Ron_W3DQ1 - E5-17 (15-20 min.) Journal Date Feb. Accounts...

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Unformatted text preview: E5-17 (15-20 min.) Journal Date Feb. Accounts and Explanations 3 Inventory Accounts Payable 7 Accounts Payable Inventory 9 Inventory Cash 10 Accounts Receivable Sales Revenue 10 Cost of Goods Sold Inventory 12 Accounts Payable Inventory ($2,000 x 0.02) Cash ($2,000 x 0.98) 16 Sales Returns and Allowances Accounts Receivable 23 Cash [($3,100 - $500) x 0.97] Sales Discounts [($3,100 - $500) x 0.03] Accounts Receivable ($3,100 - $500) 3,100 3,100 1,700 1,700 2,000 40 1,960 500 500 2,522 78 2,600 300 300 50 50 Post Ref. Debit 2,000 Credit 2,000 E5-19 Sales $91,500 98,300 62,400 f. $115,100 Computations: a. b. c. d. e. f. g. Sales Discounts $1,800 b. $5500 2,100 3,000 Net Sales $89,700 92,800 d. $60,300 g. $112,100 Cost of Goods Sold $59,400 c. $59,800 44,100 72,500 Gross Profit = Net Sales Revenue - Cost of Goods Sold ($89,700 - $59,400) Sales Discounts = Sales Revenue - Net Sales ($98,300 - $92,800) Cost of Goods Sold = Net Sales - Gross Profit ($98,300 - $33,000) Net Sales Revenue = Sales Revenue - Sales Discounts ($62,400 - $2,100) Gross Profit = Net Sales Revenue - Cost of Goods Sold ($60,300 - $44,100) Sales = Sales Discounts + Net Sales ($3,000 + $112,100) Net Sales = Cost of Goods Sold + Gross Profit ($72,500 + $39,600) Cost of Goods Sold $59,400 c. $59,800 44,100 72,500 Gross Profit a. $30,300 $33,000 e. $16,200 39,600 Goods Sold ($89,700 - $59,400) es ($98,300 - $92,800) ofit ($98,300 - $33,000) s Discounts ($62,400 - $2,100) Goods Sold ($60,300 - $44,100) 0 + $112,100) ofit ($72,500 + $39,600) ...
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