Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

the questions are in order QUESTION #3 (18 POINTS) Connor Jewelers completed the following transactions in April, 2020, Connor Jewelers uses the perpetual inventory system.

the questions are in order image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
QUESTION #3 (18 POINTS) Connor Jewelers completed the following transactions in April, 2020, Connor Jewelers uses the perpetual inventory system. Prepare journal entries for the transactions. Connor purchased merchandise for $32,000 on account. The terms were FOB shipping Point, 3/10 n/30. April 2 DATE ACCOUNT DEBIT CREDIT April 4 Connor returned $10,000 of defective merchandise from the April 2nd purchase. DEBIT ACCOUNT CREDIT DATE Abccbd AB B Ude x x ANA ABOUGU ABDua Heading 3 Cpt Peng April 5 Connor sold $8,000 of merchandise on account. The terms were FOB shipping Point 2/15/30. Connor's cost for the merchandise sold was $5,000. DATE ACCOUNT DEBIT CREDIT April 101 Connor paid the balance for the merchandise purchased on April 2nd DATE ACCOUNT DEBIT CREDIT April 15 Conhor's customer returned $2.000 of the merchandise sold on April 5th. Connor's cost for the merchandise returned was $1,250 DATE ACCOUNT DEBIT CREDIT BUS Heading April 15 Connor's customer returned $2,000 of the merchandise sold on April 5th. Connor's cost for the merchandise returned was $1,250. DATE ACCOUNT DEBIT CREDIT April 19 Connor received a payment for the balance of the April 5th transaction. DATE ACCOUNT DEBIT CREDIT QUESTION #4 (18 POINTS) QUESTION #4 (18 POINTS) An adjusted trial balance for Cowgirl Company is presented below. Cowgirl Company Adjusted Trial Balance For the Year Ended December 31, 2020 $35,000 30.000 116,000 90,000 $30,000 56,000 38,000 121,000 31,000 376,000 Cash Accounts receivable Inventory Equipment Accumulated Depreciation Accounts payable Loan payable Dak Presscot, capital Dak Presscot, withdrawals Sales revenue Sales returns and allowances Sales discounts Cost of goods sold Rent expense Salary expense Insurance expense Utilities expense Depreciation expense Delivery expense Interest revenue Interest expense Total 33,000 22,000 127,000 26,000 72,000 8,000 11,000 10,000 17,000 8,000 1.000 $620,000 $629.000 14 AA- AS- AaBbceDd Aa Bbcc AaBbccd AaBbceDd AaBbced AaB T be X, X Cocin Heading Heading 2 Headings Henting 4 Refer to the adjusted trial balance for Cowgirl Company above. Prepare a multiple-step income statement for the company. QUESTION #5 (18 POINTS) The following information is available for the month of November. The company uses the perpetual inventory method. November 1 inventory balance 120 units at $8,25 each November 10 purchase 160 units at $8.30 each November 18 purchase 400 units at $8.40 each November 20 sale 600 units at $15.00 each November 26 purchase 310 units at $8.50 each a. How many units are in ending inventory at November 30th? b. Compute the value of ending inventory under LIFO. (Show your work) Compute the value of ending inventory under FIFO. (Show your work)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing and Assurance services an integrated approach

Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley

14th Edition

133081605, 132575957, 9780133081602, 978-0132575959

More Books

Students also viewed these Accounting questions

Question

Did you trace the accomplishments, issues, and milestones?

Answered: 1 week ago