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Homework answers / question archive / JR Tire Store reported the following October purchases and sales dues for a line of tires is dents The company uses a perpetual inventory synter

JR Tire Store reported the following October purchases and sales dues for a line of tires is dents The company uses a perpetual inventory synter

Accounting

JR Tire Store reported the following October purchases and sales dues for a line of tires is dents The company uses a perpetual inventory synter. 1) Prepare the company's faventory record using LIVO. 2) Identify cost of goods sold for the month and the profit of the month. 3) Jemnalize the transactions on October 18 and 26. Date Item Quantity (Units) Unit Price 568 Oct. 1 Beginning Inventory 10 2 65 90 8 7 Sales 67 4 18 Purchase 91 26 Sales 5 IV. (40") Journalize the following transactions according to the descriptions and requirements: 1. In March, Smith Co. completed the following transactions: July 1 Received $10,000 contribution from Bill Alone in exchange for capital. 5 Paid utilities expense of $400. Purchased equipment on account, $2,400. 21 The owner, Bill Alone, withdrew S500 cash from the business. 27 Performed services for a client on account, 53,400. Journalize each of the above transactions. 2. KOOL Co. purchases and installs a machine on Jan 1, 2013 at a cost of $109,000. Straight-line depreciation is taken each year assuming a seven-year life and a salvage cost of $4,000. The machine is disposed on Jun 29, 2017. 1) Journalize the depreciation cost of the Year 2013 and 2017. 2) On Jun 29, 2017 the machine is sold for $45,500 for cash. Journalize the transaction. 3. Journalize the transactions for TED Co., assuming the company uses direct write-off method to deal with the uncollectible receivables. Oct. 5 Sold merchandise No. 123 to a client A for $3,600 on credit term 2/10, 1/30, at the cost of $3,000 15 Received peyment from the client A. 20 Received $1,800 which was written off on Jan. 5, from client B. 4. Prepare the closing entries with the following information from the adjusted trial balance for RISE CO.: Accumulated Depreciation - equipment S5,000 Prepaid Insurance 3,200 Uneared revenue 1,900 Fees camed 70,980 Wage expense 4,150 Insurance expense 1,245 2,713 Depreciation experise 2,042 UHlities expense

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