Accounting Problems

10/10/19, 10'26 PMProblem 9-3

Page 1 of 2https://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni

Question Attempts: 0 of 3 used

Print by: Crismaldy Ventura ACC304011VA016-1198-001: Intermediate Accounting II / HOMEWORK - CHAPTER 09 - ACC304

*Problem 9-3 Bridgeport Company determined its ending inventory at cost and at LCNRV at December 31, 2017, December 31, 2018, and December 31, 2019, as shown below.

Cost NRV

12/31/17 $650,200 $650,200

12/31/18 778,000 705,000

12/31/19 958,800 878,200

Prepare the journal entries required at December 31, 2018, and at December 31, 2019, assuming that a perpetual inventory system and the cost-of-goods-sold method of adjusting to LCNRV is used of an allowance account. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Date Account Titles and Explanation Debit Credit

12/31/18

12/31/19

Prepare the journal entries required at December 31, 2018, and at December 31, 2019, assuming that a perpetual inventory is recorded at cost and reduced to LCNRV using an allowance account under the loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Date Account Titles and Explanation Debit Credit

12/31/18

12/31/19

10/10/19, 10'26 PMProblem 9-3

Page 2 of 2https://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni

Copyright © 2000-2019 by John Wiley & Sons, Inc. or related companies. All rights reserved.