Acc 557 Week 4 Chapter 5 (E5-4,e5-8,e5-13,p5-3A)

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ACC 557 Week 4 Chapter 5 (E5-4,E5-8,E5-13,P5-3A)

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Exercise 5-4On June 10, Rebecca Company purchased $7,600 of merchandise from Clinton Company, FOB shipping point, terms 2/10, n/30. Rebecca pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Clinton for credit on June 12. The fair value of these goods is $70. On June 19, Rebecca pays Clinton Company in full, less the purchase discount. Both companies use a perpetual inventory system.(a) Prepare separate entries for each transaction on the books of Rebecca Company. <b>(Record journal entries in the order in which they must have occurred. Credit account titles are automatically indented when amount is entered. Do not indent manually.)</b>b) Prepare separate entries for each transaction for Clinton Company. The merchandise purchased by Rebecca on June 10 had cost Clinton $4,300. <b>(Credit account titles are automatically indented when amount is entered. </b><b>Do not indent manually.)</b>Exercise 5-8Presented below is information related to Taylor Co. for the month of January 2014.Ending inventory perInsurance expense$ 12,000perpetual records$ 21,600Rent expense20,000Ending inventory actuallySalaries and wages expense59,000on hand21,000Sales discounts8,000Cost of goods sold208,000Sales returns and allowances13,000Freight-out7,000Sales revenue378,000(a) Prepare the necessary adjusting entry for inventory. <b><i>(Credit account titles are automatically indented when amount is entered. </i></b><b><i>Do not indent manually.)</i></b>Exercise 5-13Presented below is financial information for two different companies.*(a)Determine the missing amounts.<b>Lee Company</b><b>Chan Company</b>*(b).Determine the gross profit rates. <b><i>(Round answer to 1 decimal place, e.g. 25.2%.)</i></b><b>P5-3A</b>Starz Department Store is located near the Towne Shopping Mall. At the end of the company’s calendar year on December 31, 2014, the following accounts appeared in two of its trial balances.(a)Prepare a multiple-step income statement. <b>(List other revenues before other expenses.)</b><b>(b)</b>Prepare retained earnings statement. <b>(List items that will increase retained earnings first.)</b><b>(c)</b>Prepare a classified balance sheet. $16,000 of the mortgage payable is due for payment next year. <b>(List current assets in order of liquidity. Property, plant and equipment list in order of land, buildings and equipment.)</b><b>(d)</b>Journalize the adjusting entries that were made. <b>(Credit account titles are automatically indented when amount is entered. </b><b>Do not indent manually.)</b>
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Exercise 5-4On June 10, Rebecca Company purchased $7,600 of merchandise from Clinton Company, FOB shipping point, terms 2/10, n/30. Rebecca pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Clinton for credit on June 12. The fair value of these goods is $70. On June 19, Rebecca pays Clinton Company in full, less the purchase discount. Both companies use a perpetual inventory system.(a) Prepare separate entries for each transaction on the books of Rebecca Company. <b>(Record journal entries in the order in which they must have occurred. Credit account titles are automatically indented when amount is entered. Do not indent manually.)</b>b) Prepare separate entries for each transaction for Clinton Company. The merchandise purchased by Rebecca on June 10 had cost Clinton $4,300. <b>(Credit account titles are automatically indented when amount is entered. </b><b>Do not indent manually.)</b>Exercise 5-8Presented below is information related to Taylor Co. for the month of January 2014.Ending inventory perInsurance expense$ 12,000perpetual records$ 21,600Rent expense20,000Ending inventory actuallySalaries and wages expense59,000on hand21,000Sales discounts8,000Cost of goods sold208,000Sales returns and allowances13,000Freight-out7,000Sales revenue378,000(a) Prepare the necessary adjusting entry for inventory. <b><i>(Credit account titles are automatically indented when amount is entered. </i></b><b><i>Do not indent manually.)</i></b>Exercise 5-13Presented below is financial information for two different companies.*(a)Determine the missing amounts.<b>Lee Company</b><b>Chan Company</b>*(b).Determine the gross profit rates. <b><i>(Round answer to 1 decimal place, e.g. 25.2%.)</i></b><b>P5-3A</b>Starz Department Store is located near the Towne Shopping Mall. At the end of the company’s calendar year on December 31, 2014, the following accounts appeared in two of its trial balances.(a)Prepare a multiple-step income statement. <b>(List other revenues before other expenses.)</b><b>(b)</b>Prepare retained earnings statement. <b>(List items that will increase retained earnings first.)</b><b>(c)</b>Prepare a classified balance sheet. $16,000 of the mortgage payable is due for payment next year. <b>(List current assets in order of liquidity. Property, plant and equipment list in order of land, buildings and equipment.)</b><b>(d)</b>Journalize the adjusting entries that were made. <b>(Credit account titles are automatically indented when amount is entered. </b><b>Do not indent manually.)</b>
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