CheckPoint Inventory Systems

CheckPoint Inventory Systems - Accounts receivable 1500...

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QS 5-8 Exercise 5-9 a. Perpetual a b b. Periodic Sales  $60,000   $42,500  c. Perpetual Cost of good sold d. Perpetual     Merchandise inventory (beginning) 6,000 17,050     Total cost of merchandise purchases 36,000 1550     Merchandise inventory (ending) (7,950) (2,700)     Cost of goods sold 34,050 15,900 Gross profit 25,900 36,600 Expenses 9,000 10,650 Net income (loss)  $16,950   $15,950 
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c d e  $36,000   $78,000   $23,600  7,500 7,000 2,560 33750 32,000 5,600 (9,000) (6,600) (2,560) 32,250 32,400 5,600 3,750 45,600 18,000 12,150 2,600 6,000  $(8,400)  $43,000   $12,000 
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Name Cathy Bandelow ACC 225/Toni General Journal GENERAL JOURNAL Date Account Titles and Explanation P. R. Debit 1-Nov-10 1 Purchases merchandise Merchandise inventory 1400 Accounts payable 5-Nov 2 Pays cash for Nov 1 purchase Accounts payable 1400 Purchase discounts Cash 7-Nov-10 3 Defective merchandise cash refund Cash 98 Purchase discounts 2 Purchases 10-Nov 4 Transportation costs - cash Frieght - in 80 Cash 13-Nov-10 5 Merchandise sales - credit
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Unformatted text preview: Accounts receivable 1500 Sales 16-Nov 6 Customer merchandise returns (Nov 13 trans) Sales returns and allowances 200 Account receivable i Smith Credit 1400 28 1,372 100 80 1500 200 Name Cathy Bandelow ACC 225/Toni General Journal GENERAL JOURNAL Date Account Titles and Explanation P. R. Debit 1-Nov-10 1 Purchases merchandise Merchandise inventory 1400 Accounts payable 5-Nov 2 Pays cash for Nov 1 purchase Accounts payable 1400 Merchandise inventory Cash 7-Nov-10 3 Defective merchandise cash refund Cash 98 Merchandise inventory 10-Nov 4 Transportation costs - cash Merchandise inventory 80 Cash 13-Nov-10 5 Merchandise sales - credit Accounts receivable 1500 Sales COGS 750 Merchandise inventory 16-Nov 6 Customer merchandise returns (Nov 13 trans) Sales returns and allowances 200 Account receivable Merchandise inventory 100 COGS i Smith Credit 1400 28 1,372 100 80 1500 750 200 100...
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CheckPoint Inventory Systems - Accounts receivable 1500...

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