04 GL P4-1a ts 1 eBook MCC McGraw Hill Connect 218.mheducation.c M Question 1- Ch 04 GL P4-1a Saved shipping point, invoice dated July 31. July 31 Sold merchandise that cost $6,800 to Wilson Company for $11,400 under credit terms of 2/10, n/69 Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income For each transaction, indicate the impact each item had on income and the dollar amount of the change in income, if any. on the partial income statement. Input decreases to net income as minus sign. Upon completion, compare the gross profit with the amount reported Impact on income Increase (decrease) to income Ask July 1) Purchased merchandise from Griffin Company for $10,400 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. No impact on income Print erences July 2) Sold merchandise to Wilson Company for $3,100 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. July 2) The cost of the merchandise sold to Wilson Company was $1,860. July 3) Paid $1,005 cash for freight charges on the purchase of July 1. July 8) Sold merchandise for $6,100 cash. July 8) The cost of the merchandise sold was $3,700. July 9) Purchased merchandise from Lee Company for $4,400 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11) Received a $900 credit memorandum from Lee Company for the return of part of the merchandise purchased on July 9. July 12) Received the balance due from Wilson Company for the invoice dated July 2, net of the discount. July 16) Paid the balance due to Griffin Company within the discount period. July 19) Sold merchandise to Garcia Company for $5,600 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 19) The cost of the merchandise sold to Garcia Company was $3,900. July 21) Issued a $1,100 credit memorandum to Garcia Company for an allowance on goods sold on July 19. July 24) Paid Lee Company the balance due, net of discount. July 30) Received the balance due from Garcia Company for the invoice dated July 19, net of discount. July 31) Sold merchandise to Wilson Company for $11,400 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. July 31) The cost of the merchandise sold to Wilson Company was $6,800. Total gross profit Increases net income Decreases net income No impact on income Increases net income Decreases net income No impact on income No impact on income Decreases net income No impact on income Increases net income Decreases net income Decreases net income No impact on income Decreases net income Increases net income Decreases net income $ 0 W

04 GL P4-1a ts 1 eBook MCC McGraw Hill Connect 218.mheducation.c M Question 1- Ch 04 GL P4-1a Saved shipping point, invoice dated July 31. July 31 Sold merchandise that cost $6,800 to Wilson Company for $11,400 under credit terms of 2/10, n/69 Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income For each transaction, indicate the impact each item had on income and the dollar amount of the change in income, if any. on the partial income statement. Input decreases to net income as minus sign. Upon completion, compare the gross profit with the amount reported Impact on income Increase (decrease) to income Ask July 1) Purchased merchandise from Griffin Company for $10,400 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. No impact on income Print erences July 2) Sold merchandise to Wilson Company for $3,100 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. July 2) The cost of the merchandise sold to Wilson Company was $1,860. July 3) Paid $1,005 cash for freight charges on the purchase of July 1. July 8) Sold merchandise for $6,100 cash. July 8) The cost of the merchandise sold was $3,700. July 9) Purchased merchandise from Lee Company for $4,400 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11) Received a $900 credit memorandum from Lee Company for the return of part of the merchandise purchased on July 9. July 12) Received the balance due from Wilson Company for the invoice dated July 2, net of the discount. July 16) Paid the balance due to Griffin Company within the discount period. July 19) Sold merchandise to Garcia Company for $5,600 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 19) The cost of the merchandise sold to Garcia Company was $3,900. July 21) Issued a $1,100 credit memorandum to Garcia Company for an allowance on goods sold on July 19. July 24) Paid Lee Company the balance due, net of discount. July 30) Received the balance due from Garcia Company for the invoice dated July 19, net of discount. July 31) Sold merchandise to Wilson Company for $11,400 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. July 31) The cost of the merchandise sold to Wilson Company was $6,800. Total gross profit Increases net income Decreases net income No impact on income Increases net income Decreases net income No impact on income No impact on income Decreases net income No impact on income Increases net income Decreases net income Decreases net income No impact on income Decreases net income Increases net income Decreases net income $ 0 W

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.1P: Purchase-related transactions The following selected transactions were completed by Epic Co. during...

See similar textbooks