MBOL1: Financial & Managerial AcctingSaint leo UniversityProble 3-253 25 Comprehensive cycle problem:
At the beginning of 2012, the
jeater company had that following balances in its accounts:
Cash $ 4,300
Common stock 10,000
Retained earnings 3,300
Purchased inventory that cost $2,200 on account from
Blue Company under terms 1/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $110 were
paid in cash.
Returned $200 of the inventory that it had purchase because the inventory
was damaged in transit. The freight company agreed to pay the return
Paid the amount due on its account payable to Blue
Company within the cash discount period.
Sold inventory that had cost $3,000 for $5,500 on
account, under terms 2/10, n/45.
Received merchandise returned from a customer. The
merchandise originally cost $400 and was sold to the customer for $710
cash during the previous accounting period. The customer was paid $710
cash for the returned merchandise.
Delivered goods FOB
destination in Event 4. Freight costs of $60 were paid in cash.
Collected the amount due on the account receivable
within the discount period.
Took a physical count indicating that $7,970 of
inventory was on hand at the end of the accounting period.
Identify these events as asset source (AS), asset use
(AU), asset exchange (AE), or claims exchange (CE).
Record each event in a statement model
Problem 4-20The following data apply to superior auto supply inc. for may 20121. Balance per the bank on may 31, $80002. Deposits in transit not recorded by the bank, $9753. Bank error, check written by allen auto supply was charged to superior auto sales account, $6504. The following checks written and recorded by superior auto supply were not included in the bank statement: 3013-$385, 3054-$735, 3056-$19005. Not collected by the bank, $5006. Service charge for the collection of note $107. The book keeper recorded a check written for $188 to pay for the may utilities expense as $888 in the cash disbursements journal8. bank service charge in addition to the note collection fee $259. customer checks returned to the bank as NSF $125Required: determine the amount of unadjusted cash balance per superior auto supplys books.3 25 Comprehensive cycle problem:
perpetual systemAt the beginning of 2012, the
jeater company had that following balances in its accounts:Cash $ 4,300Inventory 9,000Common stock 10,000Retained earnings 3,300Required