ACCT1001 Help plz.... (1 Viewer)

[what971]

Can anyone tell me how I can get the value of COGS dr. and Inventory cr. in both Sales and Cash Receipt Journals??

I am the confuzed.

Thanks in Advance.

 

[SSaint]

you dont do that, this business uses the periodic system for inventory - so you'll calculate cogs right at the end

 

[what971]

then what do i put down for inventory in the general ledger?

i dont see how its possible....?

 

[adambra]

This practice set is the biggest waste of time seriously, I'm up to fucking June 8th.

 

[what971]

Yeah, I got up on Saturday and decided to START it. haha I'm way behind.

I am up to adjusting entries though.

*Hates the Acct*

 

[what971]

Hey guys, 'Dividend Declared' does that go to Income Statement or Balance Sheet?

Need help.

 

[what971]

*Blinks* *squints closer to the page*

Guys, I think it's BS, not 100% sure though...

 

[The_Apprentice]

Dividends PAYABLE goes to balance sheet under current liabilities. I have no clue about income statement, mines fucked up.

 

[adambra]

Can't take another semester of this accounting bullshit, studying to become a robot...

 

[The_Apprentice]

i just want to scrape a pass so i dont have to repeat it

 

[what971]

Hey Apprentice are you talking about IS in the worksheet or pg 43?

 

[what971]

*Nods head* and agrees with adambra and apprentice.

 

[The_Apprentice]

Hey Apprentice are you talking about IS in the worksheet or pg 43?

both. I think i might have to copy off someone tomorrow... cant get my profit right.

 

[what971]

For IS in worksheet I got:

Inventory Dr 225 740 Cr 308 118
Sales Revenue Cr 855 260
Sales Discounts Dr 11 533
Sales Returns and Allowances Dr 6 480
Purchases Dr 658930
Purchases Discounts Cr 9556
Purchases Returns and Allowances Cr 6240
Freight Out Dr 730
Wages Expense Dr 40140
Dep Exp SF Dr 1200
Dep Exp Comp Dr 960
Supplies Expense (the rest are in debits) 7210
Rent Exp 57000
Insurance Exp 200
Advertising Exp 5750
Interest Exp 4800
Utilities Exp 4670
Tax Exp 19000
Telephone Exp 3780
Sundry Exp 840
Sales exp 77210
bad detbs exp 2000

Giving IS Dr. 1 128 173 and Cr. 1 179 174

Haven't done the IS on 43 yet, I'll procrastinate a little longer

 

[what971]

*frowns*

Trying to do IS on p.43, where does 'Purchase Returns and Allowances' and 'Sales Returns and Allowances' go?

 

[SSaint]

you need those two to calculate net sales and net purchases (net sales = sales revenue - SRA , same for net purchases = purchases - PRA)

btw i have the same profit as you for income statement

 

[what971]

Hey thanks Saint, I put Purchases Returns and Allowances in with my COGS and did Less:Sales Returns and Allowances below my Sales Revenue, I got the profit. So I think I did it right?!

Anyway, for the post-closing trial balance, what things do we put in, just balance sheet accounts or the IS accounts as well?

 

[what971]

I got $453 901 at the end of the post-closing trial balance, can anyone confirm this?

PLEASE... *cries due to mathematics overload*

 

[helmut]

post-closing $453901???

yaaaay!
shit.
there is a possibility i might have actually done this right!!!

 

[Wolfowitz]

I just made my figures match my stolen totals - BEST TROLL EVR!