[Edited on April 26, 2006 at 3:23 PM. Reason : NVM]

4/26/2006 3:09:19 PM

Anyone be willing to post the journal entries for Feb. 14, i see that this is the first of many and i want to make sure its right. Thanks!!

4/26/2006 6:39:27 PM

I did the entire book and then realized I forgot to do the subsidiary ledgers in the back. Anyway, I have a question...
When updating the perpetual inventory card, how do you adjust a price you've already recorded. For example, they bought some bikes, recorded the bikes in inventory at full cost per bike and then later paid the invoice at the discounted rate. The note says to update the price on the perpetual inventory card. There are only three sections of the perpet inv card. "purchased, sold, balance." So where do I put this update. Do I just erase the original amount? Thanks for the help.

4/27/2006 9:00:06 AM

When they changed the unit price of the bikes, I just added the date of the change and the altered the Unit Cost column of the Balance. After that, compute the new Total cost and you should be done.

[Edited on April 27, 2006 at 10:25 AM. Reason : -]

4/27/2006 10:22:09 AM

Do credit card sales go down as
Cash
Bank Serv. Charge Ex
Sales

I'm not sure exactly how to do a credit card sale for Mar. 15

4/27/2006 4:55:23 PM

yes, that's right. So, two debits (for the cash and the credit card expense) and then the credit to sales

4/27/2006 5:02:51 PM

What are you supposed to do for the Mar 31st entry, i can't really find anything explaining it in the back.

4/27/2006 5:09:47 PM

refresh my memory, which one is it?

4/27/2006 5:58:36 PM

It is the one showing the bank reconciliation. Shows outstanding checks, NSF checks and stuff like that.

4/27/2006 6:03:55 PM

Mr. Koole told me how to do that one...

In the first box, Debit Cash and Credit Interest Revenue for the amount that was added to the Balance per Books.

In the second box, Debit Bank Service Charge Expense and Accounts Receivable (whoever the NSF check was from) and Credit Cash for the amounts that were deducted from the Balance per Books.

4/27/2006 7:37:56 PM

Thanks!!!

4/27/2006 7:52:51 PM

My final question:
YNIT what is the June 3 entry, would it be the same as the previous ones where you debit trading securities and credit cash?

4/27/2006 10:57:37 PM

I know that we have to print some financial statements, etc, do you know if we just have to do this for June or do we have to do this for all months?
thanks!

4/27/2006 11:02:43 PM

The June 3 entry is: Debit Investment in ABC Bicycle Stock and Credit Cash.

On the financial statements: June 30 only.

Quote :

"The items I will take up at the end of the semester is a disk with all six months of work on it (month2 only) and printouts of the Balance sheet, Retained Earnings Statement, Income Statement, Trial balance, Cash flow Statement and the Ratio analysis for June 30 and the workbook."

4/27/2006 11:08:17 PM

thanks! I am happy to say that this is now completed and turned in, hooray!

4/28/2006 2:06:28 PM