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18.104.22.168.Course: MGMT 210 FinancialAccounting - OnlineAssignment: 4.5 - Homework:MyAccountingLab™ Homework 4Which account does a merchandiser use that a service company does not use?A.Sales RevenueB.Cost of Goods SoldC.Merchandise InventoryD.All of the abovepurchased inventory for and also paid a freight bill. returned % of the goods to the seller and later took a % purchase discount. Assume uses a perpetual inventory system. What is 's final cost of the inventory that it kept? (Round your answer to the nearest wholenumber.)Downtown Market$4,800$280Downtown Market253Downtown MarketDowntown MarketA.$3,492B.$1,164C.$3,772D.$3,696sold inventory for , terms /10, n/30. Cost of goods sold was . How much sales revenue will report from the sale? (Assume the company records sales at the net amount.)Fabulous Fern$290,0001$170,000Fabulous FernA.$120,000B.$170,000C.$287,100D.$290,000's Furniture's unadjusted Merchandise Inventory account at year-end is . The physical count of inventory came up with a total of . Journalize the adjusting entry needed to account for inventory shrinkage. (Record debitsfirst, then credits. Select the explanation on the last line of the journal entry table.)Pati$61,000$59,600DateAccounts and ExplanationDebitCreditCost of Goods Sold1,400Merchandise Inventory1,400Adjustment for inventory shrinkage.
5.Company uses a perpetual inventory system. The adjusted trial balance of Company at , follows:Big Papi MusicBig Papi MusicJune 30, 2018(Click the icon to view the adjusted trial balance.)1Read the requirements .2Requirement 1. Prepare multi-step income statement for the year ended . (Use a minus sign or parentheses to show other expenses.)Big Papi'sJune 30, 2018Big Papi Music CompanyIncome StatementYear Ended June 30, 2018Net Sales Revenue187,000$Cost of Goods Sold84,150Gross Profit102,850Operating Expenses:Selling Expenses19,000$Administrative Expenses17,500Total Operating Expenses36,500Operating Income66,350Other Income and (Expenses):Interest Expense(1,200)Total Other Income and (Expenses)(1,200)Net Income (Loss)65,150$Requirement 2. Journalize closing entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)Big Papi'sStart by closing revenues. Do not close the expenses; this will be done in the next step.DateAccounts and ExplanationDebitCreditJun. 30Sales Revenue187,000Clos. (1)Income Summary187,000To close revenues.Close expenses for the period.
DateAccounts and ExplanationDebitCreditJun. 30Income Summary121,850Clos. (2)Cost of Goods Sold84,150Selling Expenses19,000Administrative Expenses17,500Interest Expense1,200To close expenses.Close Income Summary.DateAccounts and ExplanationDebitCreditJun. 30Income Summary65,150Clos. (3)Retained Earnings65,150To close Income Summary.Close Dividends.DateAccounts and ExplanationDebitCreditJun. 30Retained Earnings41,500Clos. (4)Dividends41,500To close Dividends.