Horne Inc. and Sperling Renovations Ltd. both sell goods and use the perpetual inventory system. Horne Inc. had $3,000 of merchandise inventory at the start of its fiscal year, January 1, 2015. During the 2015, Horne Inc. had the following transactions: May 5 Horne sold $4,000 of merchandise on account to Sperling Renovations Ltd., terms 2/10, net 30. Cost of merchandise to Horne from its supplier was $2,500. 7 Sperling returned $500 of merchandise received in error which Horne returned to inventory; Horne issued a credit memo. Cost of merchandise to Horne was $300. 15 Horne received the amount due from Sperling Renovations Ltd. A physical count and valuation of Horne's Merchandise Inventory at May 31, the fiscal year-end, showed $700 of goods on hand. Required: Prepare journal entries to record the above transactions and adjustment: a. In the records of Horne Inc. b. In the records of Sperling Renovations Ltd.

Please help me

Jordache Corp. uses a perpetual inventory system and sells merchandise on account to Polo Limited for $2.000 on February 2, terms n/10. Management expects returns of 10%. The goods cost Jordache $800. On February 5, Polo returns merchandise worth $500 to Jordache. This merchandise costs $300 and is still in saleable condition; therefore, it was put back into inventory. On February 9, Jordache receives payment from Polo for the balance due. Identify the journal entry that Jordache needs to record for the sale of the merchandise on February 2. Accounts Receivable Sales Refund Liability Cash Accounts Receivable Accounts Receivable Sales Accounts Receivable Sales 2,000 1,800 1.800 2,000 1,800 200 1,800 1,800 2,000

The Kwok Company’s inventory balance on December 31, 2016, was $165,000 (based on a 12/31/16 physical count) before considering the following transactions: 1. Goods shipped to Kwok f.o.b. destination on December 20, 2016, were received on January 4, 2017. The invoice cost was $30,000. 2. Goods shipped to Kwok f.o.b. shipping point on December 28, 2016, were received on January 5, 2017. The invoice cost was $17,000. 3. Goods shipped from Kwok to a customer f.o.b. destination on December 27, 2016, were received by the customer on January 3, 2017. The sales price was $40,000 and the merchandise cost $22,000. 4. Goods shipped from Kwok to a customer f.o.b. destination on December 26, 2016, were received by the customer on December 30, 2016. The sales price was $20,000 and the merchandise cost $13,000. 5. Goods shipped from Kwok to a customer f.o.b. shipping point on December 28, 2016, were received by the customer on January 4, 2017. The sales price was $25,000 and the merchandise cost…