8. EX.05.16.ALGO (Algorithmic) eBook Show Me How Sales-Related Transactions Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $50,000, terms n/30. The cost of the goods sold is $30,000. Showcase Co. issues a credit memo for $10,000 for merchandise returned prior to Balboa Co. paying the original invoice. The cost of the merchandise returned is $6,000. a. Journalize Showcase Co.'s entries for (1) the sale, including (2) the cost of the goods sold. If an amount box does not require an entry, leave it blank. (1) (2) b. Journalize Showcase Co.'s entries for (1) the credit memo, including (2) the cost of the returned merchandise. If an amount box does not require an entry, leave it blank. (1) b. Journalize Showcase Co.'s entries for (1) the credit memo, including (2) the cost of the returned merchandise. If an amount box does not require an entry, leave it blank. (1) (2) c. Journalize Showcase Co.'s entry for the receipt of the check for the amount due from Balboa Co. If an amount box does not require an entry, leave it blank. 9. EX.05.18.ALGO (Algorithmic) eBook Show Me How Sales Tax A sale of merchandise on account for $14,500 is subject to a 5% sales tax. (a) Should the sales tax be recorded at the time of sale or when payment is received? (b) What is the amount credited to sales? $ (c) What is the amount debited to Accounts Receivable? $ (d) What is the account to which the $725.00 is credited? 11. EX.05.22 eBook Show Me How Adjusting Entry for Inventory Shrinkage Omega Tire Co.'s perpetual inventory records indicate that $3,145,000 of merchandise should be on hand on August 31, 20Y4. The physical inventory indicates that $3,113,500 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Omega Tire Co. for the fiscal year ended August 31, 20Y4. If an amount box does not require an entry, leave it blank. 12. EX.05.26.ALGO (Algorithmic) eBook Show Me How Determining Amounts for Items Omitted from Income Statement One item is omitted in each of the following four lists of income statement data. Determine the amounts of the missing items. Chase Company Jessup Inc. Osterman Company Snyder Co. Sales $418,800 $ $1,080,000 $ Cost of goods sold $ $410,800 $ $402,100 Gross profit $83,900 $ 279,100 $342,400 $269,200