Please make sure you answer all the Chapter tabs at the bottom you will see Chapter 7-1, 7-2, 8-1, 8-2, 9-1, 9-2. There are six tabs to complete please do all Six.

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Entries for bad debt expense. The trial balance before adjustment of Risen Company reports the following balances: Dr. Cr. Accounts receivable $150,000 Allowance for doubtful accounts $ 2,500 Sales (all on credit) 850,000 Sales returns and allowances 40,000 Instructions (a) Prepare the entries for estimated bad debts assuming that doubtful accounts are estimated to be (1) 6% of gross accounts receivable and (2) 1% of net sales. Journal entries: a1 a2 (b) Assume that all the information above is the same, except that the Allowance for Doubtful Accounts has a debit balance of $2,500 instead of a credit balance. What would these journal entries be? b1 b2 Bank reconciliation. Benson Plastics Company deposits all receipts and makes all payments by check. The following information is available from the cash records: MARCH 31 BANK RECONCILIATION Balance per bank $26,746 Add: Deposits in transit 2,100 Deduct: Outstanding checks (3,800) Balance per books$25,046 Month of April Results Per Bank Per Books Balance April 30 $27,995 $27,355 April deposits 11,784 13,889 April checks 11,100 10,080 April note collected (not included in April deposits) 3,000 -0April bank service charge 35 -0April NSF check of a customer returned by the bank (recorded by bank as a charge) 900 -0 Instructions (a) Calculate the amount of the April 30: 1. Deposits in transit 2. Outstanding checks (b) What is the April 30 adjusted cash balance? Show all work. (c) What journal entries are required? Show all work here: Solution Summary: Deposits in transit Deposits in transit Deposits in transit Journal entries: Compute FIFO, LIFO, and Average Cost for the Company's record of transactions concerning part X for the month of April was as follows. Purchases Sales Apr 1 Apr 4 Apr 11 (Balance on hand) Quantity: Unit Cost: 100 $5.00 400 5.10 300 5.30 Apr 18 Apr 26 200 600 5.35 5.60 Apr 30 200 Apr 5 Apr 12 Apr 27 Quantity: 300 200 800 Apr 28 150 5.80 Compute ending Inventory and cost of goods sold for BOTH the perpetual inventory method and the period method. Please show ALL of your work and I can give you partial credit if appropriate. Show all of your work: Periodic Method FIFO Cost of Goods Sold Ending Inventory Periodic Method LIFO Cost of Goods Sold Ending Inventory Periodic Method Average Cost Cost of Goods Sold Ending Inventory Show all of your work: Perpetual Method FIFO Cost of Goods Sold Ending Inventory Perpetual Method LIFO Cost of Goods Sold Ending Inventory Perpetual Method Average Cost Cost of Goods Sold Ending Inventory Inventory cut-off. Vogts Company sells TVs. The perpetual inventory was stated as $38,500 on the books at December 31, 2014. At the close of the year, a new approach for compiling inventory was used and apparently a satisfactory cut-off for preparation of financial statements was not made. Some events that occurred are as follows. 1) TVs costing $12,000 received December 30, 2014, were recorded as received on January 2, 2015. 2) TVs received during 2014 costing $4,600 were recorded twice in the inventory account. 3) TVs shipped to a customer December 28, 2014, f.o.b. shipping point, which cost $9,000, were not received by the customer until January, 2015. The TVs were included in the ending inventory. 4) TVs on hand that cost $6,100 were never recorded on the books. Instructions Compute the correct inventory at December 31, 2014. Please show all work so I can give you credit. Garcia Home Improvement Company installs replacement siding, windows, and louvered glass doors for singlefamily homes and condominium complexes in northern New Jersey and southern New York. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2014, and Jim Alcide, controller for Garcia, has gathered the following data concerning inventory. (Lower-of-Cost-or-Market) At May 31, 2014, the balance in Garcia's Raw Material Inventory account was $408,000 $27,500 and the Allowance to Reduce Inventory to Market had a credit balance of Alcide summarized the relevant inventory cost and market data at May 31, 2014, in the schedule below. Alcide assigned Patricia Devereaux, an intern from a local college, the task of calculating the amount that should appear on Garcia's May 31, 2014, financial statements for inventory under the lower-of-cost-or-market rule as applied to each item in inventory. Devereaux expressed concern over departing from the cost principle. Cost $70,000 86,000 112,000 140,000 $408,000 Aluminum siding Cedar shake siding Louvered glass doors Thermal windows Total Replacement Cost $62,500 79,400 124,000 126,000 $391,900 Sales Price $64,000 94,000 186,400 154,800 Net Realizable Value $56,000 84,800 168,300 140,000 Normal Profit $5,100 7,400 18,500 15,400 $499,200 $449,100 $46,400 Instructions: (a) (1) Determine the proper balance in the Allowance to Reduce Inventory to Market at May 31, 2014. Calculations of Proper Balance on the Allowance to Reduce Inventory to Market At May 31, 2014. Aluminum siding Cedar shake siding Louvered glass doors Thermal windows Totals Cost Amount Amount Amount Amount Replacement Cost Amount Amount Amount Amount Formula Formula NRV less NRV normal profit (Ceiling) (Floor) Amount Amount Amount Amount Amount Amount Amount Amount Formula Formula Inventory cost Amount Allowance at May 31, 2014 Formula Amount LCM valuation LCM Amount Amount Amount Amount Formula (a) (2) For the fiscal year ended May 31, 2014, determine the amount of the gain or loss that would be recorded due to the change in the Allowance to Reduce Inventory to Market. Enter text answer here as appropriate. Balance prior to adjustment Amount Required balance Amount Loss to be recorded Formula (b) Explain the rationale for the use of the lower of cost or market rule as it applies to inventories. Enter text answer here as appropriate. Enter text answer here as appropriate. Gross profit method. On December 31, 2014 Felt Company's inventory burned. Sales and purchases for the year had been $1,500,000 and $980,000, respectively. The beginning inventory (Jan. 1, 2014) was $170,000; in the past Felt's gross profit has averaged 40% of selling price. Instructions Compute the estimated cost of inventory burned, and give entries as of December 31, 2014 to close merchandise accounts