![]() She knows that the PTA will sell a chocolate cake for $ 12 \$ 12 $12, a loaf of bread for $ 8 \$ 8 $8, a custard pie for $ 10 \$ 10 $10, and a batch of cookies for $ 6 \$ 6 $6. Marie plans to get up and start baking on Friday morning after her kids leave for school and finish before they return after soccer practice (8 hours). There are 18.5 cups in a 5 pound bag of flour and 12 cups in a 5 pound bag of sugar. The following table shows how much of each of the main ingredients is required for each baked good:įlour (cups) \begin Thursday evening she went to the store and purchased 20 pounds of flour, 10 pounds of sugar, and 3 dozen eggs, which are the three main ingredients in all the baked goods she is thinking about making. She has decided to make some combination of chocolate cakes, loaves of white bread, custard pies, and sugar cookies. Round amounts to the nearest dollar.Marie McCoy has committed to the local PTA to make some items for a bake sale on Saturday. (The company uses the perpetual inventory system and it applies the allowance method for its accounts receivable. Prepare journal entries to record Liang's 20 summarized transactions and its year-end adjustments to record bad debts expense. In adjusting the accounts on December 31, the company estimated that 1.5 % 1.5 \% 1.5% of accounts receivable will be uncollectible. Wrote off $ 27, 800 \$ 27,800 $27, 800 of uncollectible accounts receivable. In adjusting the accounts on December 31, the company estimated that 1.5 % 1.5 \% 1.5% of accounts receivable will be uncollectible.Ģ015 e. These transactions are summarized as follows:Ģ014 a. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. Liang Company began operations on January 1, 2014. General ledger accounts are: Land, 1210 Building, 1220 Office Equipment, 1230 and Store Equipment, 1240. Journalize the transactions completed during 20X1. The building has a useful life of 25 years and an estimated salvage value of $20,000.00 plant assets no. The building was appraised for $132,000.00 and the land for$88,000.00. Purchased a store building for$200,000.00. 410), $2,500.00: estimated salvage value, $500.00 estimated useful life, five years serial no. Paid cash for a point-of-sale system (plant asset no. ![]() 403) on account from Computer Source, $650.00: no salvage value estimated useful life, five years serial no. ![]() Bought a tablet computer (plant asset no. Source documents are abbreviated as: check, C memorandum, M. Plant asset records, a general journal, and a cash payments journal are provided in the Working Papers. Depreciate all plant assets using the straight-line method. Hairston Stores depreciates all plant assets using the straight-line method.
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