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On December 1, 2014, Harrisen Company had the account balances shown below.
Cash $ 4,800 Accumulated Depreciation—Equipment $ 1,500 Accounts Receivable 3,900 Accounts Payable 3,000 Inventory 1,800* Common Stock 10,000 Equipment 21,000 Retained Earnings 17,000   $31,500   $31,500
Cash $ 4,800 Accumulated Depreciation—Equipment $ 1,500 Accounts Receivable 3,900 Accounts Payable 3,000 Inventory 1,800* Common Stock 10,000 Equipment 21,000 Retained Earnings 17,000   $31,500   $31,500
Cash $ 4,800 Accumulated Depreciation—Equipment $ 1,500 Accounts Receivable 3,900 Accounts Payable 3,000 Inventory 1,800* Common Stock 10,000 Equipment 21,000 Retained Earnings 17,000   $31,500   $31,500
Cash $ 4,800 Accumulated Depreciation—Equipment $ 1,500 Accounts Receivable 3,900 Accounts Payable 3,000 Inventory 1,800* Common Stock 10,000 Equipment 21,000 Retained Earnings 17,000   $31,500   $31,500
Cash $ 4,800 Accumulated Depreciation—Equipment $ 1,500 Accounts Receivable 3,900 Accounts Payable 3,000 Inventory 1,800* Common Stock 10,000 Equipment 21,000 Retained Earnings 17,000   $31,500   $31,500

Cash $ 4,800 Accumulated Depreciation—Equipment $ 1,500 Accounts Receivable 3,900 Accounts Payable 3,000 Inventory 1,800* Common Stock 10,000 Equipment 21,000 Retained Earnings 17,000   $31,500   $31,500
Cash $ 4,800 Accumulated Depreciation—Equipment $ 1,500
Cash
$ 4,800
Accumulated Depreciation—Equipment
$ 1,500
Accounts Receivable 3,900 Accounts Payable 3,000
Accounts Receivable
3,900
Accounts Payable
3,000
Inventory 1,800* Common Stock 10,000
Inventory
1,800*
*
Common Stock
10,000
Equipment 21,000 Retained Earnings 17,000
Equipment
21,000
Retained Earnings
17,000
  $31,500   $31,500
 
$31,500
 
$31,500
The following transactions occurred during December.
Dec. 3 Purchased 4,000 units of inventory on account at a cost of $0.72 per unit.   5 Sold 4,400 units of inventory on account for $0.90 per unit. (It sold 3,000 of the $0.60 units and 1,400 of the $0.72.)   7 Granted the December 5 customer $180 credit for 200 units of inventory returned costing $150. These units were returned to inventory.   17 Purchased 2,200 units of inventory for cash at $0.80 each.   22 Sold 2,000 units of inventory on account for $0.95 per unit. (It sold 2,000 of the $0.72 units.)
Dec. 3 Purchased 4,000 units of inventory on account at a cost of $0.72 per unit.   5 Sold 4,400 units of inventory on account for $0.90 per unit. (It sold 3,000 of the $0.60 units and 1,400 of the $0.72.)   7 Granted the December 5 customer $180 credit for 200 units of inventory returned costing $150. These units were returned to inventory.   17 Purchased 2,200 units of inventory for cash at $0.80 each.   22 Sold 2,000 units of inventory on account for $0.95 per unit. (It sold 2,000 of the $0.72 units.)
Dec. 3 Purchased 4,000 units of inventory on account at a cost of $0.72 per unit.   5 Sold 4,400 units of inventory on account for $0.90 per unit. (It sold 3,000 of the $0.60 units and 1,400 of the $0.72.)   7 Granted the December 5 customer $180 credit for 200 units of inventory returned costing $150. These units were returned to inventory.   17 Purchased 2,200 units of inventory for cash at $0.80 each.   22 Sold 2,000 units of inventory on account for $0.95 per unit. (It sold 2,000 of the $0.72 units.)
Dec. 3 Purchased 4,000 units of inventory on account at a cost of $0.72 per unit.   5 Sold 4,400 units of inventory on account for $0.90 per unit. (It sold 3,000 of the $0.60 units and 1,400 of the $0.72.)   7 Granted the December 5 customer $180 credit for 200 units of inventory returned costing $150. These units were returned to inventory.   17 Purchased 2,200 units of inventory for cash at $0.80 each.   22 Sold 2,000 units of inventory on account for $0.95 per unit. (It sold 2,000 of the $0.72 units.)
Dec. 3 Purchased 4,000 units of inventory on account at a cost of $0.72 per unit.   5 Sold 4,400 units of inventory on account for $0.90 per unit. (It sold 3,000 of the $0.60 units and 1,400 of the $0.72.)   7 Granted the December 5 customer $180 credit for 200 units of inventory returned costing $150. These units were returned to inventory.   17 Purchased 2,200 units of inventory for cash at $0.80 each.   22 Sold 2,000 units of inventory on account for $0.95 per unit. (It sold 2,000 of the $0.72 units.)
Dec. 3 Purchased 4,000 units of inventory on account at a cost of $0.72 per unit.   5 Sold 4,400 units of inventory on account for $0.90 per unit. (It sold 3,000 of the $0.60 units and 1,400 of the $0.72.)   7 Granted the December 5 customer $180 credit for 200 units of inventory returned costing $150. These units were returned to inventory.   17 Purchased 2,200 units of inventory for cash at $0.80 each.   22 Sold 2,000 units of inventory on account for $0.95 per unit. (It sold 2,000 of the $0.72 units.)
Dec. 3 Purchased 4,000 units of inventory on account at a cost of $0.72 per unit.
Dec.
3
Purchased 4,000 units of inventory on account at a cost of $0.72 per unit.
  5 Sold 4,400 units of inventory on account for $0.90 per unit. (It sold 3,000 of the $0.60 units and 1,400 of the $0.72.)
 
