Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
need help with these prepare bank reconciliation and adjusting entrics The information below relates to the cash accounts in the ledger of Minton Company. Balance
need help with these prepare bank reconciliation and adjusting entrics The information below relates to the cash accounts in the ledger of Minton Company. Balance sept 1 - $17,150, cash deposited- #64,000 Balance Sept 30-817,404; Checks written - $63, 746 The september bank statement Shows a balance of $16,422 on Sept 30 and the following memoranda credits collection of $2,500 note plus interest 30 $2,830 interest eapned on checking acct. $ 45 Debits NSF Check: Richard Nance #425 safety deposit box rent $ 65 At Sept30, deposits in transit were $5,450$ outstanding checks totaled $2,382. instructions: a.) prepare the bank reconciliation at Sept. 30./18 pts b) prepare the adjusting entries at sept30. assuming (1) WSE check was from a costumer on account, and (2) no interest had been accrued on the note. Il 18pts. Determine cost of goods sold and ending iventory using FIFO LIFO and average - cost with analysis purchases ef DC13 Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning inve ory 2,000 of unique's CDs with a unit cost of $7. During of october, Glee made the following Unique's CDs. 2,500 @ $8 Oct. 9 3,500 @ $9 oct. 19 3,000 @ $10 oct. 25 4,000 During October 10,900 units were sold. Instructions! (a.) Determine the cost of goods available for sale using the periodic iventory system. (6.) Determine using the periodic iventory sistem (o) the ending inventory and (2) the cost of goods sold under each of the assumed Cost flow methods (FIFO, LIFO and average cost) Prove the accuracy of the cost of goods sold under the FIFO and L I fo methods
need help with these
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started