Journalize the Following Transactions for the Next Three Independent Situations

question 38

Essay

Journalize the following transactions for the next three independent situations.
Case 1
Gertrude Enterprises has determined that the replacement cost (current market value) of the December 31, 2014 ending inventory is $32,400.The inventory is recorded on the balance sheet at $33,500. What is the journal entry using the lower of cost or net realizable value rule?
Case 2
Austin's Jewellers carries a line of silver bracelets. Austin's Jewellers uses the FIFO method and a perpetual inventory system. The sales price of each bracelet is $105. Company records indicate the following activity for the bracelets for the month of March: Purchases of 200 units on January 1 at a cost of $30 per unit and purchases of 400 units on February 1 at a cost of $33 per unit. Sold 300 units on account on February 25. Journalize the sale of 300 units.
Case 3
On January 2, 2014, Bright Lights purchased showroom fixtures for $10,000 cash, expecting the fixtures to remain in service for five years. Bright Lights has depreciated the fixtures on a straight-line basis, with zero residual value. On September 30, 2015, Bright Lights sold the fixtures for $5,000 cash. Record both
the depreciation expense on the fixtures for 2015 and the sale of the fixtures on September 30, 2015.

Grasp concepts of sensation and perception in the context of tactile stimuli and the role of sensory receptors.

Understand the physiological basis for pain, including the types of fibers involved and the transduction of temperature sensations.

Understand the concept of sensory adaptation and its implications in daily life.

Explain the theories of color vision, including the trichromatic theory and their relevance to visual perception.

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Definitions:

Experimental Social Psychology

A branch of psychology focusing on how individuals' thoughts, feelings, and behaviors are influenced by the actual, imagined, or implied presence of others, using experimental methods for investigation.

Wundt

Refers to Wilhelm Wundt, often considered the father of modern psychology, who established the first psychology laboratory and focused on experimental methods.

Lewin

Kurt Lewin, a psychologist known for his field theory in social science, emphasizing the interaction between an individual's internal state and external environment.

Computer Revolution

The significant change and rapid advancement in society and industries due to the widespread adoption and development of computers and technology.