January 1 January 5 Sheridan Inc. is a retailer operating in British Columbia. Sheridan uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Sheridan Inc. for the month of January 2022. January 8 January 1 January 5 January 8 January 10 January 15 January 16 January 20 January 25 January 10 January 15 January 16 Date January 20 January 25 4 $ $ $ Gross profit $ Moving-Average Cost per unit $ $ $ $ Beginning inventory Purchase Sale Ending inventory Sale return Purchase Purchase return Sale Description Purchase Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round moving-average cost per unit answers to 3 decimal places, e.g. 5.251.) Cost of goods sold $ $ $ Quantity 100 LIFO 147 114 10 55 5 93 22 $ Unit Cost or Selling Price $ For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round average-cost per unit to 3 decimal places, e.g. 12.502 and final answer to O decimal places, e.g. 1,250.) $ $17 20 FIFO 30 30 22 22 34 24 $ $ $ Moving-average

Cash receipt journal

Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances. Nix'It uses the perpetual inventory system. Retained earnings Dividends Sales Sales discounts Sales returns and allowances Prepare the company's year-end closing entries. View transaction list Journal entry worksheet 1 2 Date July 31 3 4 Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits. $ 120,300 Cost of goods sold 7,000 Depreciation expense 175,000 Salaries expense 3,400 Miscellaneous expenses 6,000 Record entry General Journal Clear entry Debit Credit $ 106,500 10,800 35,000 5,000 View general journal >

Journalize the transactions for Williams Market during December of the current year. Use page 12 of a general journal. Journalize the January transaction on page 16 of a cash payments journal. Source documents are abbreviated as follows: memorandum, M; debit memorandum, DM; credit memorandum, CM; sales invoice, S. No C is required in the Ck. No. column.

Recording Sales Transactions Jeet Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: a. On April 1, Jeet purchased merchandise on account from Reece with credit terms of 2/10, n/30. The selling price of the merchandise was $3,100, and the cost of the merchandise sold was $2,225. b. On April 1, Jeet paid freight charges of $250 cash to have the goods delivered to its warehouse. c. On April 8, Jeet returned $800 of the merchandise. The cost of the merchandise returned was $500. d. On April 10, Jeet paid Reece the balance due. Required: Prepare the journal entries to record these transactions on the books of Reece Company. For a compound transaction, if those boxes in which no entry is required, leave the box blank. April 1 (Recorded sale on account) April 1 (Recorded cost of merchandise sold) April 8 (Record return of merchandise) April 8

Score $250 vork i Saved Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $25,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $16,750. Sydney pays $675 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,100 of the $25,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $737. 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately. (Both Sydney and Troy use a perpetual inventory system and the gross method.) 1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. Complete this…

Recording Sales and Shipping Terms Milano Company shipped the following merchandise during the last week of December 2022. All sales were on credit. Sales Price Shipping Terms Date Goods Shipped Date Goods Received $5,460 FOB shipping point December 27   January 3 $3,800 FOB destination December 29   January 5 $4,250 FOB destination December 29   December 31   Required: 1.  Compute the total amount of sales revenue recognized by Milano from these transactions.  2.  If Milano included all of the above shipments as revenue, what would be the effect on the financial statements? Enter all amounts as positive numbers.