cash flow.docx - Week 3 Homework Template Instructions Only...

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Week 3 Homework TemplateInstructions:Only enter data in the yellow boxes. The remaining areas are already completed for you. Save the file as follows: lastnamewk1.docxSubmit 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). DateAccount Titles and ExplanationDebitCreditSept. 6Puchased calculators at 1,650 terms n/30Inventoryaccounts payable 1,6501,6509Freight of $50-Inventory 50Cash5010Returns on calculators $66accounts payable 66Inventory 6612Sold calculators costing $520 for $690 fryer book store, terms n/30Accounts receivables 690Sales revenue 69012Cost of goods sold 520Inventory52014Granted credit of $45 to fryer book store cost $34Sales returns and allowance45Accounts receivables 4514Inventory34
Cost of goods sold 3420Sold calculators cost $570 to heasley $760 card shop, terms n/30Accounts reveivable 760Sales revenue 76020Cost of goods 570Inventory 570Exercise 5-6 is on the next pageCost of goods sold$212,000Rent expense$ 32,000Freight‐out7,000Sales discounts8,000Insurance expense12,000 Sales returns and allowances20,000Salaries and wages expense60,000 Sales revenue 370,000Income tax expense5,000Other comprehensive income (net of $400 tax)2,000salesSales revenues 370,000less: Sales returns and allowances 20,00Sales discount 8,000Net Sales 28,000Gross of goods sold 212,000Gross ProfitOperating Expenses

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