Moog Inc. issued $100,000 in bonds at a price of 102. Moog Inc. needs to record which of the following journal entries on the issuance date?

a.

Dr. Cash $102,000

Dr. Premium on Bonds Payable $2,000

Cr. Bonds Payable $100,000

b.

Dr. Bonds Payable $102,000

Cr. Discount on Bonds Payable $2,000

Cr. Cash $100,000

c.

Dr. Bonds Payable $102,000

Cr. Premium on Bonds Payable $2,000

Cr. Cash $100,000

d.

Dr. Cash $100,000

Dr. Discount on Bonds Payable $2,000

Cr. Bonds Payable $102,000

Arthur's Hardware Company uses the weighted average cost method for copper plumbing connectors. The company purchased 1,600 connectors for $2 each on August 1, and 2,000 connectors for $1.50 each on September 1. Arthur's sold 1,450 connectors for $4 each on November 15. What is the company's cost of goods sold?

a.

$2,175.

b.

$2,537.

c.

$2,494

d.

$2,900.

Rich Products Inc. issued 50,000 shares of common stock with a par value of $1 per share. On July 1, the company bought back 1,500 shares from investors for $70 per share. On August 1, the company reissued the 1,500 shares at a price of $75 per share. Rich Products should record which of the following entries:

a.

Dr. Treasury Stock $105,000

Cr. Cash $105,000

b.

Dr. Cash $105,000

Dr. Additional Paid-in Capital $7,500

Cr. Treasury Stock $112,500

c.

Dr. Treasury Stock $1,500

Dr. Additional Paid-In Capital $103,500

Cr. Cash $105,000

d.

Dr. Cash $112,500

Cr. Treasury Stock $105,000

Cr. Additional Paid-in Capital $7,500

Buffalo Punch and Die Inc. manufactures punches and dies used in various manufacturing processes. The company currently has 2,000 dies in inventory at $16 per unit. The market value of the dies is $18 per unit. The company recently lowered the selling price on its punch tools from $20 per unit to $19 per unit. Buffalo Punch and Die Inc. should report the inventory on its balance sheet at what amount?

a.

$28,000.

b.

$30,000.

c.

$40,000.

d.

$32,000.

Cottage Crafts Company uses the percent of credit sales method to record bad debt expense. The following information was recorded in the shop's general ledger for January:

Cash sales - $120,000

Credit sales - $97,000

Balance in the Allowance for Doubtful Accounts - $1,350 (credit balance)

Historical bad debt loss rate - 1%

What is the balance in the Allowance for Doubtful Accounts after recording Bad Debt Expense for the month of January?

	a.	$1,200.
	b.	$230.
	c.	$2.320.
	d.	$380.