Lo3-3 Exercise 3.10, Exercise 4-7,Exercise 4.12,Exercise 5-7,Exercise 5-19,Exercise 6.9,Exercise6.19

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Lo3-3
Exercise 3.10 : cash discounts and purchase returns


Exercise 4-7 treatment of NSF check
Exercise 4.12 determinig the true cash balance, starting with the unadjusted book balance
Exercise 5-7 Accounting for uncollectible accounts :percent of revenue allowance method

Exercise 5-19 effect of inventory cost flow (FIFO,LIFO,and weighted average) on gross margin

Exercise 6.9 computing and recording straight line versus double declinig balance depreciatin

Exercise 6.19 computing and recording the amortization of intangibles

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Lo3-3Exercise 3.10 : cash discounts and purchase returnsExercise 4-7 treatment of NSF checkExercise 4.12 determinig the true cash balance, starting with the unadjusted book balanceExercise 5-7 Accounting for uncollectible accounts :percent of revenue allowance methodExercise 5-19 effect of inventory cost flow (FIFO,LIFO,and weighted average) on gross marginExercise 6.9 computing and recording straight line versus double declinig balance depreciatinExercise 6.19 computing and recording the amortization of intangibles.....................................................................................................................Exercise 3.10(a) Discount Received = (24800-2400)*2% = 448The Amount Paid = (24800-2400-448) = 21952(b) Recording of EventsEventsPurchase InventoryReturn InventoryDiscount PercentagePaid Account PayableAssetsCashInves.(21952)(c) The Amount Paid = (24800-2400) = 22400==LiabilityAcc Pay24800(2400)(448)(21952)++EquityC. Stock Ret Ear.(24800)2400448RevenueExpenses24800(2400)448=NetInco.State. Of Cashflows(24800)2400448(21952)(d) Recoding of PaymentEventsPaid Account PayableAssetsCashInves.(22400)==LiabilityAcc Pay(22400)++EquityC. Stock Ret Ear.RevenueExpenses=NetInco.State. Of Cashflows(22400)(e) If payment is made within April 15, cash discount will be received by Fashion Furnishing. Receiving cash discount results in less payment of cash to suppl
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