(1) FIFO.(2) LIFO.(3) Weighted-average.
Give this one a try later!
, Weighted Avg= cost of goods available for sale/units available for sale
(Total/Units In)
Units in- Units sold=total units
FIFO:
last purchase*last unit cost=a
2nd to last purchase(up to total units)*unit cost=b
Cost of ending inventory=a+b
LIFO:
Balance*unit cost
1st purchase(up to total units)*unit cost
=COEI
LIFO=lowest ending inv
FIFO=highest gross profit
Make the entry to record the partial refunding. Assume Co. makes reversing entries
when appropriate.
Give this one a try later!
Notes Payable (outstanding)
Interest Expense
Discount on Notes Payable(%discounted*note)
Notes Payable
Cash
assuming straight-line amortization of the discount
Interest Expense
Discount on Notes Payable (1/3*ans)
journal entry to record the interest payment and the amortization
, Give this one a try later!
Interest Expense
Premium on Bonds Payable
Cash
cash starts at 0, if The bonds pay interest on 2 diff months, divide yield/2
Record Year End Adjustment
Give this one a try later!
Bad debt expense (Y)
allow for doubtful acct (Y)
straight line recognition of warranty revenue
Give this one a try later!
Cash
Sales revenue
Unearned warranty revenue
TO RECORD WARRANTY REVENUE EARNED
Unearned warranty revenue
warranty revenue
cost of goods destroyed
Give this one a try later!
, Weighted Avg= cost of goods available for sale/units available for sale
(Total/Units In)
Units in- Units sold=total units
FIFO:
last purchase*last unit cost=a
2nd to last purchase(up to total units)*unit cost=b
Cost of ending inventory=a+b
LIFO:
Balance*unit cost
1st purchase(up to total units)*unit cost
=COEI
LIFO=lowest ending inv
FIFO=highest gross profit
Make the entry to record the partial refunding. Assume Co. makes reversing entries
when appropriate.
Give this one a try later!
Notes Payable (outstanding)
Interest Expense
Discount on Notes Payable(%discounted*note)
Notes Payable
Cash
assuming straight-line amortization of the discount
Interest Expense
Discount on Notes Payable (1/3*ans)
journal entry to record the interest payment and the amortization
, Give this one a try later!
Interest Expense
Premium on Bonds Payable
Cash
cash starts at 0, if The bonds pay interest on 2 diff months, divide yield/2
Record Year End Adjustment
Give this one a try later!
Bad debt expense (Y)
allow for doubtful acct (Y)
straight line recognition of warranty revenue
Give this one a try later!
Cash
Sales revenue
Unearned warranty revenue
TO RECORD WARRANTY REVENUE EARNED
Unearned warranty revenue
warranty revenue
cost of goods destroyed
