accounting problems with all solutions

Presented below is information from Lopez Computers Incorporated.July Sold $26,100 of computers to Smallwood Company with terms 3/15, n/60. Lopez uses1 the gross method to record cash discounts.10 Lopez received payment from Smallwood for the full amount owed from the Julytransactions.17 Sold $254,400 in computers and peripherals to The Clark Store with terms of 2/10, n/30.30 The Clark Store paid Lopez for its purchase of July 17.Prepare the necessary journal entries for Lopez Computers. (Credit account titles areautomatically indented when the amount is entered. Do not indent manually.)Exercise 7-23The petty cash fund of Teasdale’s Auto Repair Service, a sole proprietorship, contains thefollowing.1.2.3.4.5.Coins and currencyPostage stampsAn I.O.U. from Richie Cunningham, an employee, for cash advanceCheck payable to Teasdale’s Auto Repair from Pottsie Weber, an employee, marked NSFVouchers for the following:StampsTwo Rose Bowl tickets for Nick TeasdalePrinter cartridge$1194135$ 21.28187.1015.63224$321The general ledger account Petty Cash has a balance of $323.Prepare the journal entry to record the reimbursement of the petty cash fund. (Round all answersto 2 decimal places E.g. $3.76. Credit account titles are automatically indented when theamount is entered. Do not indent manually.)Exercise 7-25Aragon Company has just received the August 31, 2012, bank stsummarized below.County National BankDisbursementBalance, August 1Deposits during AugustNote collected for depositor, including$57 interestChecks cleared during AugustBank service chargesBalance, August 31The general ledger Cash account contained the following entriesBalance, August 1Receipts during AugustCash14,432 Disbursements in August50,260Deposits in transit at August 31 are $5,457, and checks outstand$2,226. Cash on hand at August 31 is $445. The bookkeeper impin the books at $147.50 which was written for $174.50bank during the month of August.(a) Prepare a bank reconciliation dated August 31, 2012, proceeARAGON COMPANYBank Reconciliation, August 31, 2012County National Bank$Add:$Deduct:$$Add:Deduct:$$(b) Prepare any entries necessary to make the books correct andtitles are automatically indented when the amount is entered. DNo. Account Titles and Explanation1.(To record collection of note and interest)2.(To record August bank charges)3.(To record error in recording check for supplies)(c) What amount of cash should be reported in the August 31 baProblem 7-2Presented below are a series of unrelated situations.Answer the questions relating to each of the five independen1. Halen Company’s unadjusted trial balance at December 3DebitAllowance for doubtful accountsNet sales$4,790Halen Company estimates its bad debt expense to beexpense for 2012.Bad debt expense for2012$2. An analysis and aging of Stuart Corp. accounts receivablefollowing.Amounts estimated to be uncollectibleAccounts receivableAllowance for doubtful accounts (per books)What is the net realizable value of Stuart’s receivables at DeThe net realizablevalue$3. Shore Co. provides for doubtful accounts based onavailable for 2012.Credit sales during 2012Allowance for doubtful accounts 1/1/12Collection of accounts written off in prior years (customer cCustomer accounts written off as uncollectible during 2012What is the balance in Allowance for Doubtful Accounts atThe balance in Allowance for Doubtful Accounts4. At the end of its first year of operations, December 31, 20information.Accounts receivable, net of allowance for doubtfulaccountsCustomer accounts written off as uncollectible during2012Bad debt expense for 2012What should be the balance in accounts receivable at Decemallowance for doubtful accounts?Accounts receivable, before deducting allowance for doubtfaccounts5. The following accounts were taken from Bullock Inc.’s trDebitNet credit salesAllowance for doubtful accountsAccounts receivable$12,700311,000If doubtful accounts are 4% of accounts receivable, determi2012.The bad debt expense, asadjustedClick if you would like to Show Work for this question:Problem 7-6The balance sheet of Starsky Company at December 31, 2012, inNotes receivableAccounts receivableLess: Allowance for doubtful accounts$Transactions in 2012 include the following.1.2.3.4.Accounts receivable of $ 152,600 were collected includingwhich 2 % sales discounts were allowed.$ 5,810 was received in payment of an account which was wworthless in 2012.Customer accounts of $ 20,490 were written off during theAt year-end, Allowance for Doubtful Accounts was estimate28,120 . This estimate is based on an analysis of aged accouPrepare all journal entries necessary to reflect the transactions abare automatically indented when the amount is entered. Do noAccount TitlesNo.andExplanation1.Debit2.(To reinstate theaccountsreceivable)(To record thecollection onaccount)3.4.Click if you would like to Show Work for thisquestion:Exercise 8-16Presented below is information related to radios for the Couples Company for thJuly.DateJuly16TransactionBalancePurchase7Sale10SaleUnits In1501,20012Purchase15Sale18Purchase22Sale25Purchase30Sale600450750Totals3,150(a1)Calculate average cost per unit. (Round average cost per unit to$2.76.)Weighted average cost $Exercise 8-17The following is a record of Cannondale Company’s transactions for Boston Teapots for themonth of May 2012.May112BalancePur550Maunit @ $21y 10s825 @ $24 20SaleSale413unit @ $35s811 @ $3528chasePurchaseunits550unit @ $29sunits(a)Assuming that perpetual inventories are not maintained and thatof the month shows 701 units on hand, what is the cost of the enand LIFO?FIFOEndingInventoryLIFO$$Problem 8-3Some of the transactions of Torres Company during August areperiodic inventory method.August Purchased merchandise on account, $23,300, terms1013 Returned part of the purchase of August 10, $1,200,account.15 Purchased merchandise on account, $28,100, terms25 Purchased merchandise on account, $35,400, terms 228 Paid invoice of August 15 in full.(a) Assuming that purchases are recorded at gross amounts and trecorded when taken:(1) Prepare general journal entries to record the transactions.automatically indented when amount is entered. Do not indentDateAccount Titles and ExplanationAug. 10Aug. 13Aug. 15Aug. 25Aug. 28(b) Assuming that purchases are recorded at net amounts and thaas financial expenses:(1) Prepare general journal entries to enter the transactions.automatically indented when amount is entered. Do not indentDateAug. 10Aug. 13Aug. 15Aug. 25Aug. 2Account Titles and Explanation8(2) Prepare the adjusting entry necessary on August 31 if financiprepared at that time. (Credit account titles are automatically inentered. Do not indent manually.)Account Titles andExplanationDebitClick if you would like to Show Work for thisquestion:Problem 8-4Hull Company’s record of transactions concerning part X for the month of April was asfollows.PurchasesApril1411182630Sales(balanceonhand)200 @500400300700300@@@@@$6.806.907.207.307.607.90April54001227283001,000150(a1)Calculate average cost per unit. (Round average cost per unit to$2.7621.)Average cost per unit

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