Bows far Year 2. fournal evtry to the lecger accounts and prepare a post cioving vial baance: Complete this question by entering venir answers in the tata below, desing ertery thet is orated in Pate. at be begrvang or war 2 , the pede Conpary has be folowing basnces in ts accounts novgrt coet. a. soie the lans for 51500 Dequated: tows tor tour 2 neignt cout 7 . Colectied the amount due on me account reckivabie whin the escoust period. - Solo the lanathir $2500 2. Aecogriad acchued inereit income of $600 ineculted: fows nor wear 2 Journal entry worksheet eaminge arioure. At the beginning or Year 2 , the Redd company had the folowing balances in its accounts. During Year 2 the company expenenced the toliowing everts: shipping point, freight costs of $190 were pald in cash. 2. Aetumed s 400 of the inventory thad purchased becaute the imventory was camaged in transt. The selier agreed to pay the ret treight cost 3. Pale the amount bue on tas account payable to Ross Company wrthin the cash oscount peried cash. The customet was pald $1,6a0 cash tor the returhed mertehandise. 6. Delivered goods FOB destination in Event A. Frelgnt cotts of 5 wo were pald in cash. 7. Colsected the amount due on the account recelvable whilh the discount period n. 50 d the land for 38.500 . 9. necognited accrued interest income of $600 10. Jook a physical count indicating that 513,400 of Imventory was on hand at the end of the accounting period. Hint Desermine the current balance in the inventory account before cacilaning the amount of the inventocy wite cown. Required: 2. loentry ewch of these events as asset source (AS), asset use (AU), asset exchange (AE) or clams exchange (CE), Aiso eaprain ho. each rvent would affect the manctarstartments by placing a - for increase, - for dectease, and +-j-for increase and oecrease under tach of ahe components in the followng satements model. Assume that the perpetual inventory method is used. When ar event has more tras one part, use letens to cistiogulash the effects of each part. The first event is recorded as an exampie. clocing entry that is creanted in Part e. a. Prepare a mutacsep income statemert, a stanement of changes in stockhoiders' equiny, a ba ance sheec and a statemert of cash fows for veat 2 . e. Ust a single general journal eney to close as revenue; gain ano expense accounts to the retained earnings account post the joumal entry to the iedger accourts and prepare a port closing stai balance. Complete this question by entering your aniwers in the tabs below: At the beginning of year 2 the peod Company had me rolowing baances in its accounts. During Year 2 the company expertenced the folibwing events: 1. Purchased imventory that cost \$5, 200 on account hom poss Compary under terms 110, niso. The merchandise was deivered ihipping point. Frelgnt costs of $190 were paid in cauh. 2 Returned $00 of the inventory 7 had purchased because the inventory was damaged in transit. The selier agreed to pay the treight cost 3. Palo the amount oue on its account payabie ts Ross Company wrth the cash dscount period 5. Rectelved merchandise rehurned trom a customet. The merchanclse originally cost $900 and was soid to the customer for $1.6 cash. The customer was paid $1600 cash for the retumed merchandise 7 . Collected the amount dut on the account recelvable whehin the dscount perlod. a. Sold the tand for 58500 . 9. Recognitzed accrued interest income of $500 10. Tbok a physical court thalcatng that $19,400 of inventory was on hand at the end of the accounsing period. Hint Determine th current baiance in the inventory accours betore caculating the amount of the inventory wrthe down. Requitred: a. isentry weh of these events as asset source (AS), asset use (AU), atset exichange (AE), or ciaims exchange (CE), Aiso expiain n each event woud aftect the thancui stakements by pacing a + for increase, - for decrease, and -i-for Increase and decrease under each or the components in the folowing stalements modec, Assume ruar me perpetual inventory method is used. When event nas more trun one part, use letters to distingush the ethects or each part. The first event is recorded as an example. b. Record the everts in generaijournal format. Assume that the perpetual inventory method and gross method is used. C. Port the beginning batances and the wents to the Taccounts. Note that these leoger accounts will also be used when posting cosing entry rat is created in parte. d. Prepare a mutstep income statement a statement or changes in ssochoiders equfy, a Dalance shept, and a statement of cas tows for vear 2 C. Use a songe general journai entry to close all revenue, gain, and expense accounts to the retained earnings account post the journal entry to the ledger accourts and prepare a porteciosh trai balance At the beginning of Year 2 the Reod Cornpany had the following balances in its accounts. Durng Vear 2 the company expertenced the forlowing events: 1. Purchased invertory that cost \$5,200 on account from Ross Company undet terms 110, n/30. The merchandise was selvered FC. shipping point, Fregint costs or $190 were pald in cash 2. Resumed $400 or the invectory a bad purchased becaute the inventory was damaged in transh. The selier agreed to pay the resurn treight con 3. Pald the amount due on its account payable to Doss Company within the cash escount perled. 4. Sold inventory that had cort $5,900 for $12,100 on account, unoer terms 270 , n.45 5. Recelved merchandise retumed tom a customet. The merchandse onginaly cost $900 and was sold to the custamer for $1,680 cavh. The customer was paid 51,680 cash tor the retumed merehandse. 