1. Bryant Company sold goods on account to Kolmer Enterprises with terms of 2/10, n/30. The goods had a cost of &600 and a selling price of $900. Both Bryant & Kolmer use a perpetual inventory system. Record the sale on the books of Bryant and the purchase on the books of Kolmer.

2. At August 31, Litke Company has this bank information: cash balance per bank $6,950; outstanding checks $762; deposits in transit $1,700; and a bank service charge $20. Determine the adjusted cash balance per bank at August 31,2010.

3. Epley Company needs to make adjusting entries for each of the following reconciling items. Identify the account to be debited and the account to be credited in each case.
1. A check for $59 written to the company by J. Neutron was return NSF
2. Monthly service charge by the bank was $34
3. Bank collected a $1,000 note plus interest of $97 on the company's behalf. The company had not accrued the interest.


4. Linville Company had beginning inventory on May 1 of $12,000. During the month, the company made purchases of $30,000 but returned $2,000 of goods because they were defective. At the end of the month, inventory on hand was valued at $9,500

Calculate cost of goods available for sale and cost of goods sold for the month.

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Question 1There are two different systems used in merchandising Companies. The one that is called a perpetual inventory system updates inventory after each sale. When purchases are made, the entry is to debit Inventory and credit Accounts Payable. As sales are made, two entries are needed - one to record the sale and the other to deal with the cost of the sale. The one regarding cost is to adjust the COGS and Inventory account for the cost of the sale. The sales entry is to debit Accounts Receivable and Credit sales for the amount of the sale. The terms given have to do with payment of the invoice within a given time. 2/10 means there is a 2% discount if the invoice is paid within 10 days. If not, the term is n/30, means the invoice is due within 30 days with no discount. The terms are booked at the time of payment (for the buyer) or receipt of invoice (for the seller).

If you'd like, you can post again with your entries for each company and we can see if you are understanding. Thanks.