5 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 a part of the journal entry for this transaction. -Purchased 7 TV sets at a cost of $250 each from Vestel, terms 2/10, n/30. Dr. A/P 1750 Cr. Inventory 1750 Dr Cash 1715 O Cr. A/P 1750 3 Backwire Inc. has the balance of inventory in the accounting ledger as $775. The firm makes a physical count of inventory at the end of the month to realize that it has only $750 of merchandise at hand. Based on this data, what is the entry Backwire should make before preparing its adjusted trial balance? (You should select at least two from the list below) Dr. Inventory 25 Dr. Income Summary 25 Dr. COGS 25 Cr. COGS 25 Cr. Inventory 25 The income statement for Hara Co. for the year ended December 31, 2020 is as follows: HARA COMPANY Income Statement For the Year Ended December 31, 2020 Revenues Sales revenue $53,000 Interest revenue 4.000 Total revenues... $57,000 Expenses Cost of goods sold........... 30,000 Salaries and wages expense 18,000 Interest expense..... 1,500 Total expenses 49,500 Net income $ 7.500 Dr. Income Summary 30000 Cr. COGS 30000 Dr. Sales Revenue 53000 Cr. Income Summary 53000 Dr. COGS 30000 Cr. Income Summary 30000 Dr. Owner's Capital 10 Sales revenues are recorded when adjusting entries are made. goods have been transferred from the seller to the buyerr. cash is received from credit sales. an order is received. 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 6 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 Net Income 5000 (d) 2019 2020 (a) 45000 30000 64000 10000 7000 The respective normal account balances of Inventory, COGS, and Income Summary are debit, debit, credit credit debit, credit. credit, debit, debit. credit, credit credit 2 On December 1, 2021, None Co. sells merchandise on account for $4,000 to Wendy's with credit terms of 2/15, n/40. Wendy's returns $400 of merchandise that was damaged on December 3. On December 12, Wendy's sends a check to settle the account. What is the amount of the check? $4312 $3528 $3920 054400