillows to Simple Bed Sales. Simple Bed Sales signs a $20,000 plus 6% interest. Cost of the merchandise is $13,000. The wat is die eeue 13 pou destination of 5130 was put in cash Date Description PR Debit Credit H. 10/30/22- Sandman Inc. wes the allowance method and writes off an accounts receivable halunce from Hinters Club Bede in the amount of 5600 Date Description PR Debit Credit I. 103122 After performing an aging of accounts receivable. Sandman Ine estimates that $2,000 of its accounts receivable will be collectible. The allowance for doubtful accounts has a $600 debit balance. Date Deseription PR Debit Credit J. 715/2): Simple Bed Sites paid the note plus interest in full Date Deseription PR Debit Credit Tandem Supplies, an office supply store, ses a perpetual inventory system. Tandem recorded the following activity in the paper inventory account Date Activity Units Cost Per Unit COGS Inventory October 1 Beginning Inventory 2.500 516 October 10 Purchase 5,100 SIC October 11 Sale 5.900 October 20 Purchase 4.800 $18 October 25 Sales 5.300 Compute: Cost of Goods Sold and Ending Inventory using K. FIFO: COGS Ending Inventory L. LIFO:COGS Ending Inventory Beginning Inventory for the Penny Pinchers Candy Store is $2.000 (cost), purchases are $18,300 and ending inventory is $3,000. What is the cost of goods sold? If sales are $28,000 and expenses are $750, what is Gross Margin and Net Income? M. COGS Gross Margin Net Income N. Penny Pinchers Candy Store sold $300 of jelly beans to Beebe Food Pantry, FOB destination Cost of the merchandise was 30 and the cost of shipping was $15. Prepare the general journal entries for both companies for the sale and delivery of the jelly beans on July 7. All transactions were paid in enth 1 ne entries are required, leve blank Date Pay Pinchen Camily Sture Description PR Desi Credit Date Bebe Food Pantry Description PR Debit Credit O. Tun Fruitti Candies returned $100 of melted chocolate Sants to Penny Pinchers Candy Store that had been purchased on account. Record the customer return on August 4 Date Description PR Debit Credit P. Penny Pinchers Camily Store recognized that Candy Town would not be able to pay their accounts receivable balance of $120 and wrote of the debt using the direct write of method Date Description PR Debit Credit Q. A customer at Penny Pinebers Candy Store purchased a case of bubblegum for $155 with their VISA credit card. Prepare the general journal entry For Penny Pinchers Candy Store assuming VISA charges a 3% service charge out all card purchases Date Description PR Debit Credit Q. Penny Pinchers Candy Store purchased candy com costing $750 on account, terms 2/10n30 Date Description PR Debit Credit R. Penny Pinchers Candy Store paid the amount owed for the candy corn within the discount period Date Description PR Debit Credit S. Spradlinine Purchased diamond mine in North Carolina for $12,000,000. It is estimated that the mine contains 10,000 tons of diamonds. The land has residual value of $2,000,000. Record the depletson journal entry to mine 300 tons of diamonds for the first year of production Date Description I'R Debit Credit T. What is the Carrying Value of the mine after the first year of production? John Wallace purchased a delivery track conting $40,000 for his dirt moving business on January 3, 2020. He expects the truck to last 10 year and have a residual value of $10,000 U. Prepare the 15 year depreciation entry for the truck Date Description PR Debit Credit V. What is the carrying value of the track after year 39 W. John Wallace changes the oil in the delivery truck on January 2, paying $200 for the change and new filters. Record the expenditure Date Description PR Debit Credit X. John Wallace sells his delivery truck after January of year 4 for $28,000. Record the sale of the delivery truck on January 10, 2024 Dute Deseription PR Debit Credit Y. Jolin Wallace purchased a Van on August 1, 2020 for 28,000. He expects the useful life to be 5 years and the van to have a residual value of 4,000. Prepare the year-end adjusting entry for depreciation. Date Description PR Debit Credit Z. Penny Pinchers Candy Store is recognized all over the world as the marketplace for unusual candy items. The company uses the lower of cost or market to value their inventory and has asked you to calculate the current merchandise inventory amount. Item Units Cost Market Gumdrop Buttons 100 $1.00 $1.25 Sugarplum Fairies 230 $2.55 $2.50 Dingleberries 140 $2.20 $2.00 Sky Hooks 55 $3.00 $3.75 Magic Beans 120 $1.20 $1.25 Oompa Loompa Drops 13 $6.00 $5.50 Cost of Merchandise Inventory