Accounting 101 Examination (Continued) Match the following terms to the statemen

Question

Accounting 101 Examination (Continued) Match the following terms to the statements below: -5 a. Consignment b. Lower of Cost or Market c. Market value d. Perpetual Inventory e. Periodic Inventory 25. The current price to buy or replace new inventory. 26. The rule that governs how inventory is valued on financial statements. 27. An arrangement whereby a company will sell merchandise for and disposing of goods, 29. A system in which goods are physically counted once during the T F 30. Reversing entries are journalized on the last dasy of the cycle. V. Complete either a Periodic Chart or a Perpetual Register from data below: Not both June 1 June 10 June 15 June 20 June 25 e Inventory 1,000@ $40 ea Sold Purchased Purchased Sold 600 @ $80 ea 4,000@ $42ea 5,000 @ $45 ea 8,400 $90 ea BONUS 1. From data in IIl B page 1, illustrate the Balance Sheet presentation for the current year for the Building. 4 points BONUS 2: Compute and journalize the amount accrued on a $30,000, 15%, 120 day note when December 31 adjusting point is the 50h day of the note. Use same journal on which adjustments were re4corded. 6 points.

Explanation / Answer

25. Market Value

26. Lower of Cost or Market

27. Consignment

28. Perpetual

29. Periodic

Part 2

Opening Balance 400000 Add : Cost of Material purchased during the year June 15 Purchase 168000 June 20 Purchase 225000 Total Cost of Material Available for use 793000 Less: Cost of Material in ending inventory 45000 Cost o Goods Sold 748000

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.