57%(28)16 out of 28 people found this document helpful
This preview shows page 1 - 3 out of 6 pages.
BUS 591 WEEK 3HOMEWORK ASSIGNMENTAlysia RodgersE5-2Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred.InstructionsJournalize the September transactions.Sept. 6 Purchased calculators from Dragoo Co. at a total cost of $1,650, terms n/30. 9 Paid freight of $50 on calculators purchased from Dragoo Co. 10 Returned calculators to Dragoo Co. for $66 credit because they did not meet specifications.12 Sold calculators costing $520 for $690 to Fryer Book Store, terms n/30. 14 Granted credit of $45 to Fryer Book Store for the return of one calculator that wasnot ordered. The calculator cost $34. 20 Sold calculators costing $570 for $760 to Heasley Card Shop, terms n/30.
E5-6Presented below is information for Zhou Co. for the month of January 2014.Cost of goods sold$212,000Rent expense$ 32,000 Freight-out 7,000Sales discounts 8,000 Insurance expense12,000Sales returns and allowances20,000 Salaries and wages expense60,000Sales revenue370,000Instructions(a) Prepare an income statement using the format presented on page 245.