Acct1501 - Perdisco (1 Viewer)

[lil_miss]

does anyone know what im supposed put as the post reference for Profit & Loss Summary when I get up to the closing entries?

 

[soopacow]

NINJA bump. ...

 

[cleob]

ok in week 3 of my transactions it says i recieved a sales order to deliver 10 boxes of golf balls

what i want to know is. do i record the transaction this week. even tho only an order has been placed or do i record it in week 4 when it says the balls were delivered?

 

[Justina]

This is probably a stupid question, but under the Sales Journal, where do you get the 'Cost of Sales' from?

EDIT: You get it from the Inventory table thingys....but what do i record the cost as if, say....i sold 21 balls, and I had 13 in my inventory with a unit cost of 100 and 27 for 120?

Also, where do i put the info from this transaction: "Great Sports returned 9 rugby balls that were originally sold for $210 each on 7 June. These items cost $140 each and were not faulty or damaged. Issued a Credit Note for $1890"?

If they declare a dividend - do i put it under the General journal (ie. Dr Dividend declared & Cr Dividend payable)?

 

[icecoffee]

You probably won't need this anymore but anyway...

Cost of Sales is calculated using the FIFO method and you get the numbers by looking at your inventory cards. Since it's FIFO, for 21 balls it's be 13*100 + 8*120 assuming 13 is the oldest purchase.

For the customer purchase return, you put it in the GJ Dr Sales return and allowances and Cr ARC Great Sports - but when you're posting, you have to post to the two mentioned accounts as well as the accounts receivable CONTROL account. As well as this, don't forget you must account for COGS!

And for the dividend, yes it goes in the GJ (it would go in the CPJ if it was paid not simply declared i think) and it's Dr Retained Earnings and Cr Dividend payable - remember that dividends decrease retained earnings.

 

[Pace_T]

man that assignment sucked.

i did the one with the surf boards on the front cover. perdisco rings a bell for some reason too.

sooooooooo gay trying to get it all to balance. took me ages

 

[Garygaz]

Looking for someone to become a hero/legend and post up all answers to perdisco. Will pay with rep points, many, many rep points.

 

[Justina]

You probably won't need this anymore but anyway...

Cost of Sales is calculated using the FIFO method and you get the numbers by looking at your inventory cards. Since it's FIFO, for 21 balls it's be 13*100 + 8*120 assuming 13 is the oldest purchase.

For the customer purchase return, you put it in the GJ Dr Sales return and allowances and Cr ARC Great Sports - but when you're posting, you have to post to the two mentioned accounts as well as the accounts receivable CONTROL account. As well as this, don't forget you must account for COGS!

And for the dividend, yes it goes in the GJ (it would go in the CPJ if it was paid not simply declared i think) and it's Dr Retained Earnings and Cr Dividend payable - remember that dividends decrease retained earnings.

Finished last Wednesday (yay!! =] )
But thanks anyway!

 

[himynameisho]

fuck i got 12 wrong for worksheet.

I guess the Orlando Cavs game in the quad was wayyy too distracting.

 

[ShadowSwifter]

Hey guys

When is this exactly due? Friday 3pm?

 

[himynameisho]

yesss

 

[miaowsha]

Looking for someone to become a hero/legend and post up all answers to perdisco. Will pay with rep points, many, many rep points.

Wait a minute. You can't do something as easy as Perdisco? Lololol.

 

[TehAzner]

Wait a minute. You can't do something as easy as Perdisco? Lololol.

lol. You'd be amazed at the number of people in 1st year asking for past year's perdisco sets.

 

[miaowsha]

lol. You'd be amazed at the number of people in 1st year asking for past year's perdisco sets.

They don't know how to read, I guess =/ The numbers are randomized... Bwahahahahaha.

 

[icecoffee]

Perdisco isn't always easy for someone who's only just started learning about accounting. It isn't insanely hard either. It's just a lot to remember and making sure you've taken absolutely everything into consideration.

 

[miaowsha]

Perdisco isn't always easy for someone who's only just started learning about accounting. It isn't insanely hard either. It's just a lot to remember and making sure you've taken absolutely everything into consideration.

I only lolled at that guy because he claims to be smarter than everyone he encounters on these forums apart from those who he sucks up to.

 

[ct92]

Wait a minute. You can't do something as easy as Perdisco? Lololol.

I think it's less about not being able to do it, and more about wanting reassurance that things are in the right place before all the big red crosses appear. I had a bit of a shock with all those on the first week, but it got steadily better. If anything were shared, I would appreciate it too, even though I seem to be getting things right now anyway.