accounting 1020

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Problem 1

Problem 1
Journal
Date Description Post Ref. Debit Credit

Problem 2

Problem 2
Journal
Date Description Post Ref. Debit Credit

Problem 3

Problem 3
Wilson Company
Income Statement (partial)
For Month Ended November 30, 1999
Sales
Sales Returns and Allowances
Sales Discounts
Net Sales
Cost of Goods Sold
Merchandise Inventory, November 1
Purchases
Purchase Discounts
Purchase Returns and Allowances
Net Purchases
Freight-In
Cost of Goods Purchased
Goods Available for Sale
Merchandise Inventory, November 30
Cost of Goods Sold
Gross Profit from Sales

Problem 4

Problem 4
Question 1.
Journal
Date Description Post Ref. Debit Credit
Net Receivables
Problem 4
Question 2.
Journal
Date Description Post Ref. Debit Credit
Net Receivables
Problem 4
Question 3.
Journal
Date Description Post Ref. Debit Credit
Net Receivables

Problem 5

Problem 5
Ending Inventory Cost of Goods Sold
FIFO $ $
Weighted-Average $ $
LIFO $ $

Problem 6

Problem 6
Straight Line Double-Declining Balance Sum of the Years Digits
Year Deprec. Book Value Year Deprec. Book Value Year Deprec. Book Value
0 0 0
1 1 1
2 2 2
3 3 3
4 4 4

Problem 7

Problem 7
1.   The maturity value at maturity        $
2.   The due date of the note                   $
3.   The face value of the note              $
4.   The interest due at maturity            $

Problem 8

Problem 8
Journal
Date Description Post Ref. Debit Credit