An asterisk (*) will appear to the right of an incorrect entry. In part 1, only final inventory cost – Column K – will be graded.
1.
June 1 500 $30.00 15,000$
10
28
30
July 5
10
16
28
Aug. 5
14
25
30
31 Balances
2.
Debit Credit
Score:
Key Code:
Answers are entered in the cells with gray backgrounds.
Unit
Cost
Total
Cost
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Description
Total
Cost
Quantity
Instructions
Unit
Cost
Quantity
Date
Purchases
Cost of Merchandise Sold
Quantity
Unit
Cost
Total
Cost
JOURNAL
Problem 7-1A
Name:
Section:
0%
[Key code here]
3.
4.
5.
Gross profit for the sales period
Ending inventory cost
Inventory under LIFO would be
1.
June 1 500 $30.00 15,000$
10 1,500 $34.00 $51,000 500 $30.00 15,000$
1,500 $34.00 51,000
2.
Debit Credit
483,800
Cost of Merchandise Sold
3.
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry. In part 1, only final inventory cost – Column K – will be graded.
Scoring:
Instructions
Answers are entered in the cells with gray backgrounds.
Accounts Receivable
JOURNAL
Description
Problem 7-1A
Name:
Solution
Section:
ON
Unit
Cost
Total
Cost
Unit
Cost
Total
Cost
Quantity
Unit
Cost
Total
Cost
Quantity
Date
Purchases
Cost of Merchandise Sold
Inventory
Quantity
$193,350
Gross profit for the sales period
Inventory under LIFO would be
Ending inventory cost