ACCOUNTING-Tripoint Merchandise Company General Journal

ACCOUNTING-Tripoint Merchandise Company General Journal

Question # 00129930 Posted By: kimwood Updated on: 11/05/2015 09:13 AM Due on: 12/05/2015
Subject Business Topic General Business Tutorials:
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PRINCIPLES OF ACCOUNTING I
ACC 211 (FA15)
QUESTION 1 (10 POINTS) SCORE:
Tripoint Merchandise Company
General Journal
Jan 4 Purchased merchandise inventory on account from Vincent Company, $11,520. Date Accounts Debits Credits
Terms 3/10, n/30, FOB shipping point. Jan 4
6 Paid freight bill of $140 on January 4 purchase.
8 Returned half the inventory purchased on January 4 from Vincent Company.
11 Sold merchandise inventory to Gregory Corporation. $12,300, on account, terms 1/10, n/30.
Cost of goods, $6,600. FOB destination.
12 Paid freight bill of $250 on January 11 sale.
13 Sold merchandise inventory to Carter Company, $11,800, on account, terms of 2/15,n/45.
Cost of goods, $6,360. FOB shipping point.
14 Paid the net amount owed on account for the purchase of January 4.
16 Granted a $300 allowance to Gregory Corporation to compensate for minor defects in goods sold on January 11.
17 Received return of merchandise from January 13 sale to Carter Company.
Original sales price, $720. Cost of goods, $540.
20 Received net amount due from Gregory Corporation on sale of January 11.
30 Received net amount due from Carter Company on on sale of January 13.
REQUIRED: Prepare the required journal entries that Tripoint Merchandise Company must make to record
these transactions. Use the General Journal template to the right for your answers. Explanations are not
required.
PRINCIPLES OF ACCOUNTING I
ACC 211 (FA15)
SCORE
QUESTION 2 (10 Points)
A. FIFO Method:
Date Purchased/Sold No. of Units Unit Price Total
Price		 Cost of
Goods Sold		 Inventory
Value
1-May Inventory 16 65 1,040
11-May Purchased 10 75 750
23-May Sold 12 90 1,080 780 1,010
26-May Purchased 14 80 1,120
29-May Sold 15 90 1,350
B. LIFO Method:
Date Purchased/Sold No. of Units Unit Price Total
Price		 Cost of
Goods Sold		 Inventory
Value
1-May Inventory 16 65 1,040
11-May Purchased 10 75 750
23-May Sold 12 90 1,080
26-May Purchased 14 80 1,120
29-May Sold 15 90 1,350
C. Weighted Average Method:
Date Purchased/Sold No. of Units Unit Price Total
Price		 Average Cost
per Unit		 Cost of
Goods Sold		 Inventory
Value
1-May Inventory 16 65 1,040
11-May Purchased 10 75 750
23-May Sold 12 90 1,080
26-May Purchased 14 80 1,120
29-May Sold 15 90 1,350

PRINCIPLES OF ACCOUNTING I
ACC 211 (FA15)
SCORE:
QUESTION 3 (10 POINTS)
Accounts
Receivable		 Account Age Estimated
Uncollectible
$ 80,000 1 - 30 days 0.4%
60,000 31 - 60 days 5.0%
40,000 61 - 90 days 6.0%
10,000 Over 90 days 50.0%
$ 190,000 Total
A. Computation of Balance Required for Allowance for Doubtful Accounts:
Account Age Accounts
Receivable
Amount		 Estimated
Percentage
Uncollectible		 Estimated
Amount
Uncollectible
1 - 30 days
31 - 60 days
61 - 90 days
Over 90 days
Total estimated amount uncollectible
B. Current Year's Bad Debt Expense
C. Adjusting Journal Entry:
Debits Credits
31-Dec




PRINCIPLES OF ACCOUNTING I
ACC 211 (FA15)
SCORE:
QUESTION 4 (10 POINTS)
A. Straight-line method:
Year Depreciation
Expense		 Accumulated
Depreciation		 Book Value
Cost
1
2
3
4
5
B. Double-declining method:
Year Depreciation
Expense		 Accumulated
Depreciation		 Book Value
Cost
1
2
3
4
PRINCIPLES OF ACCOUNTING I
ACC 211 (FA15)
SCORE
EXTRA CREDIT (10 POINTS)
ROBERTS COMPANY
Bank Reconciliation
March 31
Bank Statement Balance Book Balance
Add: Add:
Less:
Less:
Adjusted bank balance, October 31 Adjusted book balance, October 31
GENERAL JOURNAL
Accounts Debits Credits
5
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  1. kimwood
    Tutorial # 00124360 Posted By: kimwood Posted on: 11/05/2015 09:13 AM
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