View the step-by-step solution to:

Question

# Net method. Sorry for

the rotation.

\$(417.000)
b. \$895,000
D. 5417,000
d. \$973,000
B. Chipatie has cash of \$12,500, Inventory of 532,000, accounts receivable of \$8,000, and
Accounts payable of \$7.809. What le Chipotle's acid-test (quick) ralliof
a. 1.64
b. D.145
c. 2.85
d. 6.91
Audrey's Bike Shop had the following transactions during the month of May:
5/1
Purchased merchandise for cash, \$720.
5/2
Sold merchandise to Alston's Hobby Shop on credit for \$4,800. terms 1/15, n/60. The
Items sold had a cost of \$2.700.
5/3
Sold merchandise to Katie Company on credit for \$600, terms 2/10. n/30. The cost of the
marchandiso sold was \$350.
5/4
Purchased merchandise from Anna's Outdoors on credit for \$2,600, term 1/20, n/30.
Paid \$250 for freight costs.
515
Alston's Hobby Shop returned merchandise that had a selling price of \$200. The cost of
the merchandise returned was \$110.
Sold merchandise to Refity, Inc, an credit for \$1.300. term 2/10, n/30. The cost of the
merchandise sold was \$750.
5/B
Kake Company returned merchandise from the May 3 sale with a selling price of \$100.
The cost of merchandise returned was \$55.
5/10
Purchased \$3,500 supplies from Alex's Wheel Store on credit, term 2/10, n/30. Paid
freight costs of \$425.
5/12
Sold merchandise to John's Sporting Goods for cash of \$425. The cost of the
merchandise was \$250.
5/13 Alston's Hobby Shop paid for the merchandise sold on May 2.
5/16 Reilly, Inc. paid the full amount due from May 7.
5/19
Received a credit memorandum from Anna's Outdoors for the return of faulty
5/23
merchandise purchased on May 4 for \$600.
Paid for the merchandise purchased from Anna's Outdoors less the returned portion.
5/25 Paid the full amount owed to Alex's Wheel Store from the purchase on May 10.
5/31 Katie Company paid the full amount due from May 3.
a. Prepare joumal entries for Audrey's Bike Shop using the periodic inventory system.
b. Prepare journal entries for Audrey's Bike Shop using the perpetual inventory system.
O LIVE

### Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

• ### -

Study Documents

Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

Browse Documents