5 The Sears company had the following business transactions during December: Required: Match the appropriate special journals with the business transactions. Write the correct letter from the special journal i the table below. Sold merchandise on credit for $12,000 to Jufair Company. The cost of the goods sold is $4,000. Credit terms 2/10, n/30. Invoice No. 167. Purchased merchandise on credit for $3,500 from Juffair Company, terms 3/15, n/60. Sold merchandise for $1,000 cash to CAR corp., Invoice No. 145. The cost of the goods sold is $400. Paid the amount owed to ABC Company. Check No. 187. A. Sales journal B. Cash Receipt journal C. Cash Payment journal D. Purchases journal QUESTION S A company had the following purchases during its first year of operations: January March Purchases 30 units at $40 Sales 35 units at $20 May 42 units at $60 The company uses FIFO method to determine its cost of inventory. a. What is the cost of goods sold in May? b. What is the total cost of goods purchased during the year? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial 10pt TIT QUESTION 9 XYZ company provided the following information: Sales Accounts payable Selling expenses Administrative expenses Other revenues Cost of goods sold Cash Other expenses $30,000 3.000 4.000 5.500 10,000 13,500 12,000 7,000 Required: Calculate the following: (SHOW YOUR CALCULATIONS) 1. Gross profit 2. Net income/ loss (note: specify whether the company had net income or net loss) QUESTION 10 Sony Company had the following transactions in December: Dec. 2 Dec. 4 Sony purchased $300,000 merchandise inventory on account terms, 2/10, n/30, FOB shipping point. Sony returned $70,000 of the merchandise purchased on Dec. 2 because it was defective. Dec. 10 Sony paid the invoice dated Dec 2 less returns and discount. Required: Prepare journal entries for these 3 transactions assuming Sony uses a perpetual inventory system. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial 10pt A T QUESTION 11 Hazards company had the following data: Beginning inventory (on May 1) Purchases during May Cost of goods sold during May $190 $2,700 $2,870 Based on the above data, calculate ending inventory as of May 30: $20 $5,760 $2,510 $360 QUESTION 13 Brown Company's bank statement for September 30 showed: Bank statement balance Book balance of cash $4,210 $6,560 6 points Save Answer The following information was also available as of September 30: a. A customer's check for $950 marked NSF was returned to Brown Company by the bank. In addition, the bank charged the company's account a $30 processing fee. b. The September 30 cash receipts, $6,000 were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30 bank statement. c. Outstanding checks amounted to $3,910. d. A check for rent expense was written for $2,198 but by mistake was recorded in the accounting records as $2,918. Required: Prepare bank reconciliation as of September 30. QUESTION 12 Hawk Company establishes a $350 petty cash fund on September 9. The journal entry to establish the fund Dr petty cash account and Cr petty cash expense account; 350 Dr petty cash account and Cr cash account; 350 O Dr petty cash expense account and Cr petty cash account; 350 O Dr cash account and Cr petty cash account; 350 QUESTION 6 Assume that the Petty Cashier of a $700 petty cash fund has $40 in cash plus $660 in receipts at the end of the month. The entry to replenish (reimburse) the petty cash fund will include: A credit to Cash for $660 A debit to Cash for $40 A debit to Cash for $660 OA credit to Cash for $40 QUESTION 14 A company had the following purchases during its first year of operations: January April May Purchases 20 units at $7 Sales 30 units at $8 15 units at $14 The company uses the weighted-average method to determine the cost of its inventory. a. What is the weighted average cost per unit in May (round to one decimal place if necessary)? b. What is the cost of goods sold in May? c. What is the cost of ending inventory in May? QUESTION 7 ESG company sold merchandise for $4,000 cash, which has a cost basis of $2,000. The journal entry to record this transaction includes: Dr. to cash and Cr. to sales; $4,000 Dr. to accounts receivable and Cr. to sales; $4,000 Dr. to accounts receivable and Cr. to sales; $2,000 O Dr. to cash and Cr. to sales; $2,000