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ⅣRecordthefollowingtransactionsforAcompanyingeneralentryform(35%)1.May1,Soldmerchandi...
Ⅳ Record the following transactions for A company in general entry form (35%)
1. May 1, Sold merchandise to B company $30,000; invoice #101, terms: 1/10, n/30; F.O.B. destination; freight prepaid.
2. May 3, Paid freight bill on shipment to B company $1 000; check #101.
3. May 10, Received a check from B company for $29,700, the amount due on the invoice #101.
4. May 15, Wrote a check to establish the petty cash fund $300.
5. May 31, Replenished the fund by check for $150. The following bills and receipts were on hand: Postage $50, Repairs to dictaphone equipment $50, Stationery and small office supplies $50.
6. Dec.31, Received an $8,000, 90 days, 7.5% note from C company on account and Discounted the note at the bank at 10%.
7. The following data is about inventory, assume the company uses perpetual inventory system, make the entries for the ending inventory under LCM method, using direct method and allowance method separately.
Inventory At cost At market
Beginning of 2011 $100 000 100 000
End of 2011 115 000 95 000
8. On April 1,2011, Microware Enterprises purchased a high-speed floppy disk copier for $9 000. The copier has an estimated useful life of 5 years and an estimated residual value of $ 500. Microware’fiscal year ends December 31.
Determine depreciation expense for 2011, 2012 if Microware uses (1) the straight-line method; (2)sum of years’-the-digits method; (3) double declining method.
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1. May 1, Sold merchandise to B company $30,000; invoice #101, terms: 1/10, n/30; F.O.B. destination; freight prepaid.
2. May 3, Paid freight bill on shipment to B company $1 000; check #101.
3. May 10, Received a check from B company for $29,700, the amount due on the invoice #101.
4. May 15, Wrote a check to establish the petty cash fund $300.
5. May 31, Replenished the fund by check for $150. The following bills and receipts were on hand: Postage $50, Repairs to dictaphone equipment $50, Stationery and small office supplies $50.
6. Dec.31, Received an $8,000, 90 days, 7.5% note from C company on account and Discounted the note at the bank at 10%.
7. The following data is about inventory, assume the company uses perpetual inventory system, make the entries for the ending inventory under LCM method, using direct method and allowance method separately.
Inventory At cost At market
Beginning of 2011 $100 000 100 000
End of 2011 115 000 95 000
8. On April 1,2011, Microware Enterprises purchased a high-speed floppy disk copier for $9 000. The copier has an estimated useful life of 5 years and an estimated residual value of $ 500. Microware’fiscal year ends December 31.
Determine depreciation expense for 2011, 2012 if Microware uses (1) the straight-line method; (2)sum of years’-the-digits method; (3) double declining method.
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