Accounting Homework 8

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Pr. 7-1A

Problem 7-1A Name:
Section:
Enter the appropriate amount or item in the shaded cells.
If the Total Cost of the Inventory is incorrect for any date, an asterisk (*) will ONLY appear to the right of column K, "Total Cost."
1.
Date Purchases Cost of Merchandise Sold Inventory
Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
Mar. 3
8
11
cpence: Place the earliest units first, above the units that were received later.
30
Apr. 8
10
19
28
May 5
16
21
28
31 Balances
cpence: Enter the total of column H, the total cost of merchandise sold.
cpence: Place the earliest units first, above the units that were received later.
2. JOURNAL Page 1
Date Description Post Ref. Debit Credit
Sales

cpence: Record the credit sale in this entry. Select the account from the drop-down list.
cpence: Enter the ending inventory balance from cell K28.		 Accounts Receivable
Merchandise Inventory
Cost of Merchandise Sold

cpence: Record the cost of the goods sold in this entry.
3. Gross Profit for the sales period:
4. Ending Inventory Cost:

Pr. 7-2A

Problem 7-2A Name:
Section:
Enter the appropriate amount or item in the shaded cells.
If the Total Cost of the Inventory is incorrect for any date, an asterisk (*) will appear ONLY to the right of column K, "Total Cost.".
1.
Date Purchases Cost of Merchandise Sold Inventory
Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
Mar. 3 60 $ 1,500 $ 90,000
8
cpence: Place the earliest units first, above the units that were received later.
11
30
cpence: List the latest units first, above those that were received earlier.
Apr. 8
10
19
28
May 5
16
21
28
31 Balances
cpence: Enter the total of column H, the total cost of merchandise sold.
cpence: Enter total ending inventory balance here.
2. Gross Profit for the sales period:
3. Ending Inventory Cost: