Question 1. Hans Albert Enterprises purchased computer equipment on May 1, 200

1. Hans Albert Enterprises purchased computer equipment on May 1, 2006 for $5,000. The company expects to use the equipment for 3 years, using straight line. It has no salvage value.

· What adjusting journal entry should the company make at the end of each month if monthly financials are prepared (round answer to the nearest dollar)?

· What is the book value of the equipment at May 31, 2006?

2. On June 1, during its first month of operations, Eggemeister Enterprises purchased supplies for $3,500 and debited the supplies account for that amount. At January 30, an inventory of supplies showed $1,200 of supplies on hand. What adjusting journal entry should be made for January?

3. Better Publications sold annual subscriptions to their magazine for $24,000 in December, 2006. The magazine is published monthly. The new subscribers received their first magazine in January, 2007.

· What adjusting entry should be made in January if the subscriptions were originally recorded as a liability?

· What amount will be reported on the January 2007 balance sheet for Unearned Revenue?

4. Flynn Company purchased merchandise inventory with an invoice price of $3,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Flynn Company pays within the discount period?

5. CMP Inc. maintains perpetual inventory records. During January, the company made purchases of $40,000 and sold goods with a cost of $42,000 for $104,000. Cost of goods sold for the month is:

6. The income statement of Miller, Inc. includes the items listed below:

Net sales $900,000

Gross profit 350,000

Beginning inventory 100,000

Purchase discounts 15,000

Purchase returns and allowances 8,000

Freight-in 10,000

Operating expenses 300,000

Purchases 540,000

7. The following information is available for Olson Company:

8. The cost of goods available for sale is allocated to the cost of goods sold and the

9. Adler Department Store prepares monthly financial statements but only takes a physical count of merchandise inventory at the end of the year. The following information has been developed for the month of July:

10. The inventory of Snider Company was destroyed by fire on April 1. From an examination of the accounting records, the following data for the first three months of the year are obtained:

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