Hans25
Nov 16, 2010, 10:18 PM
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.
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.