Dine-Corp International publishes ratings and reviews of the world's finest restaurants. Following are facts

1. Dine-Corp International publishes ratings and reviews of the world's finest restaurants. Following are facts
you need to prepare Dine-Corp's March bank reconciliation:
Balance per company records at end of month
Bank service charge for the month
NSF check returned with bank statement
Note collected by the bank during the month
Outstanding checks at month end
Interest on note collected during the month
Balance per bank at end of month
Deposit in transit at month end
You may use the template below.

72,644.12
44.00
1,440.66
45,000.00
31,553.57
4,500.00
144,223.99
7,989.00

March Bank Reconciliation
Ending balance per bank statement
Add:
Deposit in transit
Deduct
Outstanding Checks
Correct cash balance
Ending balance per company records
Add:
Customer note collection
Interest earnings
Deduct:
NSF check returned
Service charges
Correct cash balance

2. Prepare journal entries for each of the following transactions:
On December 1, 20X5, Musaka received a 10%, 1-year, note receivable from Lambert. This
note was issued in payment for a $24,000 outstanding account receivable.
On December 31, 20X5, Musaka recorded an end-of-year adjusting entry to record accrued
interest on the note receivable.
On November 30, 20X6, Lambert paid Musaka the full amount due on the note receivable.

3. Patti Devine owns Devine Decorating. One of her most popular items is the Remind-a-Chime digital clock. This programmable clock issues "voice-based" reminders of
important events like birthdays, anniversaries, etc.
Following is the Remind-a-Clock inventory activity for January. The clocks on hand at January 1 had a unit cost of $140.
Date
1-Jan
5-Jan
16-Jan
23-Jan
28-Jan

Purchases

Sales

60 units @ $150 each
70 units @ $255 each
90 units @ $170 each
55 units @ $295 each

Units on
Hand
40
100
30
120
65

(a) If Devine uses the first-in, first-out (FIFO) inventory method (periodic approach), what values would be assigned to ending inventory and cost of goods sold? How much is
gross profit?
(b) If Devine uses the last-in, first-out (LIFO) inventory method (periodic approach), what values would be assigned to ending inventory and cost of goods sold? How much is
gross profit?
(c) If Devine uses the weighted-average inventory method (periodic approach), what values would be assigned to ending inventory and cost of goods sold? How much is
gross profit?