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Tnstructor Huyck You will need to use your own paper, lined please. Part One. Periodic Journal Entries: (20 points) Demmler Corporation entered into the transactions listed below. Prepare Demmler's journal entries, assuming use of the periodic inventory system. Oct Purchased $1,500 of merchandise on credit, terms n/15. 3 Returned $300 of the goods purchased on October 3. 6 Paid freight charges of $150 on goods purchased on October 3. 7 Paid for the goods purchased on October 3. 12 Sold goods on credit for $1,000, terms n/30. 13 14 The customer of October 13 returned $200 of the goods. Received payment from the customer of October 13. 23 Purchased office supplies for $450. 25 Part Two. Perpetual Journal Entries: (15 points) Write out the journal entries required by the perpetual inventory system. Sept 1 Sept. 4 Sept. 15 Sept. 8 Sept 10 Sept. 18 Merchandise purchased on credit of $5,000. Merchandise returned of $400. Paid for the merchandise purchased on Sept. 1 Sold merchandise on account, $1500. Merchandise cost the company $950. Returned part of the merchandise, $500. The cost of this merchandise was $275 Paid the remaining bill for the merchandise sold on Sept. 8. Part Three. Using the following accounts, prepare a classified balance sheet for J & M Auto Repair, on December 31, 2016. (35 points) 10,000 40,000 30,000 20,000 70,000 90,000 80,000 100,000 20,000 70,000 N/P (due in 6 months) A/P 50,000 Cash Short-term investments 20,000 10,000 Mortgage Pay (due in 7 yrs.) 90,000 260,000 60,000 Salaries Payable N/R (due in 10 months) A/R Common Stock Merchandise Inventory Land Retained Earnings Land held for future use Building Accum. Depr-Building Trademark Part Four. Multi-Step Income Statement. Use the following information to prepare a multi-step income statement, for the Acorn and Nut Company, for the end of the fiscal period December 31, 2016. Worth 30 points. General and Admin Ex Interest Expense Income Taxes Ex 6,000 6,250 19,500 100,000 8,750 37,750 10,000 Net Sales Dividend Income Costs of Goods Sold Selling Expenses

Answer 1

Part One: Periodic

Date	Account title and explanation	Debit	Credit
Oct 3	Purchases	$1,500
	Accounts payable		$1,500
	[Purchase of inventory on account]
Oct 6	Purchase returns	$300
	Merchandise inventory		$300
	[Purchase returns]
Oct 7	Freight-in	$150
	Cash		$150
	[Paid for freight]
Oct 12	Accounts payable	$1,200
	Cash [1500-300]		$1,200
	[Paid for accounts payable]
Oct 13	Accounts receivable	$1,000
	Sales revenue		$1,000
	[Sales on account]
Oct 14	Sales returns and allowance	$200
	Accounts receivable		$200
	[Sales returns]
Oct 23	Cash [1000-200]	$800
	Accounts receivable		$800
	[Cash collections from customers]
Oct 25	Office supplies	$450
	Cash		$450
	[Purchase of office supplies]

Part Two: Perpetual

Date	Account title and explanation	Debit	Credit
Sept. 1	Merchandise inventory	$5,000
	Accounts payable		$5,000
	[Purchase of inventory on account]
Sept. 4	Accounts payable	$400
	Merchandise inventory		$400
	[Purchase returns]
Sept. 15	Accounts payable	$4,600
	Cash [5000-400]		$4,600
	[Paid for accounts payable]
Sept. 8	Accounts receivable	$1,500
	Sales revenue		$1,500
	[Sales on account]
	Cost of goods sold	$950
	Merchandise inventory		$950
	[Cost of goods sold]
Sept. 10	Sales returns and allowance	$500
	Accounts receivable		$500
	[Sales returns]
	Merchandise inventory	$275
	Cost of goods sold		$275
	[Cost of sales returns]
Sept. 18	Cash [1500-500]	$1,000
	Accounts receivable		$1,000
	[Cash collections from customers]

Part Three: Balance sheet

Balance Sheet
At the year ended December 31,2016
Assets		Liabilities and stockholders' equity
Current assets:		Current liabilities:
Cash	$10,000	N/P	$50,000
Short-term investments	$40,000	A/P	$20,000
N/R	$30,000	Salaries Payable	$10,000
A/R	$20,000	Total current liabilities	$80,000
Merchandise inventory	$70,000
Total current assets	$170,000	Long-term liabilities:
		Mortgage pay	$90,000
Property,plant, and equipment:
Land	$90,000	Total liabilities	$170,000
Land held for future use	$80,000
Building	$100,000	Stockholders' equity:
Accum. Depr.-Building	($20,000)	Common stock	$260,000
Property,plant, and equipment - net	$250,000	Retained earnings	$60,000
		Total stockholders' equity	$320,000
Intangible assets:
Trademark	$70,000
Total assets	$490,000	Total liabilities and stockholders' equity	$490,000

Part four: Income statement (Multi)

Income statement
For the year ended December 31,2016
Net sales		$100,000
Cost of goods sold		($37,750)
Gross profit		$62,250
Operating expenses:
Selling expenses	$10,000
General and Admin Expense	$6,000
Income taxes expense	$19,500
Total operating expenses		$35,500
Operating income		$26,750
Non-operating income(Expense):
Dividend income		$8,750
Interest expense		($6,250)
Net income		$29,250