Part 3. Transaction Analysis (18 T). Journalize the following transactions. Including the correct accounts involved, and...

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Part 3. Transaction Analysis (18 T). Journalize the following transactions. Including the correct accounts involved, and the correct application of debits and credits. Date 3.1 Prepare journal entries for the following accounts for a retail company. Purchase of Inventory and daily transactions for a merchandising company. Record the following transactions for Bills Donuts below: On December 1, 300 units of Merchandise were purchased on account at a price of 2$ unit, terms 2/10 n30. The bill was paid 5 days after the purchase was made. The cost of shipping was $20 terms FOB destination point.600 = 12 On December 3 a sale was made of 100 units at $5 per unit. Account Opening Inventory Purchase 3.2 The following tables shows the number of units and purchases of inventory. Calculate Cost of Goods Sold under the three cash flow assumption (LIFO, FIFO, Weighted Average Cost) Purchase Opening inventory Purchase Units 100 100 150 100 x $10 100 x $10 Cost Debit $10 $10 $20 1000 1000 Credit 200 Units were sold. 1. Calculate an amortization table for the following events, based under the three different methods for the following transactions (straight-line, double diminishing, units of use). An automobile was purchased in 2010 however no accounting entries were made. Prepare amortization entries for the automobile for 2010 - 2020. An automobile was purchased in 2010 for $20,000. It has a 10-year useful life and useful life of 250,000 km and a residual value of $5,000. Use the following information. >The car travelled 10,000 in 2010 >The car travelled 15,000 in 2011 >The car travelled 25,000 in 2012 >The car travelled 5,000 in 2013. >The car travelled 10,000 in 2014 >The car travelled 10,000 in 2015 >The car travelled 60,000 in 2016 >The car travelled 5,000 in 2017 >The car travelled 10,000 in 2018 >The car travelled 10,000 in 2019 >The car travelled 40,000 in 2020. Part 3. Transaction Analysis (18 T). Journalize the following transactions. Including the correct accounts involved, and the correct application of debits and credits. Date 3.1 Prepare journal entries for the following accounts for a retail company. Purchase of Inventory and daily transactions for a merchandising company. Record the following transactions for Bills Donuts below: On December 1, 300 units of Merchandise were purchased on account at a price of 2$ unit, terms 2/10 n30. The bill was paid 5 days after the purchase was made. The cost of shipping was $20 terms FOB destination point.600 = 12 On December 3 a sale was made of 100 units at $5 per unit. Account Opening Inventory Purchase 3.2 The following tables shows the number of units and purchases of inventory. Calculate Cost of Goods Sold under the three cash flow assumption (LIFO, FIFO, Weighted Average Cost) Purchase Opening inventory Purchase Units 100 100 150 100 x $10 100 x $10 Cost Debit $10 $10 $20 1000 1000 Credit 200 Units were sold. 1. Calculate an amortization table for the following events, based under the three different methods for the following transactions (straight-line, double diminishing, units of use). An automobile was purchased in 2010 however no accounting entries were made. Prepare amortization entries for the automobile for 2010 - 2020. An automobile was purchased in 2010 for $20,000. It has a 10-year useful life and useful life of 250,000 km and a residual value of $5,000. Use the following information. >The car travelled 10,000 in 2010 >The car travelled 15,000 in 2011 >The car travelled 25,000 in 2012 >The car travelled 5,000 in 2013. >The car travelled 10,000 in 2014 >The car travelled 10,000 in 2015 >The car travelled 60,000 in 2016 >The car travelled 5,000 in 2017 >The car travelled 10,000 in 2018 >The car travelled 10,000 in 2019 >The car travelled 40,000 in 2020.

Answer rating: 100% (QA)

31 Transactions for Bills Donuts December 1 Debit Merchandise Inventory 300 units x 2unit 600 Credit Accounts Payable 300 units x 2unit 600 Debit Merc... View the full answer