Accounting Exam (General Ledger account and multiple choice ?’s)
Due by 12:00 PM on May 10th! Eastern Standard Time
Some information is below, the rest is in the attachment and also answer sheet.
Prepare in journal form, any required correcting entries
Prepare in journal form, all end-of-the period adjusting entries
Prepare a December adjusted trial balance
Prepare a classified balance sheet for the year ended December 31, 2014
Prepare in journal form, the closing entries for the year ended December 31, 2014
a. Calculate cost of goods available for sale.
b. Calculate the dollar value of sales.
c. Calculate the value of Ending Inventory and Cost of Good Sold under the following independent assumptions:
1) LIFO method
2) FIFO method
3) Average-cost method