CP+Templates - Journal Entries Periodic 1) Purchases 1,400...

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a. Perpetual Inventory b. Perpetual Inventory c. Perpetual Inventory d. Perpetual Inventory
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of 5 points
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(a) (b) (c) Sales 60,000 42,500 36,000 Cost of goods sold   Merchandise Inventory, beginning 6,000 17,050 7,500   Total cost of merchandise purchased 36,000 1550 33,750   Merchandise Inventory, ending -7,950 -2,700 -9,000 Cost of goods sold 34,050 15,900 32,250 Gross Profit 25,950 26,600 3,750 Expenses 9,000 10,650 12,150 Net Income (loss) 16,950 $15,950 -8,400 The text will turn red in t use this format $3,400 Keep in mind, if you are it in brackets to get the t
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of 10 points (d) (e) 78,000 23,600 7,000 2,560 32,000 5,600 -6,600 -2,560 32,400 5,600 45,600 18,000 2,600 6,000 43,000 12,000  these cells when correct amount is entered  subtracting the number, you will need to enter  text to change to red:  example ($7,450)
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of 10 points
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Unformatted text preview: Journal Entries Periodic 1) Purchases 1,400 1) Merchandise Inventory Accounts Payable 1,400 Accounts Payable To record Purchases on account 2) Accounts Payable 1,400 2) Accounts Payable Purchase Discounts 28 Purchase Discounts Cash 1,372 Cash 3) Cash 98 3) Cash Purchase Discounts 2 Purchase Discount Purchases 100 Merchandise Inventory 4) Freight-in 80 4) Merchandise Inventory Cash 80 Cash 5) Accounts Receivable 1,500 5) Accounts Receivable Sales 1,500 Cash Cost of Goods Sold 6) Sales Returns and Allowances 200 Merchandise Inventory Accounts Receivable 200 6) Sales Returns and Allowances Accounts Receivable Merchandise Inventory Cost of Goods Sold s Perpetual 1,400 1,400 1,400 28 1,372 98 2 y 100 80 80 1,500 1,500 750 y 750 200 200 100 100...
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This note was uploaded on 06/13/2010 for the course ACCOUNTING 250 taught by Professor Connie during the Spring '10 term at Phoenix School of Law.

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CP+Templates - Journal Entries Periodic 1) Purchases 1,400...

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