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(ACC100 -Accountng) Wk6 29a-31a-32a-33a p291

(ACC100 -Accountng) Wk6 29a-31a-32a-33a p291 - Journal...

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Journal 1-May Supplies 300 Cash 300 4-May Inventory 6000 Accounts Payable 6000 8-May Accounts Payable (6000 x .50) 3000 Inventory 3000 10-May Cash 450 Sales Revenue 450 10-May Cost of Goods Sold 250 Inventory 250 13-May Accounts Receivable 3900 Sales Revenue 3900 13-May Cost of Goods Sold 1800 Inventory 1800 14-May Accounts Payable (6000 - 3000) 3000 Cash (3000 x .97) 2910 Inventory (3000 x .03) 90 17-May Sales Returns & Allowances 900 Accounts Receivable 900 17-May Inventory 600 Cost of Goods Sold 600 18-May Inventory 5000 Accounts Payable 5000 26-May Accounts Payable 5000 Inventory (5000 x .02) 100 Cash (5000 x .98) 4900 28-May Cash { (3900 - 900) x .98 } 2940 Sales Discount { (3900 - 900) x .02 } 60 Accounts Receivable (3900 - 900) 3000 29-May Inventory 2160 Cash 2160
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Northeast Electronics Income Statement Month Ended May 31, 2009 Sales Revenue 296,600 Less : Sales discounts (-2400) Sales returns & allowances (-8000) Net sales revenue 286,200 Cost of goods sold 162,000 Gross profit 124,200 Operating expenses General expenses 16,700 Operating income 107,500 Other revenue and expenses Interest Revenue 400 Selling expenses 37,900 Net Income 70,000
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Northeast Electronics Balance Sheet May 31,2009 Assets Current assets Cash 7,800
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