Score:
Key Code:
An asterisk (*) will appear to the left of an incorrect entry.
Account Debit Credit
Mar. 2
2
3
3
4
4
5
5
12
14
14
16
16
0%
JOURNAL
Date
[Key code here]
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
Problem 6-2A
Name:
Section:
18
18
19
19
19
26
28
31
31
April 3
15
Scoring:
Account Debit Credit
Mar. 2 Accounts Receivable – Equinox Co. 18,711
Sales 18,711
3 Cost of Merchandise Sold 7,000
Merchandise Inventory 7,000
4 Accounts Receivable – Empire Co. 55,400
Sales 55,400
5 Cost of Merchandise Sold 19,400
Merchandise Inventory 19,400
12 Cash 18,711
Accounts Receivable – Equinox Co. 18,711
14 Cash 13,700
Sales 13,700
ON
Date
JOURNAL
Instructions
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Cells with non-gray backgrounds are protected and cannot be edited.
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Problem 6-2A
Name:
Solution
Section:
Merchandise Inventory 16,000
18 Customer Refunds Payable 4,752
Accounts Receivable – Targhee Co. 4,752
18 Merchandise Inventory 2,900
Estimated Returns Inventory 2,900
19 Cost of Merchandise Sold 5,000
Merchandise Inventory 5,000
26 Cash 22,473
Accounts Receivable – Targhee Co. 22,473
31 Delivery Expense 5,600
Cash 5,600
Key Code:
An asterisk (*) will appear to the right of an incorrect entry.
Account Debit Credit
July 1
1
2
2
5
5
8
8
13
13
14
14
15
Problem 6-2B
Name:
Section:
0%
JOURNAL
Date
[Key code here]
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
Score:
16
16
18
18
18
24
28
31
31
Aug. 3
10
Scoring:
Account Debit Credit
July 1 Accounts Receivable – Landscapes Co. 33,450
Sales 33,450
1 Cost of Merchandise Sold 20,000
Merchandise Inventory 20,000
2 Cost of Merchandise Sold 51,600
Merchandise Inventory 51,600
5 Accounts Receivable – Peacock Company 17,325
Sales 17,325
5 Cost of Merchandise Sold 10,000
Merchandise Inventory 10,000
13 Cash 96,000
Sales 96,000
13 Cost of Merchandise Sold 57,600
Merchandise Inventory 57,600
15 Cash 17,325
Accounts Receivable – Peacock Company 17,325
ON
Problem 6-2B
Name:
Solution
Section:
Date
JOURNAL
Instructions
Answers are entered in the cells with gray backgrounds.
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An asterisk (*) will appear to the right of an incorrect entry.
16 Customer Refunds Payable 2,970
Accounts Receivable – Loeb Co. 2,970
16 Merchandise Inventory 1,800
Estimated Returns Inventory 1,800
18 Cost of Merchandise Sold 6,800
Merchandise Inventory 6,800
24 Cash 12,870
Accounts Receivable – Loeb Co. 12,870
Problem 6-5A
Key Code:
Instructions
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1.
Sales
Cost of merchandise sold
Gross profit
Expenses:
Selling expenses:
Total selling expenses
Administrative expenses:
Total administrative expenses
Total expenses
Income from operations
Other expense:
Net income
2.
Kristina Marble, capital, June 1, 2015
Kristina Marble, capital, May 31, 2016
3.
Current assets:
Property, plant and equipment:
Office equipment
Store equipment
Total property, plant and equipment
Total assets
Current liabilities:
May 31, 2016
Assets
Statement of Owner’s Equity
For the Year Ended May 31, 2016
CLAIREMONT CO.
CLAIREMONT CO.
Income Statement
For the Year Ended May 31, 2016
CLAIREMONT CO.
Balance Sheet
Total current assets:
Liabilities
[Key code here]
Cells with non-gray backgrounds are protected and cannot be edited.
Score:
Name:
Section:
20%
Long-term liabilities:
Total liabilities
Kristina Marble, capital
Total liabilities and owner’s equity
4. a.
b.
Owner’s Equity
(Key essay answer here)
(Key essay answer here)
Total current liabilities:
Problem 6-5A
Instructions
Interest expense
Less withdrawals
Merchandise inventory
Office supplies
Prepaid insurance
Answers are entered in the cells with gray backgrounds.
1.
Expenses:
Selling expenses:
Sales salaries expense 916,000$
Administrative expenses:
Office salaries expense 650,000$
Rent expense 94,000
Depreciation expense—office equipment 50,000
2.
Kristina Marble, capital, June 1, 2015 3,449,100$
943,400$
3.
Current assets:
240,000$
966,000
Property, plant and equipment:
Office equipment 830,000$
Current liabilities:
Liabilities
Accounts receivable
Balance Sheet
May 31, 2016
Assets
Cash
Net income for the year
CLAIREMONT CO.
Statement of Owner’s Equity
For the Year Ended May 31, 2016
ON
For the Year Ended May 31, 2016
Cells with non-gray backgrounds are protected and cannot be edited.
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CLAIREMONT CO.
Income Statement
Scoring:
Name:
Solution
Section:
CLAIREMONT CO.
366,000$
50,000
41,500
457,500$
4. a.
The multiple-step form of income statement contains various sections for revenues and expenses, with
intermediate balances, and concludes with net income. In the single-step form, the total of all expenses is
Salaries payable
Total current liabilities:
Accounts payable
Note payable (current portion)
Note payable (final payment due 2022)
Problem 6-5B
Score:
Key Code:
Instructions
Answers are entered in the cells with gray backgrounds.
An asterisk (*) will appear to the right of an incorrect entry. Essay answers will not be graded.
1.
Sales
Cost of merchandise sold
Gross profit
Expenses:
Selling expenses:
Total selling expenses
Administrative expenses:
Total administrative expenses
Total expenses
Income from operations
Other expense:
Net income
2.
Gerri Faber, July 1, 2015
Gerri Faber, capital, June 30, 2016
3.
Current assets:
Property, plant, and equipment:
Office equipment
Store equipment
Total property, plant and equipment
Total assets
Total current assets:
KANPUR CO.
Balance Sheet
Assets
KANPUR CO.
Statement of Owner’s Equity
[Key code here]
Cells with non-gray backgrounds are protected and cannot be edited.
KANPUR CO.
Income Statement
Name:
Section:
0%
Current liabilities:
Long-term liabilities:
Total liabilities
Gerri Faber, capital
Total liabilities and owner’s equity
4. a.
b.
(Enter essay answer here)
Total current liabilities:
Owner’s Equity
(Enter essay answer here)
Liabilities