10/6

1.06 - The following transactions were selected from among those completed by Bear's Retail Store: Nov, 20 Sold two items of merchandise to Chery Jahn, who paid the 5400 sales price in cash. The goods cost Bear's $300. 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $4,000 (total); terms 3/10,n/30. The goods cost Bear's $2,500. 28 Sold 10 identical items of merchandise to Nancy's Gym at a selling price of $6,000 (total); terms 3/10,n/30. The goods cost Bear's $4,000. 29 Pase 291]Nancy's Gym returned one of the items purchased on the 28th. The item was in perfect condition and credit was given to the customer. Dec. 6 Nancy's 6y m paid the account balance in full. 30 Vasko Athletics paid in full for the invoice of November 25. Required: Compute the total revenae to be reported over the fwo months M6-13 PREPARING A MULTISTEP INCOME STATEMENT LOO 6-6 Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31 yeat-end: Administrative Expenses, \$2,400; Cost of Goods Sold, \$22,728: Income Tax Expense, \$3,000; Interest Expense, \$1,600; Interest Revenue, \$200; General Expenses, \$2,600; Net \$ales Revenue, \$37,880; and Delivery (freight-out) Expense, \$300. Prepare a multistep income statement for distribution to external financial statement users, using a format similar to Exhibir 6.9 . M6-7 RECORDING JOURNAL ENTRIES FOR PURCHASES, PURCHASE RETURNS, SALES, AND SALES RETURNS USING A PERPETUAL. INVENTORY SYSTEM LOO6- 3. During its first year of operations, Tron Auto Dealership (TAD) bought vehicles from a manufacturer on account at a cost of $608,000. TAD returned $152,000 of these vehicles to the manufacturer for credit on its accoumt. TAD then sold $380,000 of the remaining vehicles at a selling price of $685,000. TAD's customers rarely return vehicles, so TAD records sales retumis only as they oecur. One custoner did return a vehicic to TAD, which had been sold to the customer for $137,000. The vehicle was in perfect condition, so it was put back into TAD's inventory at TAD's cost of \$76,000. Prepare journal entries to record these transactions, assuming TAD uses a perpetual inventory system