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Presentation/PPT
27/08/2022
John Doe occasionally issues short-term notes to suppliers in return for an extension of time on payment of their accounts payable balances. During certain parts of the year Doe finds it necessary to borrow funds at the bank to meet current expenses and to provide additional working capital. Journalize the following transactions involving notes payable issued during the current year. Calculate any missing data.
PROBLEM 2:
PROBLEM 3:
The following information was taken from the accounting records of Wilson Company for the month of November, 1999:
Merchandise Inventory, November 1………. $ 68,000
Merchandise Inventory, November 30……….. 62,500
Sales…………………………………………………….. 235,400
Purchases……………………………………………… 196,250
Freight In…………………………………………………. 2,200
Sales Returns and Allowances…………………….2,195
Sales Discounts…………………………………………. 1,240
Purchase Returns and Allowances……………….6,870
Purchase Discounts…………………………………….2,135
Complete the Partial Income Statement for the month of November 30, 1999.
PROBLEM 4:
At the end of the current year, the accounts receivable balance for Moore Supplies has a debit balance $180,000 and credit sales for the year totaled $1,780,000. Give the end-of-the-period adjusting entries to enter the estimate for uncollectible accounts expense for each of the following independent assumptions. Also provide the net receivables for each of the following assumptions.
Question 1:
Question 2:
Question3:
PROBLEM 5:
Paul Wholesale deals in only one article of inventory. The following data summarizes the transactions involving inventory during the month of August :
Inventory, August 1………………………………… 20,000 units @ $3.05
Purchase, August 8…………………………………. 35,000 units @ $3.20
Purchase, August 23……………………………….. 65,000 units @ $3.40
On hand August 31, per physical count………………….. 40,000units
Required: Calculate the amount to be assigned to the August 31 inventory and the cost of goods sold by (1) the FIFO method,(2) the weighted-average method-round to the thousandths place, and (3) the LIFO method.
PROBLEM 6:
Chris Dixon has just purchased a special purpose machine for $40,000. Dixon thinks that 4 years will be the useful life of the asset and estimates that, at the end of that time, the salvage value will be $5,000.
PROBLEM 7:
From the above, determine the following:
PROBLEM 8:
Question 2. What is the due date of a note that is issued March 15 and is due in 30 days?
3. What is the due date of a note that is issued June 20 and is due in 3 months?
4. What is the due date of a note that is issued September 18 and is due in 90 days?
5. Compute the amount of interest on the following note and enter your answer in the box below. $2,000, 90 days, 10%?
6. Compute the amount of interest on the following note and enter your answer in the box below. $2,500, 60 days, 15%?
7. Compute the amount of interest on the following note and enter your answer in the box below. $7,500, 3 months, 8%?
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