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 […]

 

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. . The following are the account balances from the Adjusted Trial Balance of SGA Incorporated as of Jan 31, 2010. Use the account balances and Prepare 1. INCOME STATEMENT for the month of January 2- The STATEMENT of RETAINED EARNINGS as of January 31 3- BALANCE SHEET as of January 31. Cash 60,000 Rent Expense 5,000 Equipment 30,000 Supplies Expense 9,000 Accumulated Depreciation :Equip. 5,000 Salaries Expense 4,000 Unearned Fees 6,000 Utilities Expense 5,000 Interest Receivable 1,000 Retained Earnings, Jan 1 14,000 Supplies 13,000 Insurance Expense 1,000 Accounts Receivable 10,000 Advertising expense 3,000 Unexpired Insurance 3,000 Depreciation expense 1, 000 Capital Stock 47,000 Prepaid Rent 60, 000 Dividends 7,000 Fees Earned 130, 000 Accounts Payable 10,000 INCOME STATEMENT for the month of January 2- The STATEMENT of RETAINED EARNINGS as of January 31 3- BALANCE SHEET as of January 31. Cash 60,000 Rent Expense 5,000 Equipment 30,000 Supplies Expense 9,000 Accumulated Depreciation :Equip. 5,000 Salaries Expense 4,000 Unearned Fees 6,000 Utilities Expense 5,000 Interest Receivable 1,000 Retained Earnings, Jan 1 14,000 Supplies 13,000 Insurance Expense 1,000 Accounts Receivable 10,000 Advertising expense 3,000 Unexpired Insurance 3,000 Depreciation expense 1, 000 Capital Stock 47,000 Prepaid Rent 60, 000 Dividends 7,000 Fees Earned 130, 000 Accounts Payable 10,000

August 13, 2019 in /by

. The following are the account balances from the Adjusted Trial Balance of SGA Incorporated as of Jan 31, 2010. Use the account balances and Prepare 1. INCOME STATEMENT for the month of January 2- The STATEMENT of RETAINED EARNINGS as of January 31 3- BALANCE SHEET as of January 31. Cash  60,000 Rent Expense    5,000 Equipment […]

 

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