1. Record the purchase of merchandise in the Journal using the Perpetual system:-

1. Mar1/2022, Alnoor Company purchased merchandise for 14000 Cash
2. Mar3/2022, Alnoor Company purchased merchandise for 16000 on account. (Term, 2/10,n/30)
3. Mar 4 upon delivery, Alnoor paid fright cost of 300.
4. Mar 5 the company noticed that some of the goods did not meet its specifications and decided to return goods with cost of 200.
5. Mar 13 the company paid the balance due.

2. Record the Sale of Merchandise using the Perpetual system:-

1. April 5 X company Sold inventory with a selling price of 15000 on account. The goods costs the company 10,000. (Term, 2/10,n/30)
2. April 6 the customer was unsatisfied with some parts with a selling price of 5000 and cost of 2000 so, he decided to return it.
3. April 29 the customer paid the balance due.

3. Use the following information to prepare the multiple steps income statement:-

• Unearned service revenues: 10000
• Sales revenues 50,000
• Sales discount 1200 Cost of goods sold 20,000
• Gain on Sale of equipment 5000
• Interest revenues 2000
• Interest expenses 4000
• loss from fire 4200
• salaries and wages expenses 1200
• Rent expenses 800
• Rent payable 2000
• Insurance Expenses 200