1. Classify the following items as (a) an add

1. Classify the following items as (a) an add

1. Classify the following items as (a) an addition to the bank balance, (b) a subtraction from the bank balance, (c) an addition to the book balance, or (d) a subtraction from the book balance: $20 in service charges 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 customer2. During 2011, Jimmy Enterprises completed the following transactions:a. Sales revenue on account, $550,000.b. Collections on account, $325,000c. Write-offs of uncollectible, $13,000d. Uncollectible account expense, 5% of sales revenueRequired: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 @ $29September 10 Purchase 19 units @ $32September 22 Purchase 12 units @ $30September 27 Purchase 4 units @ $31Required: The company sold 22 units on September 30. Compute the ending inventory and cost of goods sold using each of the following methods:1. LIFO2. FIFO3. Average Cost


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