Reynadya Farissa

2201749614
LA86

Question 1
Kegin Company sells many products. Whamo is one of its popular items. Below is an analysis
of the inventory purchases and sales of Whamo for the month of March. Kegin Company
uses the periodic inventory system.
Purchases Sales
Units Unit Cost Units Price/Unit
3/1 Beginning 100 $40
3/3 Purchase 60 $50
3/4 Sales 70 $80
3/10 Purchase 200 $55
3/16 Sales 80 $90
3/19 Sales 60 $90
3/25 Sales 70 $90
3/30 Purchase 40 $60

Instructions
(a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for
March. (Show computations)
(b) Using the weighted average method, calculate the amount assigned to the inventory
on hand on March 31. (Show computations)

Question 2
Dillman Food Store developed the following information in recording its bank statement for
the month of March.
Balance per books March 31 $ 2,905
Balance per bank statement March 31 $10,900

(1) Checks written in March but still outstanding $6,000.

(2) Checks written in February but still outstanding $2,800.
(3) Deposits of March 30 and 31 not yet recorded by bank $5,200.
(4) NSF check of customer returned by bank $1,200.
(5) Check No. 210 for $594 was correctly issued and paid by bank but incorrectly entered
in the cash payments journal as payment on account for $549.
(6) Bank service charge for March was $50.
(7) A payment on account was incorrectly entered in the cash payments journal and
posted to the accounts payable subsidiary ledger for $824 when Check No. 318 was
correctly prepared for $284. The check cleared the bank in March.
(8) The bank collected a note receivable for the company for $5,000 plus $150 interest
revenue.

Instructions
Prepare a bank reconciliation at March 31.
Question 3
Coffeldt Sign Company uses the allowance method in accounting for uncollectible accounts.
Past experience indicates that 1% of net credit sales will eventually be uncollectible.
Selected account balances at December 31, 2016, and December 31, 2017, appear below:
12/31/16 12/31/17
Net Credit Sales $400,000 $450,000
Accounts Receivable 75,000 100,000
Allowance for Doubtful Accounts 5,000 ?4500

Instructions
(a) Record the following events in 2017.
Aug. 10 Determined that the account of Sue Lang for $1,000 is uncollectible.
Sept. 12 Determined that the account of Tom Woods for $4,000 is uncollectible.
Oct. 10 Received a check for $550 as payment on account from Sue Lang, whose
account had previously been written off as uncollectible. She indicated
the remainder of her account would be paid in November.
Nov. 15 Received a check for $450 from Sue Lang as payment on her account.
(b) Prepare the adjusting journal entry to record the bad debt provision for the year ended
December 31, 2017.
(c) What is the balance of Allowance for Doubtful Accounts at December 31, 2017?
JAWABAN