Wk 3 D1 - E5-17(15-20 min Journal Date 3-Feb Accounts and...

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Unformatted text preview: E5-17 (15-20 min.) Journal Date 3-Feb Accounts and Explanations Inventory (2000 + 50) Accounts payable On account, including FOB Shipping point 7-Feb Accounts Payable Inventory Defective merchandise returned to seller 9-Feb Inventory Accounts payable Paid freight charge from Feb 3 10-Feb Accounts receivable Sales revenue Sale on account 10-Feb COG Sold Inventory Recorded COG Sold 12-Feb 16-Feb 23-Feb Accounts payable Inventory (1700 x 0.02) Cash (1700 x 0.98) Paid within discount period Sales returns & allowances Accounts receivable Granted sales allowance on Feb 10 sale Cash [(3100 - 500) x 0.97] Sales discount [(3100 - 500) x 0.03 Accounts receivable (3100 - 500) Collection on account paid within discount period, minus allowa nal nations Post Ref. Debit 2,050 Credit 2,050 FOB Shipping point 300 300 e returned to seller 50 50 ge from Feb 3 3,100 3,100 ccount 1,700 1,700 OG Sold 1,700 34 1,666 ount period 500 500 ce on Feb 10 sale 2,522 78 2,600 iscount period, minus allowance E5-19 (10-15 min.) Sales Discounts $1,800 5500 2,100 3,000 Cost of Goods Sold $59,400 59800 44,100 72,500 Sales Net Sales $91,500 98,300 62,400 115100 $89,700 92,800 60300 112100 Computations: a. ns-cogs=gp b. ns-s=sd c. ns-gp=cogs d. s-sd=ns e. ns-cogs=gp f. cogs+gp=ns g. s+sd=ns Cost of Goods Sold $59,400 59800 44,100 72,500 Gross Profit 30300 $33,000 18300 39,600 ...
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Wk 3 D1 - E5-17(15-20 min Journal Date 3-Feb Accounts and...

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