the information below, what was the net income from all of the May transactions? May 5: Kesha purchases black cocktail dresses from Party Attire Inc. on account. Kesha purchased 100 dresses for $60 each. Terms are 2/15 n30. Freight terms are FOB shipping point. May 7: Kesha returns 10 dresses from the May 5 purchase because they are the incorrect color. May 9: The freight bill for the May 5 purchase is $500. May 11: Kesha sells 100 jumpsuits purchased in April to Danni's Boutique for $40 each. The cost of the jumpsuits was $25. Terms are 3/10 n45. Shipping terms are FOB destination point. May 11: The freight bill for the May 11 sale to Danni's Boutique is $75. May 12: Danni's Boutique calls and complains that 5 of the jumpsuits purchased were damaged. Rather than send them back, Danni requested a $200 allowance. Kesha granted the allowance. May 12: Kesha purchases for cash 200 Lew E. Vitton Handbags from Knockoffs R Us, Co. for $45 each. Freight terms are FOB destination point. May 13: The freight bill for the May 12 purchase is $350. May 14: Kesha determines that she could have purchased the Lew E. Vitton handbags for 10% less from Backroom Designs LLC. She contacts Knockoffs R Us and negotiates a 10% allowance. May 16: Kesha pays the amount owed for the May 5 purchase.

Use the following information for the Quick Study below. (Algo) (11-14) Skip to question   [The following information applies to the questions displayed below.]Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $31 each.   Purchases on December 7 10 units @ $17.00 cost Purchases on December 14 20 units @ $23.00 cost Purchases on December 21 15 units @ $25.00 cost   QS 5-14 (Algo) Perpetual: Inventory costing with specific identification LO P1 Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification.

You sold  $8,000 of inventory for $10,000  on terms 2/10,n/30.  If your customer pays the bill on day five, which of the following are true statements relating to just the day five transaction? Remember that the larger number in a transaction will be the revenue and the smaller one will be the cost of goods sold.  A. You will debit cash for $10,000 B. You will credit inventory for $200 C. You will debit discounts for $200 D. You will debit cash for $9,800 E. You will label this transaction as paid bill F. You will label this transaction as a cash entry   Select all that apply.

Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 28 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $18.00 cost 32 units @ $27.00 cost 28 units @ $32.00 cost Required: Monson sells 28 units for $45 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned t December 31 ending inventory when costs are assigned based on LIFO. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance # of units Cost of Goods # of Cost per Cost per Cost of Goods unit Cost per # of units Inventory Balance Date Available for units unit Sold unit Sale sold December 7 December 14 December 15 December 21 Totals

ok DS Unlimited has the following transactions during August. August 6 Purchases 52 handheld game devices on account from GameGirl, Incorporated, for $110 each, terms 2/10, n/60. August 7 Pays $310 to Sure Shipping for freight charges associated with the August 6 purchase. August 10 Returns to GameGirl seven game devices that were defective. August 14 Pays the full amount due to GameGirl. August 23 Sells 32 game devices purchased on August 6 for $130 each to customers on account. The total cost of the 32 game devices sold is $3,670.00. Required: Record the transactions of DS Unlimited, assuming the company uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to 2 decimal places.)

Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each.    Purchases on December 7 10 units @ $ 6.00 cost Purchases on December 14 20 units @ $12.00 cost Purchases on December 21 15 units @ $14.00 cost     Required:Monson sells 15 units for $20 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO

Use the following information for the Quick Study below. (Algo) (11-14) Skip to question   [The following information applies to the questions displayed below.]Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $27 each.   Purchases on December 7 10 units @ $13.00 cost Purchases on December 14 20 units @ $19.00 cost Purchases on December 21 15 units @ $21.00 cost   QS 5-12 (Algo) Perpetual: Inventory costing with LIFO LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.

The following transactions were selected from among those completed by Bear's Retail Store: November 20 Sold two items of merchandise to Cheryl Jahn, who paid the $2,200 sales price in cash. The goods cost Bear's $1,200. November 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $7,600 (total); terms 3/10, n/30. The goods cost Bear's $4,300. November 28 Sold 10 identical items of merchandise to Nancy's Gym at a selling price of $8,000 (total); terms 3/10, n/30. The goods cost Bear's $4,900. November 29 Nancy's Gym returned one of the items purchased on the 28th. The item was in perfect condition and credit was given to the customer on account. No further returns are expected. December 6 Nancy's Gym paid the account balance in full. December 30 Vasko Athletics paid in full for the invoice of November 25. Required: Prepare journal entries to record the transactions, assuming Bear's Retail Store records discounts using the gross method in a perpetual inventory…

The following transactions occurred over the months of September to December at Nicole's Getaway Spa (NGS). September Sold spa merchandise to Ashley Welch Beauty for $1,850 on account; the cost of these goods to NGS was $920. October Sold merchandise to Kelly Fast Nail Gallery for $478 on account; the cost of these goods to NGS was $210. November Sold merchandise to Raea Gooding Wellness for $320 on account; the cost of these goods to NGS was $200. December Received $1,230 from Ashley Welch Beauty for payment on its account. Required: 1. Prepare journal entries for each of the transactions. Assume a perpetual inventory system. 2. Estimate the Allowance for Doubtful Accounts required at December 31, assuming the only receivables outstanding at December 31 arise from the transactions listed above. NGS uses the aging of accounts receivable method with the following uncollectible rates: one month, 3%; two months, 5%, three months, 20%; more than three months, 30%. 3. The Allowance for…