Pr. 7-1A
Problem 7-1A | Name: | ||||||||||||||||
Section: | |||||||||||||||||
Enter the appropriate amount or item in the shaded cells. | |||||||||||||||||
If the Total Cost of the Inventory is incorrect for any date, an asterisk (*) will ONLY appear to the right of column K, "Total Cost." | |||||||||||||||||
1. | |||||||||||||||||
Date | Purchases | Cost of Merchandise Sold | Inventory | ||||||||||||||
Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | |||||||||
Mar. 3 | |||||||||||||||||
8 | |||||||||||||||||
11 |
cpence: Place the earliest units first, above the units that were received later. | ||||||||||||||||
30 | |||||||||||||||||
Apr. 8 | |||||||||||||||||
10 | |||||||||||||||||
19 | |||||||||||||||||
28 | |||||||||||||||||
May 5 | |||||||||||||||||
16 | |||||||||||||||||
21 | |||||||||||||||||
28 | |||||||||||||||||
31 | Balances |
cpence: Enter the total of column H, the total cost of merchandise sold. |
cpence: Place the earliest units first, above the units that were received later. | ||||||||||||||
2. | JOURNAL | Page 1 | |||||||||||||||
Date | Description | Post Ref. | Debit | Credit | |||||||||||||
Sales | |||||||||||||||||
cpence: Record the credit sale in this entry. Select the account from the drop-down list. |
cpence: Enter the ending inventory balance from cell K28. | Accounts Receivable | |||||||||||||||
Merchandise Inventory | |||||||||||||||||
Cost of Merchandise Sold | |||||||||||||||||
cpence: Record the cost of the goods sold in this entry. | |||||||||||||||||
3. | Gross Profit for the sales period: | ||||||||||||||||
4. | Ending Inventory Cost: | ||||||||||||||||
Pr. 7-2A
Problem 7-2A | Name: | ||||||||||
Section: | |||||||||||
Enter the appropriate amount or item in the shaded cells. | |||||||||||
If the Total Cost of the Inventory is incorrect for any date, an asterisk (*) will appear ONLY to the right of column K, "Total Cost.". | |||||||||||
1. | |||||||||||
Date | Purchases | Cost of Merchandise Sold | Inventory | ||||||||
Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | |||
Mar. 3 | 60 | $ 1,500 | $ 90,000 | ||||||||
8 |
cpence: Place the earliest units first, above the units that were received later. | ||||||||||
11 | |||||||||||
30 |
cpence: List the latest units first, above those that were received earlier. | ||||||||||
Apr. 8 | |||||||||||
10 | |||||||||||
19 | |||||||||||
28 | |||||||||||
May 5 | |||||||||||
16 | |||||||||||
21 | |||||||||||
28 | |||||||||||
31 | Balances |
cpence: Enter the total of column H, the total cost of merchandise sold. |
cpence: Enter total ending inventory balance here. | ||||||||
2. | Gross Profit for the sales period: | ||||||||||
3. | Ending Inventory Cost: | ||||||||||

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