FILL IN RESPONSE IN THE TABLES:

5) Please identify each account as a permanent (P) or temporary (T) account.

Cash
Owner, Withdrawals
Accounts Receivable
Office Supplies
Service Revenue
Prepaid Rent
Land
Building
Accumulated Depreciation, Building
Supplies Expense
Utilities Expense
Accounts Payable
Salaries Payable
Unearned Rent
Notes Payable
Owner, Capital
Rent Expense
Salaries Expense

6) Complete the following table, which compares the effects of LIFO, FIFO, and weighted- average inventory costing methods on the financial statements in periods of rising inventory costs. The answer should be lowest, highest, or middle.

Financial Statement Element:	LIFO	FIFO	Weighted- Average
Cost of Goods Sold
Net Income
Ending Merchandise Inventory

7) The following information is available for Ashley Company for the month ending June 30, 2025.

* Balance as per the bank statement is $11,240.

* Balance as per books is $10,200.

* Check #506 for $1,200 and check #510 for $900 were not shown on the June 30 bank statement.

* A deposit of $3,110 had not been received by the bank when the bank statement was generated.

* A bank debit memo indicated an NSF check for $85 written by Maddie Wolfe to Ashley Company on June 13.

* A bank credit memo indicated a note collected by the bank of $2,100 and interest revenue of $55 on June 20.

* The bank statement indicated service charges of $20.

On the next page, prepare bank reconciliation for Ashley Company for June 30, 2025

Ashley Company
Bank Reconciliation
June 30, 2025
BANK: BALANACE 6/30		$11,240
BOOK: BALANCE 6/30		$10,200