Accounting

"REFERENCE "Spiceland , David . Intermediate Accounting . Boston : Mcgraw-hill , 1998 "JAN "FEB "MAR "APR "MAY "JUN "JUL "AUG "SEP "OCT "NOV "DEC "TOTAL 2007 "Jan-02 "SALES VOL (In Units "50000 "50000 "50000 "50000 "100000 "150000 "150000 "100000 "100000 "50000 "50000 "50000 "950000 "50000 "Unit Selling Price "50 "50 "50 "100 "100 "100 "100 "100 "100 "50 "50 "50 "50 "SALES "2500000 "2500000 "2500000 "5000000 "2500000 "2500000 "2500000 "Sales Discount ,Ret Allow "250000 "250000 "250000 "500000 "1000000 "1500000 "1500000 "1000000 "1000000 "250000 "250000 "250000 "8000000 "NET SALES "2250000 "2250000 "2250000 "4500000 "9000000 "9000000 "9000000 "2250000 "2250000 "2250000 "CASH Sales "900000 "900000 "900000 "1800000

"3600000 "5400000 "5400000 "3600000 "3600000 "900000 "900000 "900000 "CREDIT Sales "1350000 "1350000 "1350000 "2700000 "5400000 "8100000 "8100000 "5400000 "5400000 "1350000 "1350000 "1350000 "Collection of Credit Sales "100000 "1350000 "1350000 "1350000 "2700000 "5400000 "8100000 "8100000 "5400000 "5400000 "1350000 "1350000 "Net Purchases ( In "2350000 "1000000 "1500000 "1250000 "2750000 "4000000 "2000000 "1500000 "1000000 "1000000 "1000000 "1000000 " paid in cash (40 "940000 "400000 "600000 "500000 "1100000 "1600000 "800000 "600000 "400000 "400000 "400000 "400000 "8140000 " paid in credit (60 "1410000 "600000 "900000 "750000 "1650000 "2400000 "1200000 "900000 "600000 "600000 "600000 "600000 "Direct Labor ( In "725000 "500000 "500000 "750000 "1250000 "1500000 "1250000 "1000000 "750000 "500000 "500000 "500000 "9725000 " paid in cash (40 "290000 "200000 "200000 "300000 "500000 "600000 "500000 "400000 "300000 "200000 "200000 "200000 "3890000 " paid the following month (60 "435000 "300000 "300000 "450000 "750000 "900000 "750000 "600000 "450000 "300000 "300000 "300000 "5835000 "Direct Material Invty , Beg (In units "10000 "100000 "100000 "150000 "125000 "150000 "250000 "200000 "150000 "100000 "100000 "100000 "10000 "Add : Units for Purchases (net of discount Ret "235000 "100000 "150000 "125000 "275000 "400000 "200000 "150000 "100000 "100000 "100000 "100000 "2035000 "Less : materials used "145000 "100000 "100000 "150000 "250000 "300000 "250000 "200000 "150000 "100000 "100000 "100000 "1945000 "100000 "Direct Material Invty , End (In units "100000 "100000 "150000 "125000 "150000 "250000 "200000 "150000 "100000 "100000 "100000 "100000 "100000 "NET PURCHASES (In "2350000 "1000000 "1500000 "1250000 "2750000 "4000000 "2000000 "1500000 "1000000 "1000000 "1000000 "1000000 "Finished goods , Beg (In units "2500 "25000 "25000 "25000 "50000 "75000 "75000 "50000 "50000 "25000 "25000 "25000 "2500 "25000 "Add : Required units to finish "72500 "50000 "50000 "75000 "125000 "150000 "125000 "100000 "75000 "50000 "50000 "50000 "972500 "50000 "Available for sale "75000 "75000 "75000 "100000 "175000 "225000 "200000 "150000 "125000 "75000 "75000 "75000 "975000 "75000 "Less : Cost of goods sold "50000 "50000 "50000 "50000 "100000 "150000 "150000 "100000 "100000 "50000 "50000 "50000 "950000 "50000 "Finished goods , End (In units "25000 "25000 "25000 "50000 "75000 "75000 "50000 "50000 "25000 "25000 "25000 "25000 "25000 "0 "NOTE : ALL CHARACTERS IN BLUE INK REPRESENTS NUMBER OF UNITS "DR "CR "1 "A /R "1250000 "CASH "SALES RET "8000000 "SALES "TO RECORD SALES "2 "A /P "10000 "PURCHASES "CASH "A /P "600000 "0 "TO RECORD PURCHASE OF MATERIALS "3 "WAGES PAYABLE "10000 "DIRECT LABOR "9725000 "CASH "9435000 "WAGES PAYABLE "300000 "TO RECORD PAYMENT OF DIRECT LABOR "4 "SELLING ADM "495000 "CASH "260000 "ALLOW FOR DEPR "235000 "TO RECORD OVERHEAD EXPENSES "5 "MACHINERY "1500000 "LAND "3550000 "CASH "5050000 "TO...