1. Classify the following items as (a) an addition to the , (b) a subtraction from the bank balance, (c) an addition to the book balance, or (d) a subtraction

1. Classify the following items as (a) an addition to the , (b) a subtraction from the bank balance, (c) an addition to the book balance, or (d) a subtraction from the book balance: _____ $20 in _____ A $300 check deposited that was returned NSF _____ An outstanding check that you wrote for $2,000 _____ A deposit in transit of $5,500 _____ Bank Error: the bank credited your account for a deposit made by another customer 2. During 2011, Jimmy Enterprises completed the following transactions: a. Sales revenue on account, $550,000. b. Collections on account, $325,000 c. Write-offs of uncollectible, $13,000 d. Uncollectible , 5% of sales revenue Required: 1. Prepare the journal entries for the above transactions. 2. Suppose Robotics, Inc.’s inventory records for a particular item indicated the following transactions in September: September 1 Beginning Inventory 6 units @ $29 September 10 Purchase 19 units @ $32 September 22 Purchase 12 units @ $30 September 27 Purchase 4 units @ $31 Required: The company sold 22 units on September 30. Compute the ending inventory and sold using each of the following methods: 1. LIFO 2. FIFO 3.

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