Accounting 20
Module 3
Assignment 10
Accounting 20
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Assignment 10
Accounting 20
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Assignment 10
Accounting 20
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Assignment 10
Accounting 20
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Assignment 10
Assignment 10
(40)
(35)
A.
Multiple Choice
B.
Problems
(10)
P 12-4, page 489 of the text
Page 493, of the text comparing cash sales to credit
sales the examples are mixed up. The first example
is the receipt of cash.
(15)
P 12-5, page 501 of the text
P12-5, Journal entry for November 27. The
allowance from November 20 needs to be taken off
first and then the 2% discount
P 12-7, page 502 of the text
P 12-7, July 3, terms 2/10 should read 2/20, n/30
Under "Other Information" on page 503:
In T-accounts
(a)
Supplies on Hand has a beginning balance July 1 of $131. On July 31
its balance is $276. An adjusting entry is required to show the balance
of $276 on July 31. The expense is debited and the asset credited.
(b)
The T-account for Other Expenses has only one entry on July 31 to show
the total for operating expenses.
In (a) the following Chart of Accounts is to be used for T-accounts:
Account No.
Account
101
103
104
105
202
203
401
402
501
502
_____
(100)
Accounting 20
Cash
Accts. Rec./ABCA Services
Accts. Rec./Suta Corp.
Supplies on Hand
Accts. Pay./Acme Photo Supply
Accts. Pay./Adams Film Supply
Sales
Sales Discounts - 1 entry only
Supplies Expense - 1 entry only
Other Expenses - 1 entry only
Omit P 12-7b
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Assignment 10
A.
Insert 10 Multiple Choice Questions
B.
Problems
P 12-4
Key Figure to Check: Cost of Goods Sold is $11 277.00.
Accounting 20
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Assignment 10
P 12-5
Ge n e ra l J o u rn a l
Date
20__
P a ge
P o st
Re f.
Ac c o u n t Tit le a n d Expla n a t io n
D e bit
Cre dit
Key Figure to Check: cash received on Nov. 23 from Bronstein is $1 555.29.
Accounting 20
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Assignment 10
P 12-5 (continued)
Ge n e ra l J o u rn a l
Date
20__
Accounting 20
P a ge
P o st
Re f.
Ac c o u n t Tit le a n d Expla n a t io n
8
D e bit
Cre dit
Assignment 10
*Note: Purchases of supplies must be charged to Supplies on Hand because an asset was
purchased, not merchandise for resale.
P 12-7a
Ge n e ra l J o u rn a l
Date
20__
Accounting 20
P a ge
P o st
Re f.
Ac c o u n t Tit le a n d Expla n a t io n
9
D e bit
Cre dit
Assignment 10
P 12-7a (continued)
Ge n e ra l J o u rn a l
Date
20__
Accounting 20
P a ge
P o st
Re f.
Ac c o u n t Tit le a n d Expla n a t io n
10
D e bit
Cre dit
Assignment 10
P 12-7a (continued)
Note: Don’t forget to calculate balances on hand!
Don’t forget information on Page 503 of the text and info at the start of this
assignment for Supplies on Hand, Supplies Expense and Other Expenses.
Cash
Accts. Rec/ABCD Services
Accts. Rec./Suta Corp.
Supplies on Hand
Accts. Pay/Acme Photo
Accts. Pay/Adams Film Supply
Sales
Sales Discounts
Supplies Expense
Other Expenses
Extra Forms
Key Figure to Check: Cash is $5 640.90 on July 31.
Accounting 20
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Assignment 10
P 12-7c
Note: Only Revenue from Sales, Operating Expenses and Net Income calculations are to
be done. You do not have enough information to do Cost of Goods Sold.
Accounting 20
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Assignment 10