Please do not give solution in image format thanku Problem 2Transactions for the month of July for Shelly's Bookstore were as follows:July 12 0.82230Purchases(balance) 600 @ $7.301,200 @ $7.40700 @ $7.60250 @ $7.75July 31225Salesa. FIFO.b. LIFO.c. Moving-average method (round unit prices to the nearest cent).350 @ $9.50900 @ 9.75800 @10.00Assuming that perpetual inventory records are kept in units and dollars, determine the ending inventoryvalue under

Name: Please do not give solution in image format thanku Problem 2Transactio
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Please do not give solution in image format thanku Problem 2Transactions for the month of July for Shelly's Bookstore were as follows:July 12 0.82230Purchases(balance) 600 @ $7.301,200 @ $7.40700 @ $7.60250 @ $7.75July 31225Salesa. FIFO.b. LIFO.c. Mo

There are different methods for valuing inventories .LIFO,FIFO,Average cost method,Specific…

Business

Accounting

Transactions for the month of July for Shelly's Bookstore were as follows: Purchases (balance) 600 @ $7.30 1,200 @ $7.40 700 @ $7.60 250 @ $7.75 July 1 8 22 30 July 3 12 a. FIFO. b. LIFO. c. 25 Sales Assuming that perpetual inventory records are kept in units and dollars, determine the ending inventory value under Moving-average method (round unit prices to the nearest cent). 350 @ $9.50 900 @ 9.75 800 @10.00

Transactions for the month of July for Shelly's Bookstore were as follows: Purchases (balance) 600 @ $7.30 1,200 @ $7.40 700 @ $7.60 250 @ $7.75 July 1 8 22 30 July 3 12 a. FIFO. b. LIFO. c. 25 Sales Assuming that perpetual inventory records are kept in units and dollars, determine the ending inventory value under Moving-average method (round unit prices to the nearest cent). 350 @ $9.50 900 @ 9.75 800 @10.00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Try Yourself - Question 2 Consider the following purchase history during October: Date Balance # of Days October 1 $110 8 October 9 $150 5 October 14 $260 8 October 22 $347 7 October 29 $612 3 The APR for this card is 16.45%. If the balance is not paid within the grace period, what is the total owed to the credit card company for this month? A. $261 B. $869 C. $616 D. $612 E. $704
16.0n October 17, Conrad Beauty Supplies bought $42,000 of goods with terms of 1/10, n/30. One-half of the bill was paid on October 24, and the rest of the bill was paid on October 31. Assume that the seller has agreed to grant discounts on partial payments. Required: Prepare journal entries for October 24 using the: Gross method and Net method
2.16) Find the average daily balance (new purchases included) Dates Payment End of Day Balance 4/1-4/5 4/6 4/7-4/22 4/23 4/24-4/30 Average $380.00 Purchase $110.00 Po X $300.00 x $410.00 x $410.00 X $30.00 X $30.00 x Total Number of Days v 5 1 16 1 7 30 Sum of Balances $1,500.00 $410.00 $6,560.00 $30.00 $210.00
nur suIund ue I Imu u COlmll atIuI s priče for paints with a total list price of $434. Round to the nearest cent. 250. 85 3. An invoice, dated May 8, for $549.38 has terms of 3/15, 2/20, 1/30, n/45. If you make a payment on June 3, what amount should you pay? Round to the nearest cent. 4. The list price of Road Thunder Speakers is $120. If the manufacturer offers trade discounts of 30/10 and terms of 3/15, n/30, find the net cost of the speakers assuming all discounts are taken. Round to the nearest cent. 5. An invoice is received from Westminster Office Machines for $492.90 with terms of 6/15, dated March 1. (Assume partial payments are accepted and granted cash discounts if paid within the discount périod.) If a partial payment of $155 is made on March 13, find the balance due on the invoice. Round to the nearest cent. Omachin cost 2,990 discount 30 /12/5 -299
14. Find the average daily balance (new purchases included). Dates Payment # of days Sum of Balances Purchase End-of-Day Balance 2/1-2/5 $600 X 5 2/6 $221.00 821.00 2/7-2/14 821.00 8 2/15 $725.00 98.00 1 2/16-2/28 96.00 X 13 TOTAL AVERAGE DAILY BALANCE %24 x ×
Journal entry transactions-double entry system 9) Customer returned 14.000 TL + %10 VAT merchandise . Cost of Goods Sold is 8.400 TL. Check is issued for Refund to ,returned merchandise andTL cash is paid for VAT. At the end of the month USD is : 7.10TL/ USD .
33) Muscat company mart has the following sales transactions for the month of April 2018. April 6 Sold goods on credit to Nizwa mart: 50 Kettles @ RO 30each 60 electrical equipment @ RO 15 each Trade discount of 3% and Shipping cost of RO 350 April 8 Sold goods to JK mart and received cash of RO 7,500 Calculate the Total amount which is transferred to Sales daybook during the month of April 2018? a. RO 7,500 b. RO 2,328 c. RO 2,678 d. RO 2,400
On April 12, HK Company purchases inventory of 60.000 TL + 10% VAT on account with terms of 2/10 net/30. Which of the following journal entries would be made? O a. 60.000 TL debit to 153-lnventory; 6.000 TL debit to 191-D. VAT and 66.000 TL credit to 320- A/P O b. 66.000 TL debit to 153-Inventory and 60.000 TL credit to 320-A/P; 6.000 TL credit to 391- R.VAT O c. 54.545,45 TL debit to 153-Inventory; 5.454,55 TL debit to 191-D. VAT and 60.000 TL credit to 320-A/P d. 66.000 TL debit to 153-Inventory and credit to 320-A/P
nd K The following transactions were selected from among those completed by Bennett Retailers in November and December: Sold 20 items of merchandise to Customer B at an invoice price of $5,500 (total); terms 3/10, n/30. Sold two items of merchandise to Customer C, who charged the $400 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 2 percent credit card fee. Sold 10 identical items of merchandise to Customer D at an invoice price of $9,000 (total); terms 3/10, n/30. November 29 Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. December 6. Customer D paid the account balance in full. December 201 Customer B paid in full for the invoice of November 20. November 201 November 25 November 28 Required: Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra-revenues; compute net sales for the two months ended December 31. Note: Do not round…
A retailer purchases some merchandise with an invoice price of $19,700 and terms of sale of 5/15, n/45. What is the net amount due (in $) on the order if a partial payment of $10,800 is made on the 15th day? (Round your answer to the nearest cent.) $
20 Omani Marble Company LLC sells (on credit) OMR 15000 Marble to a retailer with credit terms of 3/10, n/30. If OMR 9,000 of the account receivable is collected from the customer within the ten-days discount period, identify the journal entry from the following. a. Dr Accounts receivables OMR 9000 and Cr Cash OMR 8730 Cr sales discount OMR 270 b. Dr Cash OMR 8730 Dr sales discount OMR 270 and Cr Accounts receivables OMR 9000 c. Dr Cash OMR 9000 and Cr Accounts receivables OMR 9000 d. Dr Cash OMR 15000 and Cr Accounts receivables OMR 15000 Clear my choice
Complete the following: LU 7-2(1) Last day* of discount perod Final day bill is due (end of credift perlod) Date goods Involce are recetved TТerms 7-9. June 18 1/10, n/30 7-10. Nov. 27 2/10 EOM 7-11. May 15 June 5 3/10, n/30, ROG 2/10, 1/30, n/60 7-12. April 10 7-13. June 12 3/10 EOM 7-14. Jan. 10 Feb. 3 (no leap year) 4/10, n/30, ROG If more than one discount, assume date of last discount.