n/30. If Ancheta returns P2,000 of the goods to the vendor, the entry to record the 7. Grace Ancheta Company which uses the gross price method of recording purchase and the periodic inventory system, bought merchandise for P8.000, terms 2/10 return should include a Scanned with Camicarver | 8-37 credit to purchases returns and allowances of P1,960. b. debit to accounts payable of P2,000. C debit to discounts lost of P40. d. debit to purchases returns and allowances of P1,960. а. 8. The Dec. 31, 2014 trial balance for Aileen Maglana Company included the following: purchases, P40,000; purchases returns and allowances, P2,000; transportation in, P3,000; ending inventory was P8,000. What was the cost of goods sold for 2014? а. Р39,000 b. P33,000 с. Р38,000 d. none of the above 9. In preparing a ten-column worksheet for a merchandising firm that uses the periodic inventory system a. the beginning inventory is extended as a credit in the balance sheet columns. b. the beginning inventory is extended as a .credit in the income statement columns. C. the ending inventory is shown as a credit in the income statement columns and as a debit in the balance sheet columns. d. the ending inventory is shown as a debit in the income statement columns and as a credit in the balance sheet columns. 10. The basic differences between the financial statements of a merchandising entity and a service entity include the cost of goods sold section of the income statement and the a. equity section of the balance sheet. b. inclusion of merchandise inventory on the balance sheet as a current asset. c. other income section of the income statement. d. profit figure. 11. The excess of net sales over the cost of goods sold is called c. operating profit. d. profit. a. gross profit. b. merchandising income. 12. After all adjusting entries are posted, the balances of all asset, liability, income, and expense accounts correspond exactly to the amounts in the c. unadjusted trial balance. d. worksheet trial balance. a. financial statements. b. post-closing trial balance.

Journalize the following transactions for the Evans Company. Assume the company uses a perpetual inventory system. (a) Sold merchandise for $645. The cost of goods sold was $375. (b) Sold merchandise for $432 and accepted VISA as the form of payment. The cost of goods sold was $195. (c) Sold merchandise on account for $670. The cost of goods sold was $438. (d) Paid credit card fees for the month of $85. Journal Date Description Debit Credit

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Sales-related transactions Sayers Co. sold merchandise on account to a customer for $86,000 terms 1/10, n/30. The cost of the goods sold was $66,000. a. Journalize Sayers' entries to record the sale, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it bla b. Journalize the receipt of payment within the discount period. If an amount box does not require an entry, leave it blank. c. Journalize the entry to record the receipt of payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank. Previous Next Check My Work All work saved. Email Instructor Save and Exit Submit Assignment for Gr APR étv

p. Using the perpetual inventory system, journalize the entries for the following selected transactions: i. Sold merchandise to customers who used MasterCard and VISA, $9,500. The cost of the merchandise sold was $5,300. ii. Paid an invoice from First National Bank for $385, representing a service fee for processing MasterCard and VISA sales. Date Description Post. Debit Credit Ref. 90269-1

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M IN V F. R | B. H. G. 9- 4. 8. 2$ ) MacBook Pro b. a. Under a perpetual inventory system, record the journal entries required for the above transactions. If an amount box does not require an entry, leave it blank. Travis Company purchased merchandise on account from a supplier for $5,400, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period.

Journalize sales transactions. BE5.4 (LO 3), AP Prepare the journal entries to record the following transactions on Borst Company's books using a perpetual inventory system. a. On March 2, Borst Company sold $800,000 of merchandise on account to McLeena Company, terms 2/10, n/30. The cost of the merchandise sold was $540,000. b. On March 6, McLeena Company returned $140,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $94,000. c. On March 12, Borst Company received the balance due from McLeena Company. Journalize purchase transactions.

Journalize the following merchandise transactions: (If an amount box does not require an entry, leave it blank.) a. Sold merchandise on account, $12,900, with terms 2/10, net 30. The cost of the merchandise sold was $8,385. Sale Cost b. Received payment within the discount period.