accounting I

Merchandising Journal Entries Prepare general journal entries for Arrow-A Company to record the following transactions for the month of June. Multi-Step Income Statement Following is a list of accounts with balances for the Gordon Company as of April June 5 Purchased $3,500 of merchandise from Arthur Company on 30, 200X. Prepare a multi-step income statement for the month ended April 30, account, terms 3/15, n/30. 200X. 7 Sold merchandise to Alea Inc., $500 cash. (The cost of this merchandise was $215.) Accounts Payable 36,000 Accounts Receivable 34,000 8 Paid for the shipping costs incurred on the June 5 purchase, $230. Accumulated Depreciation 12,000 Brenton, Capital 159,000 Returned $700 of merchandise to Arthur for credit. 15,000 9 Brenton, Withdrawals Cash 22,000 10 Purchased $495 of supplies on account from The Art Suppliers. Cost of Goods Sold 156,000 Depreciation Expense 16,000 12 Sold $850 of merchandise to the Abilene County Schools on Equipment 46,000 account, terms 2/10, n/30. (The cost of this merchandise was General and Selling Expenses 15,000 $625.) Interest Revenue 14,000 Interest Expense 6,000 15 Abilene County Schools returned for credit $200 of merchandise Inventory (ending), April 30 28,000 purchased on June 12. (The cost of this merchandise was $150.) Land 111,000 Note Payable 10,000 16 Paid the amount owed to Arthur, less the return and Salary Expense 23,000 the discount. Sales Discounts 18,000 Sales Returns and Allowances 13,000 20 Received a check from the Abilene County Schools for the amount Sales Revenue 285,000 owed from June 12, less the return and the discount. Supplies 4,000 Supplies Expense 9,000 21 Purchased merchandise from Anna Company, $1700 cash