ACG3101 Discussion Board

Sep 14, 2022

1 min read

Feel free to ask any questions regarding the new FAR 1 material or in general about the class! Remember, its Automatic!

If you have questions about a specific textbook problem or question in a review packet, please be very clear (Exam 1 Review, page 18, question #, etc).

Good luck studying!

335 Comments

ainsleymiller

Oct 31

Hi! I think the review questions for Chapter 7+8 were posted twice, so we don't have a digital version of the Ch.6 + Ch.17 questions.

Jenna

Oct 24

For Mock Exam B, question 12, wouldn’t the answer be B ($50,000)? Since the discount period expires before the October 31 year-end, wouldn’t we need to recognize the $2,500 in sales discounts forfeited, increasing A/R from $47,500 to $50,000?

Mikey Brown

Oct 27

Replying to

Hey Jenna,

This is a great question - the sales discount forfeited would be recognized when the cash collection is made. Since the question doesn't specify that an adjusting entry was made to record them, we would assume the $47,500 would be the correct answer here. But there is definitely a gray area in this quesiton where it is not clear as it should be.

Kenneth O’Connor

Oct 14

What would purchasing inventory with net and gross method look like with perpetual inventory? Would we still use purchase discounts and purchase discounts forfeitted accounts?

Mikey Brown

Oct 27

Replying to

We would use the inventory account directly! There is an example in your textbook actually that shows them both perfectly! However, we mostly compelete the journal entries only for the periodic method when testing the gross/net method.

If perpetual, remove purchases/purchase discounts and use inventory direclty.

Daniella Oronges

Oct 14

For chapter 5 practice question 1, using the factor tables gives you 516,100, so what do we do in that scenario

Jake Testa

Oct 06

In the chapter 6 conceptual problems, problem number 4. I see that you said ignore the reversing COGS entry, if we did that entry would that be in part B or C? If the answer is part c, is that why you didnt include the estimated inventory returns and cogs entry in part c? Also, is this something we should always do or always ignore on Monks Quizzes and Exams?