Question

Parts 3,4,5(1) - Saved to this PC Search Jacob Meenc Layout References Mailings Review View Add-ins Help A A E AL 12 - A A ab X, X A АаВЬСсі Аавьсаl Аавьс Аавьссс Аав Normal No Spac... Heading 1 Heading 2 Title A EEEEE Font Paragraph Styles Part Journalizing purchase and sale transactions, making closing entries, preparing financial statements, and computing the gross profit percentage Hudson Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. Hudson Cleaning uses the perpetual inventory system. During December 2018, Hudson Cleaning completed the following transactions: Dec 2. Purchased 600 units of inventory for $3,600 on account from Sparkle, Co. on terms, 3/10, n/20 5. Purchased 400 units of inventory from Borax on account with terms 4/5, 1/30. The total invoice was for $3,200, which included a $200 freight charge. 7. Returned 100 units of inventory to Sparkle from the December 2 purchase (cost $600). 9. Paid Borax 11. Sold 350 units if goods to Happy Maids for $4,900 on account with terms 5/10, n/30. Hudson Cleaning's cost of goods was $2,100 12. Paid Sparkle 15. Received 30 units with a retail price of $420 of goods back from customer Happy Maids. The goods cost Hudson Cleaning $180 21. Received payment from Happy Maids, settling the amount due in full. 28. Sold 200 units of goods to Bridget, Inc. for cash of $3.000 (cost S1,144 $1,500). 29. Paid cash for utilities $350 30. paid cash for Sales Commission Expense of $225 31. Record the following adjustment entries: a. Physical count of inventory on December 31 showed 250 380 units of goods on hand, $2.541 b. Depreciation, $170 c. Accrued salaries expense of S700 d. Prepared all other adjustments necessary for December (Hint: You will need to review the adjustment information in Chapter 3 to determine the remaining adjustments). Assume the cleaning supplies left at December 31 are $50. Focus United States FUJITSU talmen Num F12 F10 Insert

Answer 1

DE Debit ($) Credit ($) $3,600 $3,600 $3,200 $3,200 $600 10 $600 $3,200 $128 14 $3,072 $4,900 $4,900 $2,100 $2,100 $3,000 $90 $2,910 $420 $420 AA в Journal Entries Date Account Titles 2-Dec Inventory Accounts Payable (To record purchase on account) 5-Dec Inventory Accounts Payable (To record purchase on account) 9 7-Dec Accounts Payable Inventory (To record the purchase return 12 9-Dec Accounts Payable 13 Discount Received Cash 15 (To record the cash paid to supplier) 16 11-Dec Accounts Receivable 17 Sales Revenue 18 (To record sales on account) 19 11-Dec Cost of Goods Sold Inventory (To record the cost of goods sold) 12-Dec Accounts Payable Discount Received Cash (To record the cash paid to supplier) 15-Dec Sales returns and allowances Accounts Receivable (To record the sales returns) 29 15-Dec Inventory Cost of Goods Sold (To record the cost of goods returned) 21-Dec Cash Discount allowed Accounts Receivable (To record the cash receivd from customer 36 28-Dec Cash Sales Revenue (To record sales) 39 28-Dec Cost of Goods Sold Inventory (To record the cost of goods sold) 42 29-Dec Utilities Expense Cash (To record the utilities expense) 45 30-Dec Sales Commission Expense Cash (To record the commission expense) 48 31-Dec Cost of Goods Sold Inventory (To record the cost of goods sold) 51 31-Dec Depreciation Expense Accumulated Depreciation (To record the depreciation expense) 54 31-Dec Salaries Expense Salaries Payable (To record the salaries expense) $180 $180 $4,256 $224 $4,480 $3,000 $3,000 $1,500 $1,500 $350 $350 $225 $225 $239 $239 $170 $170 $700 55 $700

K 0 N G H Inventory Date Description Units 2-Dec Purchase 600 5-Dec purchase 400 7-Dec Purcase return -100 11-Dec Sales -350 15-Dec Sales return 30 28-Dec Sales -200 Total 380 Physical stock -380 Cost of Goods Sold MN Income Statement Sales $7.900 Less: Sales Returns $420 Net Sales $7,480 Less: Cost of Goods Sold $3,019 Gross Profit $4,461 w Total $3,600 $3,200 ($600) ($2,100) $180 ($1,500) $2,780 ($2,541) $239 7 14 350 16 Cost of Goods Sold Date Description Units 11-Dec Sales 15-Dec Sales Return 28-Dec Sales 200 31-Dec Adjustment Total 520 -30 Total $2,100 ($180) $1 500 $239 $3,659 22 Units Sales Date Description 11-Dec Sales 28-Dec Sales Total 350 Total $4,900 $3,000 $7,900 200 550

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