Yakima's Sporting Goods for the current year

Price: $30


Question 1:
Following is the year-end adjusted trial balance for Yakima's Sporting Goods for the current year:

Yakima's Sporting Goods
Adjusted Trial Balance
December 31

Cash 47,500
Accounts receivable 46,000
Merchandise inventory 50,000
Office supplies 800
and so on ....

Totals: 642,480

prepare the closing entries at December 31 for the current year

Question 2
A company made the following merchandise purchases and sales during the month of May:
May 1 purchased 380 units at $15 each
May 5 Purchased 270 units at $17 each
May 10 Sold 400 units sold $50 each
May 20 purchased 300 units at $22 each
May 25 sold 400 units at $50 each

There was no beginning inventory. If the company uses the weighted average inventory valuation method and the perpetual inventory system, what would be the cost of its ending inventory?

Question 3
A company made the following merchandise purchases and sales during the month of July:

July 1 Purchased 380 units @ $15 each
July 5 Purchased 270 units @ $20 each
July 9 Sold 500 units @ $55 each
July 14 Purchased 300 units @ $24 each
July 20 Sold 250 units @ $55 each
July 30 Purchased 250 units @ $30 each

There was no beginning inventory. If the company uses the first-in, first-out method and the perpetual method what would be the cost of the ending inventory?

Question 4
A company made the following merchandise purchases and sales during the month of July:

July 1 Purchased 380 units @ $15 each
July 5 Purchased 270 units @ $20 each
July 9 Sold 500 units @ $55 each
July 14 Purchased 300 units @ $24 each
July 20 Sold 250 units @ $55 each
July 30 Purchased 250 units @ $30 each

There was no beginning inventory. If the company uses the last-in, first-out perpetual inventory system, what would be the cost of the ending inventory?

Question 5
Using the information given below, prepare the general journal entry to record the March 16 sale assuming a cash sale and the LIFO method is used:

January 1: purchased 100 units at $10 per unit
February 5: purchased 60 units at $12 per unit
March 16: sold 40 units for $16 per unit

Question 6
Fill in the blank column of the table to classify each of the following reconciling items of the Salt and Pepper Company as:


a. An addition to the bank balance
b. A deduction from the bank balance
c. An addition to the book balance
d. A deduction from the book balance
e. Not a reconciling item
__________ 1. Collection of note receivable plus interest revenue by
bank
__________ 2. Bookkeeper recorded check #849 as $557 instead of
the correct amount of $755
__________ 3. Bank service charges
__________ 4. Bank charge for printing checks
__________ 5. Bank added deposit to Salt and Pepper's account in
error
__________ 6. Deposits in transit
__________ 7. Bank withdrew $1,270 from Salt and Pepper’s
account for a check written for $12,700
__________ 8. Bookkeeper failed to record a check that was returned
with the bank statement
__________ 9. Check deposited and returned by the bank
marked NSF
__________ 10. Outstanding checks

Question 7

The following information is available for the Avisa Company for the month of November:
a. On November 30, after all transactions have been recorded, the balance in the company's Cash account has a balance of $27,202.
b. The company's bank statement shows a balance on November 30 of $29,279.
c. Outstanding checks at November 30 include check #3030 in the amount of $1,525 and check #3556 in the amount of $1,459.
d. A credit memo included with the bank statement indicates that the bank collected $780 on a noninterest-bearing note receivable for Avisa. The bank deducted a $10 collection fee, and credited the remainder of $770 to Avisa's account.
e. A debit memo included with the bank statement shows a $67 NSF check from a customer, J. Brown.
f. A deposit placed in the bank's night depository on November 30 totaled $1,675, and did not appear on the bank statement.
g. Examination of the checks on the bank statement with the entries in the accounting records reveals that check #3445 for the payment of an account payable was correctly written for $2,450, but was recorded in the accounting records as $2,540.
h. Included with the bank statement was a debit memorandum in the amount of $25 for bank service charges. It has not been recorded on the company's books.

Requirements
1. prepare the November bank reconciliation for the Avisa Company.
prepare the general journal entries to bring the company's book balance of cash into conformity with the reconciled balance as of November 30.

Question 8
A company established a petty cash fund in February of the current year and experienced the following transactions affecting the fund during February:

Feb 1 Established a $250 petty cash fund
5 paid $55 to acquire office supplies
8 Reimbursed the company controller for $30 spent on beverages for recruits
18 paid 45 for postage
20 paid 65 for COD charges on merchandise inventory terms FOB shipping point
25 paid 50 for janitorial services.
28 When sorting the petty cash receipts to replenish the fund, the custodian noted that there were receipts totaling 245 and 10 cash remaining. Also, a decision was made to reduce the fund by $50 to a total of $200.

Prepare the journal entries to establish the find, reimburse the fund and to reduce its amount on February 28.