October 1 Planet Express Inc. sold to Moe’s Tavern LLC….
October 1 Planet Express Inc. sold to Moe’s Tavern LLC. merchandise that cost $14,440 for $78,880, 1/15, n EOM, FOB Shipping October 2 Shipping cost of $2,009 is paid. October 9 Planet Express accepted a return of merchandise of $3,880 that cost $890. October 15 Moe’s Tavern pays the invoice. Create a table and prepare journal entries for Planet Express and Moe’s Tavern. ***Do all entries for Planet Express and then all entries for Moe’s Tavern.***
Read DetailsUse the adjusted trial balance and prepare a properly format…
Use the adjusted trial balance and prepare a properly formatted classified Balance Sheet Holiday’s Music Corp. Adjusted Trial Balance 30-Apr Dr. Cr. Cash $68,000 Accounts Receivable 12,000 Prepaid Insurance 850 Prepaid Advertising 13,250 Office Supplies 1,475 Merchandise Inventory 27,850 Estimated Returns Inventory 4,370 Equipment 250,000 Accumulated Depreciation-Equipment $100,000 Music Copyrights 60,000 Accounts Payable 10,300 Salaries Payable 63,018 Customer Refunds Payable 3,800 Notes Payable (short term) 7,500 Long-term Notes Payable 92,500 Common Stock 25,000 Retained Earnings 170,062 Dividends 30,000 Sales $265,065 Sales Discount 25,702 Cost of Goods Sold 124,209 Insurance Expense (on office) 3,000 Advertising Expense 1,900 Office Salaries Expense 23,000 Office Supplies Expense 13,319 Office Rent 24,000 Depreciation Expense- Office Building 5,000 Royalties (an expense) 26,000 Travel Expenses (sales related) 13,200 Utilities Expense 7,230 Interest Expense 2,890 Totals $737,245 $737,245
Read DetailsUse the adjusted trial balance and prepare a properly format…
Use the adjusted trial balance and prepare a properly formatted Statement of Retained Earning Holiday’s Music Corp. Adjusted Trial Balance 30-Apr Dr. Cr. Cash $68,000 Accounts Receivable 12,000 Prepaid Insurance 850 Prepaid Advertising 13,250 Office Supplies 1,475 Merchandise Inventory 27,850 Estimated Returns Inventory 4,370 Equipment 250,000 Accumulated Depreciation-Equipment $100,000 Music Copyrights 60,000 Accounts Payable 10,300 Salaries Payable 63,018 Customer Refunds Payable 3,800 Notes Payable (short term) 7,500 Long-term Notes Payable 92,500 Common Stock 25,000 Retained Earnings 170,062 Dividends 30,000 Sales $265,065 Sales Discount 25,702 Cost of Goods Sold 124,209 Insurance Expense (on office) 3,000 Advertising Expense 1,900 Office Salaries Expense 23,000 Office Supplies Expense 13,319 Office Rent 24,000 Depreciation Expense- Office Building 5,000 Royalties (an expense) 26,000 Travel Expenses (sales related) 13,200 Utilities Expense 7,230 Interest Expense 2,890 Totals $737,245 $737,245
Read DetailsA company had the following purchases and sales during its f…
A company had the following purchases and sales during its first year of operations: Beginning Inventory Purchases Sales 70 units at $20 March: 135 units at $22 105 units April: 115 units at $25 100 units August 110 units at $30 140 units December: 100 units at $35 155 units On December 31, there were 30 units remaining in ending inventory. (Assume all sales were made on the last day of the month.) Using the perpetual FIFO inventory costing method, what is the value of cost of goods sold? Using the perpetual FIFO inventory costing method, what is the value of ending inventory? You must show your work to receive credit, but you do not have to create tables or an inventory record. Showing the math calculations is sufficient.
Read Details