BARRETTO, CRYSTAL LEMSIC, GENWRI MODELOSO, JAMES

INTACC (Section Code:355)

AGING SCHEDULE OF ACCOUNTS RECEIVABLE

ESTIMATED
REQUIRED
AGE INTERVAL A/R BALANCE UNCOLLECTIBILITY
ALLOWANCE
RATE
Not yet due 300,000 1% 3,000
1-30 days past due 100,00 5% 5,000
31-60 days past due 78,000 12% 9,360
61-90 days past due 53,000 20% 10,600
91-180 days past due 35,000 32% 11,200
181-365 days past due 18,000 45% 8,100
Over 365 days past due 3,000 75% 2,250
587,000 49,510

The Allowance for Doubtful Accounts has a credit balance of 12,500 before adjustment, the
doubtful accounts expense is determined as follows:

Required Allowance 49,510

Less: Allowance before adjustment 12,500
Doubtful Accounts Expense 37,010

Journal Entry:
Doubtful Accounts Expense 37,010
Allowance for Doubtful Accounts 37,010
BARRETTO, CRYSTAL LEMSIC, GENWRI MODELOSO, JAMES
INTACC (Section Code:355)

INVENTORY COSTING SCHEDULE

 FIFO (First In First Out) METHOD

PERIODIC
UNITS UNIT COST TOTAL COST SALES (in units)
Jan.1 Beg. Bal. 1,000 200 200,000
Jan.15 Sale 800
Jan.16 Purchase 1,500 220 330,000
Jan.30 Sale 1,600
Jan.31 Purchase 1,000 230,000 230,000

Jan. 15 Sale: 800 units Ending Inventory

COST OF GOODS SOLD
800x200=160,000 Jan. 16
Beg. Inventory 200,000
Jan. 30 Sale: 1,600 units 100x220=22,000
Purch. (330,000+230,000) 560,000
200x200=40,000 Jan. 31
COGAS 760,000
1,400x220=308,000 1,000x230=230,000
End. Inventory (252,000)
Total Sales Total Ending Inventory
COGS 508,000
160,000+40,000+308,000= 22,000+230,000=252,000
508,000
BARRETTO, CRYSTAL LEMSIC, GENWRI MODELOSO, JAMES
INTACC (Section Code:355)

PERPETUAL
PURCHASES SALES BALANCE
UNIT TOTAL UNIT TOTAL UNIT TOTAL
DATE UNITS UNITS UNITS
COST COST COST COST COST COST
Jan.1 Beg. Bal. 1,000 200 200,000
Jan. 15 Sale 800 200 130,000 200 200 40,000
200 200 40,000
Jan.16 Purch. 1,500 220 330,000
1,500 220 330,000
200 200 40,000
Jan. 30 Sale 100 220 22,000
1,400 220 308,000
100 220 22,000
Jan. 31 Purch. 1,000 230 230,000
1,000 230 230,000

Jan. 15 Sale: 800 units Ending Inventory

800x200=160,000 COST OF GOODS SOLD Jan. 16
Jan. 30 Sale: 1,600 units Beg. Inventory 200,000 100x220=22,000
200x200=40,000 Purch. (330,000+230,000) 560,000 Jan. 31
1,400x220=308,000 COGAS 760,000 1,000x230=230,000
Total Sales End. Inventory (252,000) Total Ending Inventory
160,000+40,000+308,000= COGS 508,000 22,000+230,000=252,000
508,000
 BARRETTO, CRYSTAL LEMSIC, GENWRI MODELOSO, JAMES
INTACC (Section Code:355)

 LIFO (Last in First Out) METHOD

PERIODIC
UNITS UNIT COST TOTAL COST SALES (in units)
Jan.1 Beg. Bal. 1,000 200 200,000
Jan.15 Sale 800
Jan.16 Purchase 1,500 220 330,000
Jan.30 Sale 1,600
Jan.31 Purchase 1,000 230 230,000

Jan. 15 Sale: 800 units

Ending Inventory
800x230=184,000 COST OF GOODS SOLD
Jan. 1
Jan. 30 Sale: 1,600 units Beg. Inventory 200,000
1000x200=200,000
200x230=46,000 Purch. (330,000+230,000) 560,000
Jan. 16
1,400x220=308,000 COGAS 760,000
100x220=22,000
Total Cost of Sales End. Inventory (222,000)
Total Ending Inventory
184,000+46,000+308,000= COGS 538,000
538,000 200,000+22,000=222,000
BARRETTO, CRYSTAL LEMSIC, GENWRI MODELOSO, JAMES
INTACC (Section Code:355)

PERPETUAL
PURCHASES SALES BALANCE
UNIT TOTAL UNIT TOTAL UNIT TOTAL
DATE UNITS UNITS UNITS
COST COST COST COST COST COST
Jan.1 Beg. Bal. 1,000 200 200,000
Jan. 15 Sale 800 200 180,000 200 200 40,000
200 200 40,000
Jan.16 Purch. 1,500 220 330,000
1500 220 330,000
1,500 220 330,000
Jan. 30 Sale 100 200 20,000
100 200 20,000
100 200 20,000
Jan. 31 Purch. 1,000 230 230,000
1,000 230 230,000

Jan. 15 Sale: 800 units Ending Inventory

800x200=180,000 COST OF GOODS SOLD Jan. 1

Jan. 30 Sale: 1,600 units Beg. Inventory 200,000 100x200=20,000

1,500x220=330,000 Purch. (330,000+230,000) 560,000 Jan. 31

100x200=20,000 COGAS 760,000 1000x230=230,000

Total Cost of Sales End. Inventory (222,000) Total Ending Inventory

180,000+330,000+20,000= COGS 538,000 20,000+230,000=250,000

530,000
BARRETTO, CRYSTAL LEMSIC, GENWRI MODELOSO, JAMES
INTACC (Section Code:355)

 WEIGHTED AVERAGE

PERIODIC
UNITS UNIT COST TOTAL COST SALES (in units)
Jan.1 Beg. Bal. 1,000 200 200,000
Jan.15 Sale 800
Jan.16 Purchase 1,500 220 330,000
Jan.30 Sale 1,600
Jan.31 Purchase 1,000 230 230,000
COGAS 3,500 760,000

Ending Inventory
COST OF GOODS SOLD
Jan. 16
Weighted Average Unit Cost Beg. Inventory 200,000
100
760,000/3,500= 217.14 Purch. (330,000+230,000) 560,000
Jan. 31
Ending Inventory cost COGAS 760,000
1,000
1,100x217.14=238,854 End. Inventory (238,854)
Total Ending Inventory
COGS 521,146
100+1,000=1,100
BARRETTO, CRYSTAL LEMSIC, GENWRI MODELOSO, JAMES
INTACC (Section Code:355)

PERPETUAL
UNITS UNIT COST TOTAL COST
Jan.1 Beg. Bal. 1,000 200 200,000
Jan.15 Sale (800) 200 (160,000)
BALANCE 200 200 40,000
Jan.16 Purchase 1,500 220 330,000
TOTAL 1,700 217.65 370,000
Jan.30 Sale (1,600) 217.65 (348,240)
BALANCE 100 217.65 21,675
Jan.31 Purchase 1,000 230 230,000
TOTAL (End. Inventory) 1,100 228.80 251,675

COST OF GOODS SOLD

Jan. 5 Sale 160,000
Jan. 23 Sale 348,240
COGS 508,240