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.

Understand the role of specific dietary components and their metabolism in the human body.

Describe the processes involved in energy production, including glycolysis, gluconeogenesis, and the citric acid cycle.

Identify the metabolic pathways of proteins, carbohydrates, and fats, including anabolism and catabolism.

Explain the physiological responses to food intake and fasting states (absorptive and postabsorptive states).

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Definitions:

Cost Of Production Report

A financial report detailing the total cost and production quantities of a manufacturing department or process.

Production

The process of creating goods or services using labor, machinery, and materials to meet consumer demand.

Work In Process

Represents the inventory that has begun the production process but is not yet completed in a manufacturing company.

Equivalent Units

A concept used in cost accounting to express the amount of materials or labor that has been transformed into completed units during a period.