S5-2 – Credit Card Sale (Woodworking)
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
Make the journal entry for the sale.
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Make the journal entry for the sale.
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Given the merchandise sold, cost of sales, and estimated return rate… prepare the journal entries for the sales, cost of sales, estimated returns, and cost of estimated returns.
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Given the merchandise sold and the cost of sales… prepare the journal entries and which company owns the merchandise at the end of the given dates.
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Given the accounting tasks for the law firm… create t-accounts and figure out the ending balances.
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Given the information on the company’s first year of operations — prepare the journal entry using the percent of sales method, as well as what it should report on the balance sheet.
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Given balance, accounts receivable, and a credit balance — calculate the amount of uncollectible account expense using the percent-of-sales and aging-of-receivables method.
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Given the information on the loan the state bank lent out to the company — compute the interest for the three years, which party has the given list of things including expenses and revenues, and the amount paid if the note is paid off.
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Given the inventory transactions for the corporation — prepare the journal entry using the perpetual inventory system and show what the corporation will report.
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Given COGS, the historical cost, and net realizable — figure out what the company should report for ending inventory and COGS, along with which statement it would show up on.
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Given the sales made, COGS, and inventory at the end of the year — find the gross profit and the rate on inventory turnover.
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