1. nov 5: sold lumbar on account: 17,930. the inventory subsidary ledgar shows the actual cost of merchandise was $11,585.

2. nov. 9: purchased tools on account, $4,600

3. dec 5: collected in cash $17,930 account recievable (from number 1)

4. dec 9: paid the 4,600 owed

5. dec 31: personnel coynted the inventory on hand and determined its cost to be $184,000. the accounting records indicate inventort of $186,190 and cost of goods sold of $671,296. the physical count of inventory is considered correct.

"assume that an index of key business ratios in your library shows hardware stores of calypools approximate size (in total assets) average net sales of $1 million per year and a gross profit margin of 29%"

Prepare journal entries to record these transactions and events in the accounting records of Claypoc perpetual inventory system.) (If no entry is required for a transaction/event, select "No journal entr Journal entry worksheet 56 Record the sale of merchandise on account. Note: Enter debits before credits. Prepare a partial income statement showing the company's gross profit for the year. $1,048,900. Claypool purchases merchandise inventory at the same wholesale prices as other hardware stores. Due to its remote location however, the company must pay between $16,500 and $21,000 per year in extra transportation charges to receive delivery o merchandise. (These additional charges are included in the amount shown as cost of goods sold.) (Round "Gross profit rate" answers to the nearest whole perdantage.) Complete this question by entering your answers in the tabs below. Does the business appear to suffer or benefit financially from its remote location? Required: a. Prepare journal entries to record these transactions and events in the accounting records of Claypool Hardware. (The company uses a perpetual inventory system.) b. Prepare a partial income statement showing the con'pany's gross profit for the year. (Net sales for the year amount to $1,048,900.) c. Claypool purchases merchandise inventory at the same wholesale prices as other hardware stores. Due to its remote location, however, the company must pay between $16,500 and $21,000 per year in extra transportation charges to recelve delivery of merchandise. (These additional charges are included in the amount shown as cost of goods sold.) d. Does the business appear to suffer or benefit financially from its remote location