College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 15, Problem 5CE
To determine
Prepare closing entries for Company YCS.
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3. Itco uses a perpetual inventory system. During the month of October the
following transactions took place:
10/1
10/5
10/10
10/12
10/15
10/22
A.
UTS
Balance: 2,000 uts. @ $6.00/ut
Purchased: 5,000 uts. @ $6.35/ut
Purchased: 8,000 uts. @ $6.50/ut
Sold 12,000 uts. for $10.00 ea.
Purchased: 4,000 uts. @ $6.75/ut
Sold 5,000 uts. for $10.00 ea.
I
Complete the perpetual inventory record (provided) for
the above transactions using the FIFO valuation system.
COST TOT
UTS
COST
TOT
UTS
COST
TOT
i need augest 22 entry
Accounting Question
Chapter 15 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 15 - LO1 A multiple-step form of income statement...Ch. 15 - Prob. 2TFCh. 15 - Prob. 3TFCh. 15 - Prob. 4TFCh. 15 - LO4 Accounts receivable turnover is the number of...Ch. 15 - Prob. 1MCCh. 15 - Prob. 2MCCh. 15 - Prob. 3MCCh. 15 - Prob. 4MCCh. 15 - Prob. 5MC
Ch. 15 - Prob. 1CECh. 15 - Prob. 2CECh. 15 - 1. L01 Prepare a multiple-step income statement...Ch. 15 - Prob. 4CECh. 15 - Prob. 5CECh. 15 - Prob. 6CECh. 15 - Prob. 1RQCh. 15 - Prob. 2RQCh. 15 - Describe how to calculate the following ratios (a)...Ch. 15 - Where is the information obtained that is needed...Ch. 15 - Explain the function of each of the four closing...Ch. 15 - What is the purpose of a post-closing trial...Ch. 15 - What is the primary purpose of reversing entries?Ch. 15 - What is the customary date for reversing entries?Ch. 15 - What adjusting entries should be reversed?Ch. 15 - REVENUE SECTION. MULTIPLE-STEP INCOME STATEMENT...Ch. 15 - COST OF GOODS SOLD SECTION, MULTIPLE-STEP INCOME...Ch. 15 - MULTIPLE-STEP INCOME STATEMENT Use the following...Ch. 15 - FINANCIAL RATIOS Based on the financial statements...Ch. 15 - CLOSING ENTRIES From the work sheet on page 600,...Ch. 15 - REVERSING ENTRIES From the work sheet used in...Ch. 15 - Prob. 7SEACh. 15 - INCOME STATEMENT. STATEMENT OF OWNER S EQUITY, AND...Ch. 15 - FINANCIAL RATIOS Use the work sheet and financial...Ch. 15 - WORK SHEET, ADJUSTING, CLOSING, AND REVERSING...Ch. 15 - REVENUE SECTION, MULTIPLE-STEP INCOME STATEMENT...Ch. 15 - COST OF GOODS SOLD SECTION, MULTIPLE-STEP INCOME...Ch. 15 - MULTIPLE-STEP INCOME STATEMENT Use the following...Ch. 15 - FINANCIAL RATIOS Based on the financial...Ch. 15 - CLOSING ENTRIES From the work sheet on page 607...Ch. 15 - Prob. 6SEBCh. 15 - ADJUSTING, CLOSING, AND REVERSING ENTRIES Prepare...Ch. 15 - INCOME STATEMENT, STATEMENT OF OWNERS EQUITY, AND...Ch. 15 - FINANCIAL RATIOS Use the work sheet and financial...Ch. 15 - Prob. 10SPBCh. 15 - Prob. 1MYWCh. 15 - Dominique Fouque owns and operates Dominiques Doll...Ch. 15 - Prob. 1CP
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- 1. What are the different BIR forms and describe and identify the deadline for submission of each form. Explain all please, don't answer short and don't plagiarize please, thank youarrow_forwardHow would you interpret this formula: 'Income Statement' ! C5 Ocell C5 from the Income Statement named cell in the current work sheet O cell C5 from the Income Statement tab in the work book O cell C5 from the named range of Income Statement in the file name cell from the file named Income Statement that is copied to C5arrow_forwardI need BE5-3arrow_forward
- Don't use AIarrow_forwardCh03_PPT - Korumalı Görünüm - bu bilgisayar konumuna kaydedildi ZEYNEP ALTUNKAYNAK ZA Slayt Gösterisi Gözden Geçir Görünüm Yardım Paylaş P AC Sample Exercise openstax- EA15. Journalize for Harper and Co. each of the following transactions or state no entry required and explain why. Be sure to follow proper journal writing rules. A. A corporation is started with an investment of $50,000 in exchange for stock. B. Equipment worth $4,800 is ordered. C. Office supplies worth $750 are purchased on account. D. A part-time worker is hired. The employee will work 15–20 hours per week starting next Monday at a rate of $18 per hour. E. The equipment is received along with the invoice. Payment is due in three equal monthly installments, with the first payment due in sixty days.arrow_forwardREVERSING ENTRIES From the work sheet used in Exercise 15-5A, identify the adjusting entry(ies) that should be reversed and prepare the reversing entry(ies).arrow_forward
- Prepare a trial balance using the journal entries in PB3.arrow_forwardprepare the journal entry to write off any over underarrow_forward1. Enter the transactions in a general journal. Enter transactions from April 1-5 on page 1, April 7-18 on page 2, April 21-29 and the first two entries for April 30 on page 3, and the remaining entries for April 30 on page 4. 2. Post the entries to the general ledger.arrow_forward
- Document1 - Word e Search Jasmine Thompson | Draw Design Layout References Mailings Review View Help B Share Cor A A Aa A EE - E EE A T O Find - alibri (Body) AaBbCcDd AaBbCcDd AaBbC AABBCCC AaB AaBbCcD AaBbCcDd AaBbCcDd Replace IU ab x, x' A A - 三 這、 、日田 1 Normal 1 No Spac. Heading 1 Heading 2 Title Subtitle Subtle Em. Emphasis Dictate E A Select Font Paragraph Styles Editing Voice 2 3 e. net income is understated 19. Assume a beginning inventory of $32,000, ending inventory of $51,000, and purchases of $135,000. If the gross margin percent is 60%, how much is net sales revenue? a. $46,400 b. $116,000 c. $193,333 d. $135,000 e. $290,000 20. If Accounts Payable has debit postings of $25,000, credit postings of $18,000, and a nLandimahalanaaof ĆE O00 whatw.na ite hai %24 D. Focus sh (United States) ENG %23 US ch 0日 @arrow_forwardE Question 2 of 20: Select the best answer for the question. 2. Accounts are generally grouped and kept together in the O A. ledger O B. general journal. OC. book of original entry OD. trial balance. Mark for review (Will be highlighted on the review page) << Previol Question Type here to search Next Question Oarrow_forwardI need help to do the closing entries.arrow_forward
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