Question

the Journalize the periodic inventory system Appendix PR 6-9A Sales-related and purchase-related transactions for buyer and seller using periodic inventory system Selected transactions during August between Summit Company and Beartooth Co. are listed in Problem 64A. Instructions Journalize the entries to record the transactions for (1) Summit Company and (2) Beartooth Co., assuming that both companies use the periodic inventory system. Appendix PR 6-10A Periodic inventory accounts, multiple-step income statement, closing entries On December 31, 2014, the balances of the accounts appearing in the ledger of Wyman Company are as follows: s 29,000 2,650,000 93,000 37,000 48,000 $ 13,500 Sales Discounts Cash Accounts Receivable 72000 Purchases Purchases Returns and Allowances Purchases Discounts Freight In Sales Salaries Expense Merchandise Inventory 257,000 January 1, 2014 3,000 4,500 Office Supplies Prepaid Insurance Land Store Equipment Accumulated Depreciation- 50,000 Advertising Expense 270,000 Delivery Expense 45,000 9,000 6,000 12,000 175,000 28,000 3,000 2,000 5,900 Store Equipment Store Equipment Office Equipment Accumulated Depreciation- Miscellaneous Selling Expense Office Salaries Expense 78,500 16,000 Rent Expense Office Equipment Accounts Payable Salaries Payable Unearned Rent Notes Payable Shirley Wyman, Capital Shirley Wyman, Drawing 27,800 Insurance Expense office Supplies Expense 3,000 8,300 Depreciation Expense- 1,500 580,500 Miscellaneous Administrative Expense 3.500 50,000 Office Equipment 25,000 Rent Revenue 46,000 7,000 3,355,000 Interest Expense 2,000 Sales Retums and Allowances Instructions 1. Does Wyman Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Wyman Company for the year ended De- cember 31, 2014. The merchandise inventory as of December 31, 2014, was $305,000. 3. Prepare the closing entries for Wyman Company as of December 31, 2014. 4. What would be the net income if the perpetual inventory system had been used? Series B PR 6-1B Purchase-related transactions The following selected transactions were completed by Niles Co. during March of the current year OB3.2

PR 6-10A Periodic Inventory Accounts, Multiple-Step Income Statement, Closing Entries

Answer 1

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