Week 1 Assignment - E5-5 1)Dec3 Accounts...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: E5-5) 1)Dec3 Accounts Receivable500,000.00 Sales500,000.00 Cost of Goods Sold350,000.00 Merchandise Inventory350,000.00 2)Dec8 Sales Returns and Allowances27,000.00 Accounts Receivable27,000.00 3)Dec13 Cash463,540.00 Sales Discounts9460Accounts Receivable473,000.00 E5-6a)Income StatementAs of October 31, 2008RevenuesSales800,000.00 Less: Sales Returns and Allowances25,000.00 Sales Discounts15,000.00 40,000.00 Net Sales760,000.00 b)Closing EntriesOct31 Sales800,000.00 Income Summary800,000.00 31 Income Summary56,000.00 Sales Returns and Allowances25,000.00 Sales Discounts15,000.00 Freight-Out16,000.00 E5-7a)Adjusting EntriesDec31 Cost of Goods Sold900.00 Merchandise Inventory900.00 b)Closing EntriesDec31 Sales108,000.00 Income Summary108,000.00 Income Summary92,800.00 Cost of Goods Sold60,900.00 Operating Expenses29,000.00 Sales Discounts1,200.00 Sales Returns and Allowances1,700.00 Income Summary15,200.00 Retained Earnings15,200.00 E5-8a)Adjusting EntriesJan31 Cost of Goods Sold600.00 Merchandise Inventory600.00 b)Closing EntriesJan31 Sales350,000.00 Income Summary350,000.00 Income Summary341,600.00 Sales Returns and Allowances13,000.00 Sales Discounts10,000.00 Cost of Goods Sold...
View Full Document

  • Summer '10
  • FELECIAWHITLEY
  • Accounting, Revenue, Generally Accepted Accounting Principles, 40%, Nam Company, 90,000.00 6,000.00 84,000.00 56,000.00 28,000.00 15,000.00 13,000.00 31.10%, 105,000.00 5,000.00 100,000.00 58,500.00 41,500.00 26,500.00 15,000.00 39.50%

{[ snackBarMessage ]}

Page1 / 8

Week 1 Assignment - E5-5 1)Dec3 Accounts...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online