Accounting Chapter 6 Accounts Receivable Sales Revenue Sell inventory on account

subject Type Homework Help
subject Pages 8
subject Words 290
subject Authors David Spiceland, Don Herrmann, Wayne Thomas

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page-pf1
Student Name:
Class:
Number of Unit Ending
Date Transaction Units Cost Inventory
Oct. 1 1 900$ 900$
Number of Unit Ending
Date Transaction Units Cost Inventory
Oct. 20 1 920$ 920$
Purchase
Problem 06-01
McGraw-Hill/Irwin
Instructor
Specific Identification Method
SANDRA'S PURSE BOUTIQUE
FIFO Method
Requirement 2:
Requirement 1:
Beginning Inventory
page-pf2
Student Name:
Class:
Problem 06-01
McGraw-Hill/Irwin
Instructor
Number of Unit Ending
Date Transaction Units Cost Inventory
Oct. 1 6 900$ 5,400$
Number of Unit Ending
Date Transaction Units Cost Inventory
Oct. 1 6 900$ 5,400$
Oct. 10 5 910 4,550
Beginning Inventory
Purchase
Beginning Inventory
Weighted Average Method
LIFO Method
Requirement 4:
Requirement 3:
page-pf3
Cost per Total
Date Transactions Units Unit Cost
October 1 6 900$ 5,400$
October 4 4
Beginning inventory
Sale
October Transactions
SANDRA'S PURSE BOUTIQUE
page-pf4
Student Name:
Class:
Date Account Debit Credit
July 3 2,300
2,300 <--Correct!
July 11 2,100 <--Correct!
21
Cash 2,079
July 12 5,800
5,800 <--Correct!
(Pay on account less 1% discount)
(Sell inventory on account)
Accounts Receivable
(Purchase inventory on account)
Problem 06-03
Requirement 1:
Sales Revenue
Instructor
Inventory
Inventory
Accounts Payable
CD CITY
Transaction Entries
McGraw-Hill/Irwin
Accounts Payable
page-pf5
July 22 4,200
4,200 <--Correct!
10,000$
Net sales
Requirement 2:
(Sell inventory for cash)
Cash
For the month of July
Multiple-step Income Statement (partial)
CD CITY
Sales Revenue
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July 3 2,300$
July 4 110$
July 9 200$
July 11
?
Pay July 3 purchase in full
CD CITY
Return incorrectly ordered CDs
July Transactions
Given Data P06-03:
Pay freight charges on July 3 purchase
Purchased CDs on account, terms 1/10,n/30
page-pf7
Student Name:
Class:
69,800$
(1,100)
68,700$
28,700
40,000
28,700$
1,700$ 16.9
Correct!
Gross Profit
Requirement 2:
Inventory turnover ratio
Requirement 1:
Net sales:
Total sales revenue
Less: Sales returns
BASKIN-ROBBINS
Multiple-step Income Statement
For the month of July, 2021
Net sales revenue
Cost of goods sold
Problem 06-07
McGraw-Hill/Irwin
Instructor
=
=
Cost of goods sold
Average inventory
=
page-pf8
13,700$ 69,800$
Sales revenue
Salaries expense
July, 2021
Account Balances
BASKIN-ROBBINS
Given Data P06-07:

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