Ex. 6-4
Exercise 6-4 | Name: | |||||||||||||||||||
Section: | ||||||||||||||||||||
Enter the appropriate amount or label in the shaded cells. | ||||||||||||||||||||
An asterisk (*) will appear next to an incorrect item or amount in the outlined cells. | ||||||||||||||||||||
a. | WEDGEFORTH COMPANY | |||||||||||||||||||
Schedule of Cost of Goods Sold | ||||||||||||||||||||
For the Year Ended November 30, 2010 | ||||||||||||||||||||
November 30, 2010 | ||||||||||||||||||||
Cost of merchandise sold: | ||||||||||||||||||||
Purchases | ||||||||||||||||||||
Purchases discounts | ||||||||||||||||||||
Less: |
Craig Pence: Enter the subtractions as positive amounts. |
Peggy Hussey: Enter the period of time covered by this statement. |
cpence: Enter the larger of the two subtractions on this line. | Purchases returns and allowances | ||||||||||||||||
Freight in | ||||||||||||||||||||
Net Purchases | Merchandise Inventory, November 30, 2010 | |||||||||||||||||||
Add: | Merchandise Inventory, December 1, 2009 | |||||||||||||||||||
Cost of merchandise purchased | Cost of merchandise sold | |||||||||||||||||||
Merchandise available for sale | ||||||||||||||||||||
Less: | ||||||||||||||||||||
Cost of merchandise sold | ||||||||||||||||||||
b. | ||||||||||||||||||||
Gross profit reported for the year ended November 30, 2010: | ||||||||||||||||||||
Ex. 6-7
Exercise 6-7 | Name: | ||||||||||||||||
Section: | |||||||||||||||||
Enter the appropriate amount or item in the shaded cells. | |||||||||||||||||
An asterisk (*) will appear next to or below an incorrect entry in the outlined cells. | |||||||||||||||||
Account | Worksheet Column | ||||||||||||||||
1. | Advertising expense | Selling expense | |||||||||||||||
Administrative expense | |||||||||||||||||
2. | Depreciation expense on store equipment | Other expense | |||||||||||||||
3. | Insurance expense on office equipment | ||||||||||||||||
4. | Interest expense on notes payable | ||||||||||||||||
5. | Rent expense on office building | ||||||||||||||||
6. | Salaries of office personnel | ||||||||||||||||
7. | Salary of sales manager | ||||||||||||||||
8. | Sales supplies used | ||||||||||||||||
Ex. 6-23
Exercise 6-23 | Name: | |||||||||||||||||||
Section: | ||||||||||||||||||||
Enter the appropriate amount or item in the shaded cells. | ||||||||||||||||||||
An asterisk (*) will appear next to an incorrect amount in the outlined cells. | ||||||||||||||||||||
Schedule of Invoice Payments | ||||||||||||||||||||
Returns and Allowances | Net Cost | Discount for Early Payment | Net Cost | Freight Paid by Seller | Amount to be Paid | |||||||||||||||
Merchandise | ||||||||||||||||||||
a. | $ 15,000.00 |
Craig Pence: This amount is equal to the original invoice cost of the merchandise, less the returns and allowances and less the discount. |
Craig Pence: This amount is equal to the invoice price of the merchandise less the returns and allowances. | |||||||||||||||||
b. | 10,000.00 | |||||||||||||||||||
c. | 8,250.00 | |||||||||||||||||||
d. | 2,900.00 | |||||||||||||||||||
e. | 3,850.00 | |||||||||||||||||||
Pr. 6-5A
Problem 6-5A | Name: | |||||||||||
Section: | ||||||||||||
Enter the appropriate amount or account in the shaded cells. | ||||||||||||
An asterisk (*) will appear next to an incorrect item or amount in the outlined cells. | ||||||||||||
JOURNAL | ||||||||||||
Date | Description | Debit | Credit | |||||||||
Dec. 3 | ||||||||||||
5 | ||||||||||||
6 | ||||||||||||
6 | ||||||||||||
7 | ||||||||||||
13 | ||||||||||||
15 | ||||||||||||
Peggy Hussey: Record the larger of the two credits on this line. |
Craig Pence: Always record the sale in the first entry, then record the cost of the inventory in the second entry. | |||||||||||
16 |
Craig Pence: Record the larger of the two debits on this line. | |||||||||||
19 | ||||||||||||
19 | ||||||||||||
22 | ||||||||||||
22 | ||||||||||||
23 |
Craig Pence: Always record the sale in the first entry, then record the cost of the inventory in the second entry. |
Craig Pence: Always record the sale in the first entry, then record the cost of the inventory in the second entry. | ||||||||||
23 | ||||||||||||
28 |
Craig Pence: Record the adjustment to sales revenue first, before recording the adjustment to inventory. |
Peggy Hussey: Record the larger of the two credits on this line. |
Craig Pence: Always record the sale in the first entry, then record the cost of the inventory in the second entry. | |||||||||
28 | ||||||||||||
31 | ||||||||||||
Accounts Receivable - Smith River Co. | ||||||||||||
Accounts Receivable - Zion Co. | ||||||||||||
Accounts Payable - Deepwater Co.. | ||||||||||||
Accounts Payable - Hillsboro Co. | ||||||||||||
Cash | ||||||||||||
Cost of Merchandise Sold | ||||||||||||
Credit Card Expense | ||||||||||||
Merchandise Inventory | ||||||||||||
Sales | ||||||||||||
Sales Discounts | ||||||||||||
Sales Returns and Allowances | ||||||||||||
Continued on next page

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