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Palmona Co. establishes a $250 petty cash fund on January 1 On January 8, the fund shows $145 in cash along with receipts for the following expenditures: postage, $47, transportation in, 510, delivery expenses. $12, and miscellaneous expenses. $36. Palmona uses the perpetual system in accounting for merchandise inventory Prepare journal entries to (l) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $300 on January 8, assuming no entry in part 2. Hint Make two separate entries for part 3 View transaction list 1 Prepare the journal entry to establish the petty cash fund. 2 Record the reimbursement of the petty cash fund. 3 Record the reimbursement of the petty cash fund. 4 Record the increase of the petty cash fund. Credit Required information The following information applies to the questions displayed below) Del Gato Clinic's cash account shows a $17,004 debit balance and its bank statement shows $16,397 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,279. b. The June 30 bank statement lists a $80 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $689 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $698. d. The June 30 cash receipts of $2,815 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement Prepare its bank reconciliation using the above information Prepare its bank reconciliation using the above information. DEL GATO CLINIC Bank Reconciliation June 30 Book balance Add Error on Ck. No 919 Bank statement balance Add: Deposit of June 30 Deduct: Outstanding checks Deduct Bank service charge Adjusted bank balance $ Adjusted book balance Required information [The following information applies to the questions displayed below) Del Gato Clinic's cash account shows a $17,004 debit balance and its bank statement shows $16,397 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,279 b. The June 30 bank statement lists a $80 bank service charge c. Check No. 919, listed with the canceled checks, was correctly drawn for $689 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to cash in the amount of $698 d. The June 30 cash receipts of $2.815 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement View transaction list 1 Record the adjusting entry related to outstanding checks, if necessary. 2 Record the adjusting entry related to bank service charges, if necessary. 3 Record the adjusting entry related to Check No. 919, if necessary 4. Record the adjusting entry related to the June 30 deposit, if necessary. Required information (The following information applies to the questions displayed below) Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at Cost 225 units @ $15.00 - $ 3,375 175 units @ $24.00 Date Activities Jan. 1 Beginning inventory Jan. 19 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 189 units@ $14.00 - 2,520 210 units @ $24.00 $13.50 - 350 units 255 units 4.725 $10,620 385 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 370 units, where 350 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending Inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal places) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Ending Cost Pet Inventory Inventory Units Purchase Date Activity Units Unit Cost Units Sold Cost COGS Jan 20 Beginning inventory Purchase Purchase 1801 s 1400 Jan. 30 350 Required 2 > Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) Weighted Average - Perpetual: perpetual Goods Purchased #of Cost per Date units unit Inventory Balance #of Cost of Goods Sold Cost per Cost of Goods Sold # of units Cost per unit Inventory Balance sold January 1 225 @ $15.00 - $ 3,375.00 January 10 January 20 Average cost January 25 January 30 Totals (Required 1 Required 3 > Goods Purchased Cost of Goods Sold Costner of units Cost per Cost of Goods units nitsold a Inventory Balance solunes Cost per Inventory Date January 1 225 @ S 15.00 - $ 3,375.00 January 10 January 20 January 25 January 30 Totals Perpetual LIFO: Goods Purchased #of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost per Inventory of units I nit Balance Date January 1 225 @ $ 15.00 - $ 3,375.00 January 10 January 20 January 25 January 30 Totals
