Problem #1 On July 31, of $15,244 aiter all transactions have been recorded, the balance in the company's Cash account has a balance b. The companysbankstatement shows a balance on July of S16450 c. Outstanding checks at July total $2,0633 d. A credit memo included with the bank statement indicates that the bank collected S570 on a note receivable for Topper. The $570 includes $550 principle and $20 interest. e. A debit metno included with the bank statement shows a $107 NSF check from a customer, P. Flank. t. A deposit placed in the bank's night depository on July 34 totaling $1.275did not appear on the bank statement. h. Included with the bank statement was a debit memorandum in the amount of $45 for check printing charges that have not been recorded on the company's books. Prepare the July bank reconciliation and journal entries for the Topper Company. Problem #2 A company reported the current month purchase and sales data for its only product and uses the perpetual inventory system. Determine the cost assigned to ending inventory, cost of goods sold, and gross profit using FIFO and LIFO. Date Activities Units Aequired at Cost Units Sold at Retail ApilBeginning Inventory 175 units a $15 150 units @$16.00 200 units @ $17.00 160 units $18.00 Purchase Sales Purchase 160 units $30.00 250 units @ $30.00 150 units @ $32.00 Purchas Sale Problem #3 Serene Spa Sales uses the perpetual inventory system and the gross method of accounting for purchases and sales and had the following transactions during August. Aug 1 Sold merchandise on credit for $5,000, terms 3/10, n/30. The items sold had a cost of $3,500 merchandise for cash, $2,720 hased merchandise on credit for $2,600, terms 1/20, n/30. ssued a credit memorandum for $3,000 to a customer who returned merchandise purchased uly 20. The returned items had a cost of $2,010 eceived payment for merchandise sold August 1 10 ed a credit memorandum from the seller for the return of defective merchandise sed on August 4 for $600 15 18 Paid freight charges of $200 for merchandise ordered last month.(FOB shipping point) aid for the merchandise purchased August 4 less the portion that was returne 24 Sold merchandise on credit for $7,000, terms 2/10, /30. The items had a cost of $4,900 31 Received payment for merchandise sold on August 24 Required: Prepare the general journal entries to record these transactions
