Prepare a journal entry for the following transactions of Ken Merchandising.
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Q: Journalizing Sales Transactions
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Q: Explain the purpose of sales journal.
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- McNeil Merchandising Company Accumulated depreciation Beginning inventory Ending inventory Expenses Net purchases Net sales Krug Service Company Expenses Revenues Cash Prepaid rent Accounts payable Equipment $ 12,500 14,000 700 800 200 1,300 $ 700 5,000 1,700 1,450 3,900 9,500 a. Compute the goods available for sale, the cost of goods sold and gross profit for the merchandiser. Hint. Not all information may be necessary. b. Compute net income for each company. a. Goods available for sale a. Cost of goods sold a. Gross profit b. Net income for Krug Service Company b. Net income for McNeil Merchandising CompanyFinancial information is presented below: Operating Expenses Sales Returns and Allowances Sales Discounts Sales Revenue Cost of Goods Sold Gross profit would be O $126400. O $144500. O $113700. O $24200. $ 89500 18100 12700 319200 174700C. As the auditor of STUVWXYZ Partnership Ltd., you discovered the following transaction entries made in 2022 to the Cost and Expense Account control ledger. The respective contra accounts used by the accountant are indicated respectively. The company uses periodic method of recording inventories. Cost and Expense Account Purchase of raw materials P357,657 Purchase discount on purchase of raw Payment of utility bills Salaries of administrative personnel Salaries of sales personnel Commission paid to personnel Payment of machine maintenance Depreciation of building Wages of factory workers Loss incurred on sale of inventories (value of impaired inventories P70,0000 20,000 Sales discount granted to customers 27,300 materials P2,750 29,430 Gain on sale of raw materials, on account 5,000 35,785 22,570 10,530 85,200 Purchase return for defective items 22,470 77,800 15,320 Notes: 1. For debit transactions, the accountant used cash or accounts payable as the credit or contra account 2. For…
- Merchandise purchased for resale.. • Freight In.. • Freight Out. • Purchased returns. Interest on inventory loan. What is the inventoriable cost of the purchase? Gamma Company provided the following information for the current year: .P 4,000,000 100,000 50,000 20,000 200,000 A. P4,280,000 В. Р4,030,000 С. Р4,080,000 D. P4,130,000Kleiner Merchandising Company Accumulated depreciation Beginning inventory Ending inventory Expenses Net purchases $ 700 5,000 1,700 1,450 3,900 9,500 Net sales Krug Service Company $12,500 14, e00 Expenses Revenues Cash 700 Prepaid rent Accounts payable Equipment 800 200 1, зе Required: a. Compute the goods available for sale, and the cost of goods sold and gross profit for the merchandiser. Hint Not all information may be necessary. b. Compute net income for each company. 3/2(To record sales returns) Accounts Receivable Purchase Returns and Allowances (To record cost of goods returned) 4680 4680
- a. Chapters 1-7 G Traducir antaFe iriclars Sotems TB MC Qu. 6-137 Using a perpetual inventory system, how... Using a perpetual Iventory system, how should a company record the sale of Inventory costing $550 for $1,170 on account? 1. InventorY 550 Cost oE GOods Sold 550 Sales Revenue 1,170 Accounts Receivable 1,170 2. Accounts Receivable 1,170 Sales Revenue 1,170 Cost of Goods Sold 550 Inventory 550 550 3. Inventory 620 Gain 1,170 Sales Revenue 1,170 Accounts Receivable 550 Sales Revenues 620 Gain Multiple Choice NeNet sales OR 165000 Cost of the goods sold OR 109000 Details Debit Credit General expenses 11700 Rent 5100 Salaries Payable 9300 Depreciation 1560 Account Payable 3575 Other income 2500 Calculate net profit Select one: O a. RO 31140 O b. RO 34715 O c. RO 40140 O d. RO 27265Ledger in Periodic Inventory system- Chart of Accounts 101- Cash 105- Accounts receivable 110- Merchandise inventory 115- Supplies 130- Equipment 201- Accounts payable 205- Notes payable 301- M. Rojas, Capital 302- M. Rojas, Drawing 401- Sales 405- Sales return and allowances 410- Sales discount 501- Purchases 505- Purchase return and allowances 510- Purchase discount 515- Freight in 601- Salaries expenses 644- Freight out 1-The owner, Mario Rojas invested P 15,000 to his newly opened business. 2 Purchased merchandise on account from National Suppliers, P 8,000 – terms: 2/10, n/30, FOB, Shipping Point – P 220. 4 - Purchased store supplies in cash, P 1,600. 6 - Received credit refund from National Suppliers due to merchandise with defects, P 200. 7 - Sold merchandise on account P 4,400 – terms: 2/10, n/30, FOB Destination – P 110. 10 - Purchased store equipment worth P 18,000, terms: 2/10, n/30. 12 - Paid National Suppliers in full. 13 - Purchased merchandise…
- A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize this sales return, assuming the customer has not yet remitted payment to the retailer? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, purchases D. sales discounts, cost of goods soldA retailer returns $400 worth of inventory to a manufacturer and receives a full refund. What accounts recognize this return before the retailer remits payment to the manufacturer? A. accounts payable, merchandise inventory B. accounts payable, cash C. cash, merchandise inventory D. merchandise inventory, cost of goods soldAnalyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following transactions: a. Made credit sales of $825,000. The cost of the merchandise sold was $560,000. b. Collected accounts receivable in the amount of $752,600. c. Purchased goods on credit in the amount of $574,300. d. Paid accounts payable in the amount of $536,200. Required: Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash.