Accounting Homework 7

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Ex. 6-4

Exercise 6-4 Name:
Section:
Enter the appropriate amount or label in the shaded cells.
An asterisk (*) will appear next to an incorrect item or amount in the outlined cells.
a. WEDGEFORTH COMPANY
Schedule of Cost of Goods Sold
For the Year Ended November 30, 2010
November 30, 2010
Cost of merchandise sold:
Purchases
Purchases discounts
Less:
Craig Pence: Enter the subtractions as positive amounts.
Peggy Hussey: Enter the period of time covered by this statement.
cpence: Enter the larger of the two subtractions on this line.		 Purchases returns and allowances
Freight in
Net Purchases Merchandise Inventory, November 30, 2010
Add: Merchandise Inventory, December 1, 2009
Cost of merchandise purchased Cost of merchandise sold
Merchandise available for sale
Less:
Cost of merchandise sold
b.
Gross profit reported for the year ended November 30, 2010:

Ex. 6-7

Exercise 6-7 Name:
Section:
Enter the appropriate amount or item in the shaded cells.
An asterisk (*) will appear next to or below an incorrect entry in the outlined cells.
Account Worksheet Column
1. Advertising expense Selling expense
Administrative expense
2. Depreciation expense on store equipment Other expense
3. Insurance expense on office equipment
4. Interest expense on notes payable
5. Rent expense on office building
6. Salaries of office personnel
7. Salary of sales manager
8. Sales supplies used

Ex. 6-23

Exercise 6-23 Name:
Section:
Enter the appropriate amount or item in the shaded cells.
An asterisk (*) will appear next to an incorrect amount in the outlined cells.
Schedule of Invoice Payments
Returns and Allowances Net Cost Discount for Early Payment Net Cost Freight Paid by Seller Amount to be Paid
Merchandise
a. $ 15,000.00
Craig Pence: This amount is equal to the original invoice cost of the merchandise, less the returns and allowances and less the discount.
Craig Pence: This amount is equal to the invoice price of the merchandise less the returns and allowances.
b. 10,000.00
c. 8,250.00
d. 2,900.00
e. 3,850.00

Pr. 6-5A

Problem 6-5A Name:
Section:
Enter the appropriate amount or account in the shaded cells.
An asterisk (*) will appear next to an incorrect item or amount in the outlined cells.
JOURNAL
Date Description Debit Credit
Dec. 3
5
6
6
7
13
15

Peggy Hussey: Record the larger of the two credits on this line.
Craig Pence: Always record the sale in the first entry, then record the cost of the inventory in the second entry.
16
Craig Pence: Record the larger of the two debits on this line.
19
19
22
22
23
Craig Pence: Always record the sale in the first entry, then record the cost of the inventory in the second entry.
Craig Pence: Always record the sale in the first entry, then record the cost of the inventory in the second entry.
23
28
Craig Pence: Record the adjustment to sales revenue first, before recording the adjustment to inventory.
Peggy Hussey: Record the larger of the two credits on this line.
Craig Pence: Always record the sale in the first entry, then record the cost of the inventory in the second entry.
28
31
Accounts Receivable - Smith River Co.
Accounts Receivable - Zion Co.
Accounts Payable - Deepwater Co..
Accounts Payable - Hillsboro Co.
Cash
Cost of Merchandise Sold
Credit Card Expense
Merchandise Inventory
Sales
Sales Discounts
Sales Returns and Allowances