3) Journalize the following merchandise transactions A Sold merchandise on account, $17,300 with terms 2 10, net 30 The cost of the merchandise sold was $12,600 B Received payment less the discount 4 Selected data from the ledger of Morrison Co after adjustment at September 30, 2011 the end of the fiscal year, are listed as follows Accounts Receivable $ 39,120 Office Equipment $ 82,700 Accumulated Depreciation 60,540 Prepaid Insurance 4,680 Administrative Expenses 90,000 Note Payable 77,750 Bob Morrison, Capital 85,000 Salaries Payable 3,060 Cost of Merchandise Sold 550,000 Sales (net) 950,000 Bob Morrison, Drawing 65,000 Selling Expenses 102,000 Interest Revenue 10,000 Supplies 3,125 Prepare an income statement, using the single step form, and a statement of owner's equity 5 Prepare a multiple step income statement for Armour Co from the following data for the year ended December 31, 2014 Sales, $790,000 cost of merchandise sold, $330,000 administrative expenses, $35,000 interest expense, $20,000 rent revenue, $25,000 sales returns and allowances, $35,000 selling expenses, $50,000

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 15, 2024

3) Journalize the following merchandise transactions: A. Sold merchandise on account, $17,300 with terms 2/10, net 30. The cost of the merchandise sold was $12,600.

3) Journalize the following merchandise transactions:

A.	Sold merchandise on account, $17,300 with terms 2/10, net 30. The cost of the merchandise sold was $12,600.
B.	Received payment less the discount.

4. Selected data from the ledger of Morrison Co. after adjustment at September 30, 2011 the end of the fiscal year, are listed as follows:

Accounts Receivable	$ 39,120	Office Equipment	$ 82,700
Accumulated Depreciation	60,540	Prepaid Insurance	4,680
Administrative Expenses	90,000	Note Payable	77,750
Bob Morrison, Capital	85,000	Salaries Payable	3,060
Cost of Merchandise Sold	550,000	Sales (net)	950,000
Bob Morrison, Drawing	65,000	Selling Expenses	102,000
Interest Revenue	10,000	Supplies	3,125

Prepare an income statement, using the single-step form, and a statement of owner's equity.

5. Prepare a multiple-step income statement for Armour Co. from the following data for the year ended December 31, 2014.

Sales, $790,000; cost of merchandise sold, $330,000; administrative expenses, $35,000; interest expense, $20,000; rent revenue, $25,000; sales returns and allowances, $35,000; selling expenses, $50,000.