Journalize the transactions, using the following accounts: Cash; Accounts Receivable; Office Supplies; Equipment; Furniture; Accounts Payable; Unearned Revenue; CommonStock; Dividends; Service Revenue; Rent Expense; and Utilities Expense. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. If no entry isrequired, select “No entry required” on the first line of the Accounts column and leave all other cells blank.)

Dec.Dec.2: Stockholders contributed $33,000 cash in exchange for common stock

Journalize the transactions, using the following accounts: Cash; Accounts Receivable; Office Supplies; Equipment; Furniture; Accounts Payable; Unearned Revenue; CommonStock; Dividends; Service Revenue; Rent Expense; and Utilities Expense. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. If no entry isrequired, select “No entry required” on the first line of the Accounts column and leave all other cells blank.)

Dec.Dec.2: Stockholders contributed $33,000 cash in exchange for common stock

Journalize the transactions, using the following accounts: Cash; Accounts Receivable; Office Supplies; Equipment; Furniture; Accounts Payable; Unearned Revenue; Common Stock; Dividends; Service Revenue; Rent Expense; and Utilities Expense. Explanations are not required. 2. T-accounts have been opened for you. Post the journal entries to the T-accounts and calculate account balances. Use the transaction dates as posting references. 3. Prepare a trial balance as of December 31, 2016. 4. Prepare the income statement of Consulting for the month ended , . Drake December 31 2016 5. Prepare the statement of retained earnings for the month ended , . December 31 2016 6. Prepare the balance sheet as of December 31, 2016. 7. Calculate the debt ratio for Drake Consulting.

 

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Jepson Electronic Center began July with 60units of merchandise inventory that cost $68each. During July ,the store made the following purchases:

Jul. 3  40 units@ $72 each

      12   50 units@ 90 each

       18   30 units@  92 each

Jepson uses the periodic inventory system, and the physical count at July31 indicates that 90units of merchandise inventory are on hand.

1.
Determine the ending merchandise inventory and cost of goods sold amounts for the JulyJuly financial statements using the FIFO, LIFO, and weighted-average inventory costing methods.
2.
Sales revenue for July totaled $26,000. Compute Jepson’s gross profit for July using each method.
3.
Which method will result in the lowest income taxes for Jepson? Why? Which method will result in the highest net income for Jepson? Why?

 

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