(b) Prepare Journal Entries for Sales and Purchases (With Discounts) Your answer is partially correct. Try again. Super Copy Co. is an office supply store. The company uses a perpetual inventory system. hderdseof te ie occust from boni Corotil niake price wa 53.200 per machine (800ttalts d 710, n/30.These machies are Purchased four Doni Duly 1 intended for resale. 3 Found one of the Doni copiers to be defective and returned it to Don 8 Paid the amount owed to Doni Corp. 9 Sold on account one of the Doni copiers to Cross Realty. The sales p 19 Received full payment from Cross. reducing the amount owed. as $6,400, terms 6/10, n/60. Record the above transactions in the company's general journal. To conserve space, omit the written explanations which normally should accompany the entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit July 1 inventory 12800 Accounts Payable July 3 Accounts payable 32 uly 8 Accounts Payable 9600 Cash 9408 July 3 Accounts Payable 3200 Inventory 3200 Duly 8 Accounts Payable 9600 Cash 9408 Inventory 192 July 9 Cost of Goods Sold 3200 Inventory 3200 To record cost cost of goods sold.) July 9 Accounts Receivable 6400 Sales Revenue 6400 To record sales.) July 19 Cash 6016 Sales Discounts 384 Accounts Receivable 6400 arch RSON BACK (c) Prepare Multi-step income statement Harry Haberdashery dated December 31, 20x5 ER VE . s a retail clothing store for men. The store operates out out of a rented building in Albertville, Virginia. Shown below is the store's rented Shown below is the store's adjusted year-end trial balance adjusted year-end HARRY'S HABERDASHERY ADJUSTED TRIAL BALANCE DECEMBER 31,20XS $19,635 31,300 14,850 1,050 750 35,000 Accounts Receivable Merchandise inventory Prepaid rent Office supplies Office equipment Accumulated depreciation: office equipment Accounts payable Sales tax payable Capital stock Retained earnings Sales Revenue Sales returns and allowances Cost of goods sold Utilities expense Office supply expense Depreciation expense: office equipment Rent expense nsurance expense 10,000 12,000 ,950 15,500 18,650 90,000 2,000 6,815 4,700 950 2.350 5,000 750 aries excense HelR I System Announcements Office equipment Accumulated depreciation: office equipment Accounts payable 35,000 10,000 12,000 2,950 15,500 18,650 190,000 Sales tax payable Capital stock Retained earnings Sales Revenue Sales returns and allowances Cost of goods sold Utilities expense Office supply expense Depreciation expense: office equipment Rent expense Insurance expense Salaries expense Income tax expense 2,000 76,815 4,700 950 2,350 5,000 750 47,000 6,950 249,100 249,100 i.) Prepare an income statement for Harry's Haberdashery dated December 31, 20x5. HARRY HABERDASHERY INCOME STATEMENT FOR MONTH ENDED DEC. 31, 20X5 HARRY HABERDASHERY INCOME STATEMENT FOR MONTH ENDED DEC. 31, 2OX5 ii.) Compute the store's gross profit margin as a percentage of net sales. (Round answer to 2 decimal places, e.g. 52.75.) Gross profit margin
