At the beginning of June 2021, Marigold Distributing Companys ledger showed Cash $18,000, Merchandise Inventory $4,500, and D Marigold, Capital $22,500 During the month of June, the company had the following selected transactions June 1 Purchased $9,000 of merchandise inventory from Sun Supply Co , terms 1 15, n 30, FOB destination 2 The correct company paid $250 cash for freight charges on the June 1 purchase 5 Sold merchandise inventory to Moose Jaw Retailers for $12,000 The cost of the merchandise was $7,500 and the terms were 2 10, n 30, FOB destination 6 Issued a $750 credit for merchandise returned by Moose Jaw Retailers The merchandise originally cost $469 and was returned to inventory 6 The correct company paid $280 freight on the June 5 sale 7 Purchased $840 of supplies for cash 10 Purchased $3,750 of merchandise inventory from Fey Wholesalers, terms 2 10, n 30, FOB shipping point 10 The correct company paid $120 freight costs on the purchase from Fey Wholesalers 12 Received a $300 credit from Fey Wholesalers for returned merchandise 14 Paid Sun Supply Co the amount due 15 Collected the balance owing from Moose Jaw Retailers 19 Sold merchandise for $7,200 cash The cost of this merchandise was $4,500 20 Paid Fey Wholesalers the balance owing from the June 10 purchase 25 Made a $510 cash refund to a cash customer for merchandise returned The returned merchandise had a cost of $319 The merchandise was damaged and could not be resold 30 Sold merchandise to Bauer Company for $4,300, terms n 30, FOB shipping point Marigold's cost for this merchandise was $2,700 Part 1 Record the transactions assuming Marigold uses a perpetual inventory system and the earnings approach part 2 Set up general ledger accounts for Merchandise Inventory, Sales, Sales Returns and Allowances, Sales Discounts, and Cost of Goods Sold Enter the beginning merchandise inventory balance, and post the transactions part 3 Prepare a partial multiple step income statement, up to gross profit, for the month of June 2021

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At the beginning of June 2021, Marigold Distributing Companys ledger showed Cash $18,000, Merchandise Inventory $4,500, and D. Marigold, Capital $22,500. During the month of

At the beginning of June 2021, Marigold Distributing Companys ledger showed Cash $18,000, Merchandise Inventory $4,500, and D. Marigold, Capital $22,500. During the month of June, the company had the following selected transactions:

June 1		Purchased $9,000 of merchandise inventory from Sun Supply Co., terms 1/15, n/30, FOB destination.
2		The correct company paid $250 cash for freight charges on the June 1 purchase.
5		Sold merchandise inventory to Moose Jaw Retailers for $12,000. The cost of the merchandise was $7,500 and the terms were 2/10, n/30, FOB destination.
6		Issued a $750 credit for merchandise returned by Moose Jaw Retailers. The merchandise originally cost $469 and was returned to inventory.
6		The correct company paid $280 freight on the June 5 sale.
7		Purchased $840 of supplies for cash.
10		Purchased $3,750 of merchandise inventory from Fey Wholesalers, terms 2/10, n/30, FOB shipping point.
10		The correct company paid $120 freight costs on the purchase from Fey Wholesalers.
12		Received a $300 credit from Fey Wholesalers for returned merchandise.
14		Paid Sun Supply Co. the amount due.
15		Collected the balance owing from Moose Jaw Retailers.
19		Sold merchandise for $7,200 cash. The cost of this merchandise was $4,500.
20		Paid Fey Wholesalers the balance owing from the June 10 purchase.
25		Made a $510 cash refund to a cash customer for merchandise returned. The returned merchandise had a cost of $319. The merchandise was damaged and could not be resold.
30		Sold merchandise to Bauer & Company for $4,300, terms n/30, FOB shipping point. Marigold's cost for this merchandise was $2,700.

Part 1

Record the transactions assuming Marigold uses a perpetual inventory system and the earnings approach.

part 2

Set up general ledger accounts for Merchandise Inventory, Sales, Sales Returns and Allowances, Sales Discounts, and Cost of Goods Sold. Enter the beginning merchandise inventory balance, and post the transactions.

part 3

Prepare a partial multiple-step income statement, up to gross profit, for the month of June 2021.