Tran Company reported the following purchases and sales of its only product. Tran uses a periodic inventory system. Determine the cost assigned to cost of goods sold using LIFO.   Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 180 units @ $13   May 5 Purchase 235 units @ $15   May 10 Sales   155 units @ $23 May 15 Purchase 115 units @ $16   May 24 Sales   105 units @ $24

An asset’s book value is $25,200 on January 1, Year 6. The asset is being depreciated $350 per month using the straight-line method. Assuming the asset is sold on July 1, Year 7 for $18,400, the company should record:

Geraci’s accepts all major bank credit cards, including those issued by Parkway Bank (PB), which assesses a 3.0% charge on sales for using its card. On June 28, Geraci’s had $6,000 in Parkway Bank (PB) Card credit sales. What entry should Geraci’s make on June 28 to record the deposit?

Bowker Company’s cost of goods sold was $11,000. Determine its net purchases and ending inventory given the cost of goods available for sale were $29,000 and beginning inventory was $14,000:  

Geraci’s accepts all major bank credit cards, including those issued by Parkway Bank (PB), which assesses a 3.0% charge on sales for using its card. On June 28, Geraci’s had $6,000 in Parkway Bank (PB) Card credit sales. What entry should Geraci’s make on June 28 to record the deposit?

Bowker Company’s cost of goods sold was $11,000. Determine its net purchases and ending inventory given the cost of goods available for sale were $29,000 and beginning inventory was $14,000:  

On September 15, Oakton Company sold merchandise in the amount of $7,800 to Dempster Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,500. Oakton uses the perpetual inventory system. The journal entry or entries Oakton will make on September 15 is:

On September 15, Oakton Company sold merchandise in the amount of $7,800 to Dempster Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,500. Oakton uses the perpetual inventory system. The journal entry or entries Oakton will make on September 15 is:

On January 31 of the current year, the assets and liabilities of Rico’s Beef Stand, Inc. are as follows: Cash $29,550; Supplies, $780; Equipment, $9,600; Accounts Payable, $8,300. What is the amount of equity as of January 31 of the current year?

Ben Kailin’s Law Firm had the following transactions during June: Ben invested $13,800 cash in the business in exchange for common stock. Ben contributed $23,000 of furniture and equipment to the business. The company paid $2,400 cash for an insurance policy covering the next 24 months. The company received $6,000 cash for services provided during June. The company purchased $6,500 of office equipment on credit. The company provided $3,050 of services to customers on account. The company paid cash of $1,800 for monthly rent. The company paid $3,400 on the office equipment purchased in transaction #5 above. Paid $305 cash for June utilities. Based on this information, the balance in the cash account at the end of June would be: