Part-1)
Date Particulars Debit Credit
Sep-02 Merchandise Inventory
$13,500
Account Payable
$13,500
Sep-04 Freight out $325
Cash $325
Sep-05 Account Receivable
$18,000
Sales
$18,000
Sep-05 Cost of Goods Sold
$11,310
Merchandise Inventory
$11,310
Sep-06 Sales Returns And Allowance
$1,425
Account Receivable
$1,425
Sep-06 Merchandise Inventory
$890
Cost of Goods Sold
$890
Sep-06 Freight Out $420
Cash $420
Sep-08 Supplies $900
Cash $900
Sep-10 Merchandise Inventory
$6,450
Account Payable
$6,450
Sep-10 Freight In $150
Cash $150
Sep-12 Account Payable $450
Merchandise Inventory
$450
Sep-15 Account Payable $13,500
Merchandise Inventory
$135
Cash
$13,365
Sep-15 Cash $16,244
Sales Discount $331
Account Receivable
$16,575
Sep-19 Cash $10,875
Sales
$10,875
Cost of Goods Sold $6,855
Merchandise Inventory
$6,855
Sep-20 Account Payable $6,000
Merchandise Inventory
$120
Cash $5,880
Sep-25 Sales Returns And Allowance
$750
Cash $750
Sep-30 Account Receivable
$6,420
Sales
$6,420
Cost of Goods Sold $4,050
Merchandise Inventory
$4,050
Part-2) Enclosed
Part-3)
Multi-step Income Statement
Sales Revenue
Sales $35,295
Minus: Sales Returns and Allowance $2,175
Sales Discount $332 $2,507
Net Sales $32,788
Cost of Goods Sold
$21,325
Gross Profit $11,463
P5.5B (LO 2, 3, 5) AP At the beginning of September 2021, Stojanovic Distributing Company's ledger showed Cash $12,...
At the beginning of September 2021, Stojanovic Distributing Company's ledger showed Cash $12,500, Merchandise Inventory $7,500, and D. Stojanovic, Capital, $20,000. Stojanovic uses the perpetual inventory system and the earnings approach. During the month of September, the company had the following selected transactions:Record and post inventory transactions—perpetual system and earnings approach. Prepare partial income statement.Sept. 2Purchased $13,500 of merchandise inventory from Moon Supply Co., terms 1/15, n/30, FOB destination.4The correct company paid $325 cash for freight charges on the September 2...
Question 6 At the beginning of June 2017, Blue Spruce Distributing Company's ledger showed Cash $19,000, Merchandise Inventory $4,100, and D. Blue Spruce, Capital, $23,100. During the month of June, the company had the following selected transactions: June 1 Purchased $9,000 of merchandise inventory from Sun Supply Co., terms 1/15, n/30, FOB destination 2 The correct company paid $210 cash for freight charges on the June 1 purchase. 5 Sold merchandise inventory to Moose Jaw Retailers for $13,000. The cost...
I just need the answer immediately for 5.5 B 2. FICF b. Prepare a single-step income statement. Calculate gross profit margin and profit the results. (Hint: You will have to calcul d. Prepare the closing entries. Post to the Income Summary account before closing Bert and partial Taking It Further What kind of informatio a user of the mancial statements? P5.7B (L043) AP The unadjusted trial bal. 2021, follow GLOE as part of your explanation P5.5B (LO 2, 3, 5)...
Journalize the following transactions that occurred in September 2018 for Red Hawk, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Red Hawk estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount) (Click the icon to view the transactions.) More Info More Info Sep. ing:...
Question 5 Presented below are selected transactions for Blue Spruce Company during September and October of the current year. Blue Spruce uses a perpetual inventory system. Sept. 1 Purchased merchandise on account from Hillary Company at a cost of $46,000, FOB destination, terms 1/15, n/30. 2 The correct company paid $2,000 of freight charges to Trucking Company on the September 1 merchandise purchase. 5 Returned for credit $3,400 of damaged goods purchased from Hillary Company on September 1. 15 Sold...
Journalize the following transactions that occurred in September 2018 for Water Works, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Water Works estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount.) (Click the icon to view the transactions.)Sep. 3 Purchased merchandise inventory on account...
journalize the following transactions that occurred in September 2018 for Red Hawk, assuming the perpetual inventory system is being used. Identify each accounts payable and accounts receivable with the vendor or customers names. Red Hawk estimates sales returns at the end of each month. i More Info Sep. 3 Purchased merchandise inventory on account from Simmon Wholesalers, $4,000. Terms 3/15, n/EOM, FOB shipping point. 4 Paid freight bill of $75 on September 3 purchase. 4 Purchase merchandise inventory for cash...
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Sep. 3 Purchased merchandise inventory on account from Sheldon Wholesalers, $ 3,500. Terms 1 / 15, n / E O M, FOB shipping point.4 Paid freight bill of $ 75 on September 3 purchase.4 Purchase merchandise inventory for cash of $ 1,900.6 Returned $ 400 of inventory from September 3 purchase.8 Sold merchandise inventory to Harvey Company, $ 6,300, on account. Terms 1 / 15, n / 35. Cost of goods, $ 2,8359 Purchased merchandise inventory on account from Tripp...
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