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IIL 20) JR Tire Store reported the following Oetober purchases and sales data for a line of tires it deals The company uses a perpetual inventory system. 1) Prepare the companys inventory record using LIFO 2) Identify cost of goods sold for the month and the profit of the month. 3) Journalize the on October 18 and 26 Date Item Oct. 1 Beginning Inventory 10 568 26 Sales 91 IV. (40) Journalize the following transactions according to the descriptions and requirements: 1. In March, Smith Co. completed the following transactions: Received $10,000 contribution from Bill Alone in exchange for capital. Paid utilities expense of $400. Purchased equipment on account, $2,400. July 1 12 21 The owner, Bill Alone, withdrew $500 cash from the business. 27 Performed services for a client on account, $3,400. Journalize each of the above transactions. 2. KOOL Co. purchases and installs a machine on Jan. 1, 2013 at a cost of $109,000. Straight-line depreciation is taken each year assuming a seven-year life and a salvage cost of $4,000. The machine is disposed on Jun 29, 2017. 1) Journalize the depreciation cost of the Year 2013 and 2017. 2) On Jun 29 2017 the machine is sold for $45,500 for cash. Journalize the transaction. 3. Journalize the transactions for TED Co, assuming the company uses direct write-off method to deal with the uncollectible receivables Oct. 5 Sold merchandise No. 123 to a client A for $3,600 on credit term 2/10, n/30, at the cost of $3,000. Received payment from the clientA Received $1,800 which was written off on Jan. 5, from client B. 4.Prepare the closing entries with the following information from the adjusted trial balance for RISE Co Prepaid Insurance Unearned revenue Fees earned Wage expense Insurance expense Utilities expense Accumulated Depreciation-equipment $5,000 3,200 1,900 70,980 4,150 1,245 2,713 2,042 Depreciation expense
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