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I have added the information needed in the second picture 1 - Info 2- Journal Entries 3- Inventory Cost Tracking 3- General Ledger 4-Ura 4,105
I have added the information needed in the second picture
1 - Info 2- Journal Entries 3- Inventory Cost Tracking 3- General Ledger 4-Ura 4,105 15,936 50,000 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Supplies Equipment Accumulated Depreciation Trial Balance 1/31/20 22,638 Accounts Payable 18.925 Salaries Payable 0 Common Stock 24,600 Retained Earnings 4,185 Sales Revene 96.450 Utilities Expense 0 Salaries Expense 70,695 42.538 540 15.936 Additional Information: Beginning Inventory: 4.100 units of $6/unit Step 1: On the "Journal Entries" tab - write out the Journal entries for the dates above. Post the entries to the General Ledger (represented by T-Charts for each account). Assume Harvey uses a perpetual inventory system and FIFO cost- method for inventory (Use Tab 3 to help with calculations). NOTE ALWAYS ROU NEAREST WHODE DOLLAR WHERE ALLRAREN 1 2/2 - Harvey purchased 1,600 units of inventory for $6.10'unit on credit. 2 25 - Harvey vold 2.500 units for S7iumit to Bonkerz Co, on credit. Payment termos ate 2/10, 13:30. Make sure to include BOTH halves of the entry now - Sales and COGS) 3 2/13 - Harvey receives a check from Bonkers for $8,375 for payment of half of the sale made on 2/5. 42/17 -Harvey purchased 1,000 units of inventory for 56.20 unit on credit. 52/21 - Harvey sold 1,950 units for $7/unit to Tootsies, Inc. on credit. Payment terms are 2/10,n30(Make sure to include BOTH halves of the entry now - Sales and COGS 6 2/26 - Harvey receives a check for for the remaining balance owed from Bonketz's transaction on 25. 7 2/27 - Harvey received a check for 85,750 from Tootsies for half the sale on 221, 8 2/28 - Harvey recorded the February (1 month) depreciation on the Equipment. Original cast = 96,450; Estimated useful life - 10 years: No salvage value Check Figure: Total Debits and Credits of #1-8-598,017 Step 2: COGS and Inventory If Harvey used LIFO instead, how would that have changed your COGS and Ending Inventory Balances? (You don't need to do entries for this. just math! Use Tab 3 for calculations.) If He used Average Cost? (No entries. just math! Use Tab 3 for calculations) Step 3: Allowance for Doubtful Accounts and Bad Debt Expense: If Harvey uses the Aging Method to record Bad Debt Expense- use the A/R aging below to calculate the ending ADA balance and BDE and record your entry on Tab 2. (ROUND TO THE NEAREST DOLLAR) Ags AR Aging on 2/28/2020 Amount Desultat 13.837 6,476 0-30 days 31-60 days 61-90 days 91 days 0.01 0.03 0.1 0.3 4.697 Step 4: Prepare an Unadjusted Trial Balance, Income Statement. Statement of Retained Earnings, and Balance Sheetasef 2/28/20 1 - Info 2- Journal Entries 3- Inventory Cost Tracking 3- General Ledger 4-Ura 4,105 15,936 50,000 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Supplies Equipment Accumulated Depreciation Trial Balance 1/31/20 22,638 Accounts Payable 18.925 Salaries Payable 0 Common Stock 24,600 Retained Earnings 4,185 Sales Revene 96.450 Utilities Expense 0 Salaries Expense 70,695 42.538 540 15.936 Additional Information: Beginning Inventory: 4.100 units of $6/unit Step 1: On the "Journal Entries" tab - write out the Journal entries for the dates above. Post the entries to the General Ledger (represented by T-Charts for each account). Assume Harvey uses a perpetual inventory system and FIFO cost- method for inventory (Use Tab 3 to help with calculations). NOTE ALWAYS ROU NEAREST WHODE DOLLAR WHERE ALLRAREN 1 2/2 - Harvey purchased 1,600 units of inventory for $6.10'unit on credit. 2 25 - Harvey vold 2.500 units for S7iumit to Bonkerz Co, on credit. Payment termos ate 2/10, 13:30. Make sure to include BOTH halves of the entry now - Sales and COGS) 3 2/13 - Harvey receives a check from Bonkers for $8,375 for payment of half of the sale made on 2/5. 42/17 -Harvey purchased 1,000 units of inventory for 56.20 unit on credit. 52/21 - Harvey sold 1,950 units for $7/unit to Tootsies, Inc. on credit. Payment terms are 2/10,n30(Make sure to include BOTH halves of the entry now - Sales and COGS 6 2/26 - Harvey receives a check for for the remaining balance owed from Bonketz's transaction on 25. 7 2/27 - Harvey received a check for 85,750 from Tootsies for half the sale on 221, 8 2/28 - Harvey recorded the February (1 month) depreciation on the Equipment. Original cast = 96,450; Estimated useful life - 10 years: No salvage value Check Figure: Total Debits and Credits of #1-8-598,017 Step 2: COGS and Inventory If Harvey used LIFO instead, how would that have changed your COGS and Ending Inventory Balances? (You don't need to do entries for this. just math! Use Tab 3 for calculations.) If He used Average Cost? (No entries. just math! Use Tab 3 for calculations) Step 3: Allowance for Doubtful Accounts and Bad Debt Expense: If Harvey uses the Aging Method to record Bad Debt Expense- use the A/R aging below to calculate the ending ADA balance and BDE and record your entry on Tab 2. (ROUND TO THE NEAREST DOLLAR) Ags AR Aging on 2/28/2020 Amount Desultat 13.837 6,476 0-30 days 31-60 days 61-90 days 91 days 0.01 0.03 0.1 0.3 4.697 Step 4: Prepare an Unadjusted Trial Balance, Income Statement. Statement of Retained Earnings, and Balance Sheetasef 2/28/20 Step by Step Solution
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