A. Prepare a Bank Reconciliation Statement for company XYZ that:

• A $10,000 bank statement.

• Cash account of $8,500.

Additional information for reconciliation:

• Deposit at the time of transport.
• NSF Control.
• Unpaid check.
• Collections made by the bank.
• bank error
• book error

Required: enter an amount of each piece of information to equalize adjusted balances.

B. A company using a perpetual inventory system has made the following cash purchases and sales. There was no initial inventory.

1 January:	40 units purchased at 10 SAR per unit
5th of February:	40 units purchased at 12 SAR per unit
16 Mart:	50 Units sold for 15 SAR per unit

Prepare the general journal entries to record the March 16 sale.

1. FIFO inventory valuation method.
2. LIFO inventory valuation method.

What is the gross margin for each method?

Answer rating: 100% (QA)

A Bank Reconciliation Statement for company XYZ Adjusted cash account balance 8500 Add Deposit at th... View the full answer