3. On December 13, R. Humphrey Company rececved the balance due from Fnzier Co. Instructions (a) Prepare the journal entries to record these transactions on the books of R. Humphrey Company using a perpetual inventory system. (b) Assume that R. Humphrey Company received the balance due from Frazier Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. E5-6 The adjusted trial balance of Sang Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2017: Sales Revenue $820,000, Freight-Out $16,000, Sales Returns and Allowances $25,000, and Sales Discounts $13,000. Instructions (a) Prepare the sales section of the income statement. (b) Prepare separate closing entries for (1) sales revenue, and (2) the contra accounts to sales revenue. E5-7 Tim Jarosz Company had the following account balances at year-end: Cost of Goods P Sold $60,000, Inventory $15,000, Operating Expenses $29,000, Sales Revenue $115,000, en sales Discounts $1,200, and Sales Returns and Allowances $1,700. A physical count of (L inventory determines that merchandise inventory on Instructions hand is $13,600. a) Prepare the adjusting entry necessary as a result of the physical count. (b) Prepare closing entries. tion related to Hoerl Co. for the month of January 2017. Pre