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  • Acc 21st May Template of Journals

    Transféré par

    Gaurav Shrimali
    6 vues6 pages
    Venture Consultants had transactions throughout March totaling $221,000 in debits. Power and Demolition Co. had adjustments on April 30th including debits and credits to various accounts. Warnerwood Company tracks inventory units bought (BI), units transferred in (TI), units transferred out (TO), ending inventory (EI), cost of goods sold (COGS) under FIFO, LIFO and weighted average cost methods, and calculates gross profit.

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    Venture Consultants had transactions throughout March totaling $221,000 in debits. Power and Demolition Co. had adjustments on April 30th including debits and credits to various accounts. Warnerwood Company tracks inventory units bought (BI), units transferred in (TI), units transferred out (TO), ending inventory (EI), cost of goods sold (COGS) under FIFO, LIFO and weighted average cost methods, and calculates gross profit.

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    6 vues6 pages

    Acc 21st May Template of Journals

    Transféré par

    Gaurav Shrimali
    Venture Consultants had transactions throughout March totaling $221,000 in debits. Power and Demolition Co. had adjustments on April 30th including debits and credits to various accounts. Warnerwood Company tracks inventory units bought (BI), units transferred in (TI), units transferred out (TO), ending inventory (EI), cost of goods sold (COGS) under FIFO, LIFO and weighted average cost methods, and calculates gross profit.

    Droits d'auteur :

    © All Rights Reserved
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    Signaler comme contenu inapproprié
    sur 6

    Portfolio Project Option 1 Student Template

    Option #1: Venture Consultants, Power and Demolition Company, and Warnerwood Accoun
    PART 1:
    Date
    1-Mar

    2-Mar

    3-Mar

    6-Mar

    9-Mar

    12-Mar

    19-Mar

    22-Mar

    25-Mar

    29-Mar

    30-Mar
    30-Apr

    Venture ConsultantThe month of March transact


    Account Names
    Debit
    Credit

    $221,000
    PART 2A

    $221,000

    Power and Demolition Co, Adjustment April 30, 2015

    Adjust #Account Names

    Debit

    Credit

    1
    2
    3
    4
    5
    6
    7
    8

    PART 2B

    Power and Demolition Co, Adjustment April 30, Continued


    UTB
    ADJUSTMENT
    ATB
    Acct #
    Account Names
    Debit
    Credit
    Debit
    Credit
    Debit
    101 Cash
    $7,000
    $7,000
    126 Supplies
    $16,000
    128 Pre-paid insurance
    $12,600
    167 Equipment
    $200,000
    Accumulated. Depreci
    $14,000
    201 Account payable
    $6,800
    Utilities payable
    Wages payable
    Rent Payable
    PropertyTxPayable
    Interest payable
    251 Long-term notes payable
    $30,000
    301 Bonn, Equity
    $86,900
    302 Bonn, Withdrawals
    $12,000
    401 Demolition fees earne
    $187,000
    623 Wage expense
    $41,400
    633 Interest expense
    $3,300
    640 Rent expense
    $13,200
    683 Property tax expense
    $9,700
    684 Repairs expense
    $4,700
    690 Utilities expense
    $4,800

    Supply expense
    Insurance expense
    Depreciation expense
    TOTALS
    $324,700 $324,700
    BE SURE TO CREATE A FINANCIAL STATEMENT FROM THE ABOVE ATB
    PART 3

    Warnerwood Company
    Column-> A
    B
    C
    D
    E
    F
    Date
    Activities # Units Bu Cost/unit #Units Sol Price/unit Cost GAS Sales
    1-Mar BI
    5-Mar TI
    9-Mar TO
    18-Mar TI
    25-Mar TI
    29-Mar TO
    TOTAL
    Q1. Units in Available for Sales is BI + TI (Column B)= Units (BI + TI) =
    Q2. BI + TI - TO = EI=

    820

    minus

    580

    equals

    Q3. FIFO

    Q3. LIFO

    Q3. Weighted Average


    Weighted cost/unit=
    Cost EI=
    Q.4
    Q4. FIFO
    Q4. LIFO
    Q4. WtAvg

    Sales

    COGS/Method

    Gross Profit

    240

    Credit

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