وقفت الدنيا بوجهي ولم أجد من يساعدني في حل المسائل وشهادتي الجامعية معلقة حتي أنهي حل المسائل الاخيرة للمحاسبة أرجو من أخواني ذوي الخبرة في مساعدتي مع العلم لغتي الانجليزي متوسطة ولك يا اخي الدعاء ما دامت شهادتي معي !
واليكم هذة الاشئلة :
Problem 1 (25 %)
At December 31, 1999 Mike Muzzillo Imports reported the following information on balance sheet:
Accounts Receivables $ 1,200,000
Less: Allowance for doubtful accounts $80,000
During 2000, the company had the following transactions related to receivables:
1. Sales on account $ 2,000,000
2. Sales returns and allowances 40,000
3.Collections of account receivables 2,100,000
4. Write offs of accounts receivables deemed uncollectible 65,000
5. Recovery of bad debts previously written off 35,000.
Instructions:
a) Prepare the journal entries to record the five transactions.
Prepare the T accounts of accounts receivable and allowance for doubtful accounts.
c) Prepare the journal entry to record bad debts expense for 2000 assuming that bad debts are estimated to be $70,000.
Problem 2: (25 %)
On July 31, 1999, Long Company had a cash balance per books of $ 5,815.30. The statement from the bank showed a balance of $7,075.80. A comparison of the bank statement with the cash account revealed the following facts:
1. The bank service charge for July was $25.
2. The bank collected a note receivable of $1,200 for Long Company on July 15, plus $48 of interest. The bank made a $10 charge for the collection.
3. The July 31 receipts of $1,819.60 were not included in the bank deposits for July. These deposits were deposited by the company in night deposit vault on July 31.
4. Company Check No.2480 issued to J.Brokaw, a creditor for $492 was incorrectly entered in the cash payments on July 10 as $429.
5. Checks outstanding on July 31 totaled $2,480.10
6. On July 31, the bank statement showed an NSF charge of $550 for a check received by the company from R.Close, a customer, on account.
Instructions:
a) Prepare the bank reconciliation as of July 31.
Prepare the necessary adjusting entries at July 31.
Problem 3: (25%)
Steward Company had a beginning inventory of 400 units at a cost of $8 per unit. During the year, purchases were:
Feb 20 700 units @ $9
May 5 500 units @ $10
Aug 12 300 units @ $11
Dec 8 100 units @ $ 12
Steward Company sales totaled 1550 units.
Instructions:
a) Determine the cost of goods available for sale.
Determine the cost of goods sold and the ending inventory under FIFO, LIFO and Average Cost methods.
Problem 4: (25%)
The Nisson Distributing Company completed the following merchandising transactions in the month of April.
Apr 2 Purchased merchandise on account from Kentucky Supply Co.
$4,900, terms 2/10, n/30.
4 Sold merchandise on account $5,400, FOB destination, terms 2/10,
n/30.
5 Paid $ 200 freight on April 4 sale.
6 Returned merchandise to Kentucky for $300.
11 Paid Kentucky in full less discount .
13 Received collections in full less discount from customers billed on
April 4.
14 Purchased merchandise for cash $4,400.
18 Purchased merchandise from Pigeon Distributors $4,200, FOB
shipping point, terms 2/10, n/30.
20 Paid freight on April 18 purchase $100.
23 Sold merchandise for cash $ 6,400.
26 Purchased merchandise for cash $2,300.
27 Paid Pigeon distributors in full, less discount.
29 Customers returned defective merchandise for $90.
30 Sold merchandise on account $3,700, terms n/30.
Instructions:
Journalize the above transactions using the periodic system.
تكفون يا أخواني لاتردوني خايب
