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
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.
DO IT! 5-4
Grand Lakes Corporation’s accounting record show the following:
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