BE 5-2 only

l the supplier for damaged goods. Give the journal entry on July 24 to record payment of the bal ance due within the discount period, assuming a periodie 0,000 and the Cost of nt with a $145,000 balance. r toods 4 What merchandising account(s S) will appear in the post *23. Indicate the columns of the worksheet in which (a) inven inventory system. Co has sales revenue of $105,000, cost of goods sold of $70,000, and operating expenses of $20,000. What tory and (b) cost of goods sold will be shown. is its gross profit and its gross profit rate? Brief Exercises 5-1 ted below are the components in Miller Company's income statement. Deter Compute missing amounts in missing amounts (SO 1) Cost of Goods Sold Revenue (a) $75,000 (b) $108,000 Gross $30,000 $79,600 Expenses Income $70,000 $83,900 $29,500 $39,500 BES-2 Brad Company buys merchandise on account from Murray Company. The selling price Joumalize perpetual inventory of the goods is $780, and the cost of the goods is $470. Both companies use perpetual inventory entres systems. Journalize the transaction on the books of both companies. (SO 2, 3) BES-3 Prepre the journal entries to record the following transactions on Derrick Company's Journalize sales transactions books using a perpetual inventory system (SO 3) (a) On March 2, Derrick Company sold $900,000 of merchandise to Rose Company, terms 2/10 n/30. The cost of the merchandise sold was $620,000. (b) On March 6, Rose Company returned $90,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $62,000 (c) On March 12, Derrick Company received the balance due from Rose Company. BE5-4 From the information in BES-3, prepare the journal entries to record these transactions on Rose Company's books under a perpetual inventory system. BES-5 At year-end, the perpetual inventory records of Brewer Company showed merchandise inventory of $98,000. The company determined, however, that its actual inventory on hand was merchandise inventory. 95,700. Record the necessary adjusting entry. BES-6 Thibodeau Company has the following merchandise account balances: Sales Revenue Prepare closing entries for $195,000, Sales Discounts $2,000, Cost of Goods Sold $117,000, and Inventory $40,000. Prepare merchandise accounts. the entries to record the closing of these items to Income Summary Journalize purchase transactions (so 2) Prepare adjusting entry for (SO 4) (SO 4)