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ACC 290 Week 4 - BE5-1, BE5-3, DO-IT 5-3 and 5-4


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ACC 290 Week 4 Solution Guide

The following study guide is designed to help students pass week 4 of Accounting Principles ACC 290. The study guide covers each of the problems listed below in a step-by-step format.

Summary of Answers


Presented here are the components in Pedersen Company's income statement Determine the missing amounts

BE 5-3

Prepare the journal entries to record the following transactions on Ramirez Company's books using a perpetual inventory system

A. On March 2 Ramirez Company sold 800,000 of merchandise to Ikerd Company terms 2/10 n/30 The cost of the merchandise sold was 540,000

B. On March 6 Ikerd Company retuned 110,000 of the merchandise purchased on March 2 the cost of the merchandise returned was 75,000

C. On March 12 Ramirez Company received the balance due from Ikerd Company

DO IT! 5-3

The following information is available for Juneau Corp.


Income Statement

DO IT! 5-4

Grand Lakes Corporation’s accounting record show the following:

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