11 Prepare the necessary journal entries on the books of Willet Inc. to record the following transaction, assuming a perpetual inventory system (You should select at least two from the list below). -sold $5,000 of merchandise on account, terms 1/10, n/30. The cost of the merchandise sold is $4000. Dr. A/R 5000 Dr. COGS 4000 Cr. Sales Revenue 5000 Cr. Inventory 4000 Dr. Cash 4950 Cr. A/R 5000 Dr. Sales Discounts 50 8 Edeka Inc. recorded the following transactions about a purchase of merchandise: Received goods for $10,000, credit terms 2/10, n/30. Received $400 credit for the returned defective merchandise. Paid the invoice within the discount period. As a result of these events, the company's inventory becomes OS 9800 $10000 $10192 $9408 9 Carnegie Co. buys merchandise on account for $8,000 from MoonRiver Co. with credit terms of 3/16, n/30. Carnegie Co. sends a check to settle the account within the discount period. Which of the following is belong to the entry Moon River Co. makes to upon receipt of the check? IS O Cr. Sales Discounts 240 O Cr. Cash 7760 O Cr. Inventory 240 O Cr. A/R 8000 Red's Electronics had an inventory of 20 TV sets at a cost of $400 each. Assuming the company uses a perpetual inventory system, which of the following is not a part of the journal entry for this transaction. -Sold 5 TV sets to Corner Store Co. for $600 each, terms 1/15, n/30. m Cr. Sales Revenue 2000 Dr. Inventory 2000 Dr COGS 3000 O Dr. A/R 3000 The respective normal account balances of Inventory, COGS, and Income Summary are debit, debit, credit O credit, debit, credit O credit debit, debit O credit, credit, credit 6 Income statement components of Grip Co. for 2019 and 2020 are presented in the table below. There are some missing amounts. What is (c)? Year COGS Sales Revenue 45000 (c) Gross Profit 15000 19000 Operating Expense (b) 12000 2019 2020 (a) 45000 Net Income 5000 (d) 30000 64000 10000 7000 7 An inexperienced accountant made the following error in recording merchandising transactions. Prepare the correcting entry (You should select at least two from the list below). A $200 credit purchase of merchandise was debited to Supplies $20 and credited to A/P $20 Dr. Inventory 200 Cr. A/P 180 Cr. Inventory 180 Cr. Supplies 20 Dr. A/P 20