Entries by Hannah Wangui

Assume you are using perpetual inventory system: A) Record the below transactions in a journal B) Post the transactions to T-Ledger Accounts. C) Then determine the followings · Merchandise Inventory Balance $ · COGS Balance $ · Net Sales $ · Gross Profit on Sales $ · Gross Profit Rate Transactions 1. Purchased goods for $140,000 on credit with terms 2/10, n/30. 2. Returned $5,000 of the merchandise. 3. Paid for the merchandise in transaction 1 within 10 days. 4. Sold goods for $45,000 on credit with terms 2/10, n/30. The cost of the goods was $25,000. 5. $4,000 of the goods in transaction 4 was returned. Sale price of goods was $7,000. 6. Received payment for transaction 4 within 10 days. 7. Goods in transaction 1 were purchased with FOB shipping point. The transportation cost $300 was paid in cash. 8. It’s discovered that $700 worth of goods was missing

August 13, 2019 in /by

Assume you are using perpetual inventory system:A)  Record the below transactions in a journal B)   Post the transactions to  T-Ledger Accounts. C)   Then determine the followings ·     Merchandise Inventory Balance $                         ·     COGS Balance $                           ·     Net Sales $                                    ·     Gross Profit on Sales $                             ·     Gross Profit Rate                          Transactions 1.  Purchased goods for $140,000 on credit with terms 2/10, n/30. 2.  Returned […]

 

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Assume you are using perpetual inventory system: A) Record the below transactions in a journal B) Post the transactions to T-Ledger Accounts. C) Then determine the followings · Merchandise Inventory Balance $ · COGS Balance $ · Net Sales $ · Gross Profit on Sales $ · Gross Profit Rate Transactions 1. Purchased goods for $140,000 on credit with terms 2/10, n/30. 2. Returned $5,000 of the merchandise. 3. Paid for the merchandise in transaction 1 within 10 days. 4. Sold goods for $45,000 on credit with terms 2/10, n/30. The cost of the goods was $25,000. 5. $4,000 of the goods in transaction 4 was returned. Sale price of goods was $7,000. 6. Received payment for transaction 4 within 10 days. 7. Goods in transaction 1 were purchased with FOB shipping point. The transportation cost $300 was paid in cash. 8. It’s discovered that $700 worth of goods was missing C) Then determine the followings · Merchandise Inventory Balance $ · COGS Balance $ · Net Sales $ · Gross Profit on Sales $ · Gross Profit Rate Transactions 1. Purchased goods for $140,000 on credit with terms 2/10, n/30. 2. Returned $5,000 of the merchandise. 3. Paid for the merchandise in transaction 1 within 10 days. 4. Sold goods for $45,000 on credit with terms 2/10, n/30. The cost of the goods was $25,000. 5. $4,000 of the goods in transaction 4 was returned. Sale priceAssume you are using perpetual inventory system: A) Record the below transactions in a journal B) Post the transactions to T-Ledger Accounts. C) Then determine the followings · Merchandise Inventory Balance $ · COGS Balance $ · Net Sales $ · Gross Profit on Sales $ · Gross Profit Rate Transactions 1. Purchased goods for $140,000 on credit with terms 2/10, n/30. 2. Returned $5,000 of the merchandise. 3. Paid for the merchandise in transaction 1 within 10 days. 4. Sold goods for $45,000 on credit with terms 2/10, n/30. The cost of the goods was $25,000. 5. $4,000 of the goods in transaction 4 was returned. Sale price of goods was $7,000. 6. Received payment for transaction 4 within 10 days. 7. Goods in transaction 1 were purchased with FOB shipping point. The transportation cost $300 was paid in cash. 8. It’s discovered that $700 worth of goods was missing of goods was $7,000. 6. Received payment for transaction 4 within 10 days. 7. Goods in transaction 1 were purchased with FOB shipping point. The transportation cost $300 was paid in cash. 8. It’s discovered that $700 worth of goods was missing

August 13, 2019 in /by

Assume you are using perpetual inventory system:A)  Record the below transactions in a journal B)   Post the transactions to  T-Ledger Accounts. C)   Then determine the followings ·     Merchandise Inventory Balance $                         ·     COGS Balance $                           ·     Net Sales $                                    ·     Gross Profit on Sales $                             ·     Gross Profit Rate                          Transactions 1.  Purchased goods for $140,000 on credit with terms 2/10, n/30. 2.  Returned […]

 

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"