5
Sold 4,400 units of inventory on account for $0.90 per unit. (It sold 3,000 of the $0.60 units and 1,400 of the $0.72.)
  7 Granted the December 5 customer $180 credit for 200 units of inventory returned costing $150. These units were returned to inventory.
 
7
Granted the December 5 customer $180 credit for 200 units of inventory returned costing $150. These units were returned to inventory.
  17 Purchased 2,200 units of inventory for cash at $0.80 each.
 
17
Purchased 2,200 units of inventory for cash at $0.80 each.
  22 Sold 2,000 units of inventory on account for $0.95 per unit. (It sold 2,000 of the $0.72 units.)
 
22
Sold 2,000 units of inventory on account for $0.95 per unit. (It sold 2,000 of the $0.72 units.)
Adjustment data:
1.   Accrued salaries and wages payable $400. 2.   Depreciation on equipment $200 per month. 3.   Income tax expense was $215, to be paid next year.
1.   Accrued salaries and wages payable $400. 2.   Depreciation on equipment $200 per month. 3.   Income tax expense was $215, to be paid next year.
1.   Accrued salaries and wages payable $400. 2.   Depreciation on equipment $200 per month. 3.   Income tax expense was $215, to be paid next year.

1.   Accrued salaries and wages payable $400. 2.   Depreciation on equipment $200 per month. 3.   Income tax expense was $215, to be paid next year.
1.   Accrued salaries and wages payable $400. 2.   Depreciation on equipment $200 per month. 3.   Income tax expense was $215, to be paid next year.
1.   Accrued salaries and wages payable $400. 2.   Depreciation on equipment $200 per month. 3.   Income tax expense was $215, to be paid next year.
1.   Accrued salaries and wages payable $400.
1.  
Accrued salaries and wages payable $400.

2.   Depreciation on equipment $200 per month.
2.  
Depreciation on equipment $200 per month.

3.   Income tax expense was $215, to be paid next year.
3.  
Income tax expense was $215, to be paid next year.

Instructions
1.   Journalize the December transactions and adjusting entries, assuming Harrisen uses the perpetual inventory method.
1.   Journalize the December transactions and adjusting entries, assuming Harrisen uses the perpetual inventory method.
1.   Journalize the December transactions and adjusting entries, assuming Harrisen uses the perpetual inventory method.
1.  
Journalize the December transactions and adjusting entries, assuming Harrisen uses the perpetual inventory method.
2.   Enter the December 1 balances in the ledger T-accounts and post the December transactions. In addition to the accounts mentioned above, use the following additional accounts: Income Taxes Payable, Salaries and Wages Payable, Sales Revenue, Sales Returns and Allowances, Cost of Goods Sold, Depreciation Expense, Salaries and Wages Expense, and Income Tax Expense.
2.   Enter the December 1 balances in the ledger T-accounts and post the December transactions. In addition to the accounts mentioned above, use the following additional accounts: Income Taxes Payable, Salaries and Wages Payable, Sales Revenue, Sales Returns and Allowances, Cost of Goods Sold, Depreciation Expense, Salaries and Wages Expense, and Income Tax Expense.
2.   Enter the December 1 balances in the ledger T-accounts and post the December transactions. In addition to the accounts mentioned above, use the following additional accounts: Income Taxes Payable, Salaries and Wages Payable, Sales Revenue, Sales Returns and Allowances, Cost of Goods Sold, Depreciation Expense, Salaries and Wages Expense, and Income Tax Expense.
2.  
Enter the December 1 balances in the ledger T-accounts and post the December transactions. In addition to the accounts mentioned above, use the following additional accounts: Income Taxes Payable, Salaries and Wages Payable, Sales Revenue, Sales Returns and Allowances, Cost of Goods Sold, Depreciation Expense, Salaries and Wages Expense, and Income Tax Expense.
3.   Prepare an adjusted trial balance as of December 31, 2014.
3.   Prepare an adjusted trial balance as of December 31, 2014.
3.   Prepare an adjusted trial balance as of December 31, 2014.
3.  
Prepare an adjusted trial balance as of December 31, 2014.
4.   Prepare an income statement for December 2014 and a classified balance sheet at December 31, 2014.
4.   Prepare an income statement for December 2014 and a classified balance sheet at December 31, 2014.
4.   Prepare an income statement for December 2014 and a classified balance sheet at December 31, 2014.
4.  
Prepare an income statement for December 2014 and a classified balance sheet at December 31, 2014.
5.   Compute ending inventory and cost of goods sold under FIFO, assuming Harrisen Company uses the periodic inventory system.
5.   Compute ending inventory and cost of goods sold under FIFO, assuming Harrisen Company uses the periodic inventory system.
5.   Compute ending inventory and cost of goods sold under FIFO, assuming Harrisen Company uses the periodic inventory system.
5.  
Compute ending inventory and cost of goods sold under FIFO, assuming Harrisen Company uses the periodic inventory system.
6.   Compute ending inventory and cost of goods sold under LIFO, assuming Harrisen Company uses the periodic inventory system.
6.   Compute ending inventory and cost of goods sold under LIFO, assuming Harrisen Company uses the periodic inventory system.
6.   Compute ending inventory and cost of goods sold under LIFO, assuming Harrisen Company uses the periodic inventory system.
6.  
Compute ending inventory and cost of goods sold under LIFO, assuming Harrisen Company uses the periodic inventory system.

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