klasenwk3.pdf - Week 3 Homework Template Instructions Only...

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Week 3 Homework Template Instructions:Only enter data in the yellow boxes. The remaining areas are already completed for you. Save the file as follows: lastnamewk1.docx Submit to the assignment box before the due date. (Late assignments will receive a late penalty). Remember to show your calculations where necessary! (Use empty space under the tables to do so). Exercise 5-2 (a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting). Date Account Titles and Explanation Debit Credit Sept. 6 Calculators 3,300 9 Paid Freight 50 10 Returned Calculators 66 12 Sold Calculators 520 12 Sold Calculators 690 14 Bookstore Credit 45 14 Calculator 34 20 Sold Calculators 570 20 Sold Calculators 760 Exercise 5-6 is on the next page
Exercise 5-6 (a)Prepare an income statement using the format presented in Illustration 5-11. (b)Prepare a comprehensive income statement. (c)Calculate the profit margin and gross profit rate.

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