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Alpha Company sells widgets for $25 each. The widget has a one year warranty. Alpha estimates that 6% of the widgets will require repair during the warranty period. The estimated average repair cost is $4.25 per widget. On July 31, the Estimated Warranty Liability account had a normal balance of $10,000. During August, sales were $70,000. During […]
On July 1, 2016, Alpha Company borrowed $125,000 from Mega Bank. Alpha signed a 6% note, due in one year. Alpha uses accrual basis for accounting and its fiscal year ends on December 31. Use this information to prepare the compound General Journal entry (without explanation) for the payment of the note on June 30, […]
Alpha Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2016: Date Activity Quantity Unit Price 5/1 Beginning Inventory 175 $10 5/5 Purchase 200 $12 5/15 Purchase 300 $15 5/25 Purchase 150 $16 Sales were 545 units at $25. Using the LIFO method, determine the […]
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