6. Detivered goods fob cestination in Event 4 . Freignt costs of $40 were pald in cash. 2. Coliecteo the amount ove on the account recelvabue within the ciscount pertod 8. Sola the land for $ es soo. 9. Pecognized accrued irterent income of 5600 . curtent batance in the inveriory accourt before calculating the amount of the inventory witte down. Aequited: a. icentry each of these everts as asset source (AS), asset use (AU), asset exchange (AE), or caims exchange iCE), Asso expain now tach event would atfect the thanclat ctrements by pacing a + for increase, - for decrease, and +1 - for increase and decrease under each of the componerts in the foliowing statements mocel. Assume that the perpetual inventory method is used when an event has more than one part use ietters to distsngulah the effects of each part. The thist event is reconded as an example. b. Record the evemts in general journai format: Assume that the perpesual itventory method and gross method is used C. Port the beginning balances and the events to the T-accounts, Note that these leoger accouns wil asso be used when pogting the closing entsy that is crested in part e. a. Prepare a mutiolep income strtement a statement of changes in stocicholesers equity a balance sheet, and a statement of cash nows ror vear 2 e. Use a single generat journat entry to cose al revehue, gain, and expense accounts to the netained earnings accourt post ine journal entry to se itoger accounts and prepare a poseciosing tral balance. Conplete this question by entering your answers in the tabs below. At the beginning of veat 2 me Red Company had the fosowing oalances in rs accounts. Durth year 2 the company expenenced the folowing events: shippling point, Freigrt couts of \$s\$o were paid in cavh treight cont. 3. Paid the amount oue on tis account payable to Ross Company wroun the caun discount peried cash. The customer was pale $1600 cash for the teturned mechandse. 6. Debvered goocs roe desarasos in Event 4 Freight costs of 5140 were paid in cauh 7 . Cosected the amount doe on the account recelvabe woin she discount period 8. Soid the land for 58.500 9. Pecognized accruted iserest inxome of 3600 . 10. Took a physical count indicating that $3.400 or mventocy was on hand at the end of the accounteng period hont Determine the curtent baince in she inventory account beroce calculaning the amount of the invertacy witte down. Pequited: under wach of me compocents in the followng sasemerts model Assume biat me perpetuar inventocy method is ustd when af b. Asccord the events in general journas tormat Assume trat the perpetuai inventory method ano gross method b used. eosing entry that is createdin part e. ilows tor Year 2 journat entity is the jeger accounts and prepare a postesing tral balance. Complete this question by entering your anirwers in the tals below: At the beginning of vear 2 the Reod Company had the folowing baiances in its accounts. During Year 2 the compary expentinced the folowing events: 1. Purchased inventoy that cost 55,200 on acceunt trom Poss Company under tems v10. aba. The merchanase was aewered rOE shlpping point, Frelght costs of $190 were paid in cash 2. Retumed 5400 or the inventory 8 nad purchased becaute the imectory was damaged in transa. The selier agreed to pay the tearn treight cont. 3. Pad the amount due on tar account plyade to Poss Company worin the cash discount pened. 4. Sold inventory that had cost $5,900 for $12,00 on account, under terms 210, n.45. 5. Aecelved merchandice resurned trom a customec. The merchandse onginaly cost $900 and was sold to the customer for $1,600 cash The customer was pold 5 t,6e0 cash for the returned merthandise. 6. Detvered goocs FOs dertsabos in Event 4 . Freight costs or $40 were paid in cash 7 Collected the amount due on the accoumt recelvabie wthin the dacount period. B. Sold the iand for 58.500 9. Becogriatd accrved irterest income of 5600 : 10. Took a physical count indicasng that $13,200 of irventory was on hand at the end of the accounsing period. Himt Determine the curren baiance in the inventory account before calcugashg the amount of the inventory winte down. Bequired: 2. losentry each of these wents as asset source (AS), asset use (AU), asset exchange (A), or clains exchange (CE). Asso explain how undar each of the compontents in the following statements modei. Assume that the perpetual inventory method is bised. When an everit has more than one part, use iecees to estingush the effects of each part. The tirst event is recorded as an example. b. Record the events in general journal format. Assume that uhe perpetuai inventory metrod and gross method is used closing entry mat is created in Pante. a. Prepare a nuvitstep incone statement, a statement of changes in stockhoiders equlty a balasce sheet, ana a statement of cash flows tor vear 2 . c. Use a single generai journal entry to close all revenue, gain, and expense accounts to the retahed earrings account post the journat enty to the iedger accounts and prepare a postelosing that balance. Complete this question by entering your answers in the tabs beiow. Preaure a balarce ghees for near 2 . At the beginning of Year 2 , the Peod Company had the following balances in its accounts. Durhg vear 2 the company expentenced the following events: 1. Purchased inventory that cost $5,200 on account trom Pous Company under terms 1/10, n30. The merchandise was celvered FOE shipping point. Ftelght costs or $190 were pald in cash 2. Retumed $400 of the inventory it had purchased because the inventory was damaged in transit. The seier agreed to pay the return rreight cost 3. Paid me amount cue on its account payaole to Ross Company within the cash discount perled. 4. Sold inventory that had cost $6.900 for $12,000 on account, under terms 270 , n/45. 5. Recelved merchandse rehurned from a customet. The merchandise orginaty cont $900 and was soid to the custorser for $1,690 cash. The customer was paid $1,680 cash for the returned merehandise 6. Delivered goods FOS destinaton in Event 4. Freight costs ot $140 were pald in cassh. 7 . Cobected the amount due on the account recelvable wanin the dscount period 8. Sold the land for 58,500 . 9. Recognized accrued interest income of $600 10. Took a physical count indecasng that $13,400 of inventory was on hand at the end of the accounting period. Hint Determine the current balance in the inventory account before caiculaung the amount of the imventory wite down. Requitred: 2. identity each of these everts as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE) Also explain now each event would affect the financtar statements by placing a - for increase, - for decrease, and - - for increase and decrease under each of me components in me following statements model. Assume that the perpetuai invertory method is used. When an event nas more than obe part, use letters to dostingulsh the efrects of each part. The tirst event is rocorded as an example. b. Aecord the everts in general journal format. Assume that the pecpetual invertory meshod and grosis meenod is used. c. Post the besinning balances and the events to the T-accounts. Note that these ledgef accounts will also be used when porvng the cosing entry that is created in Part e. d. Prepare a mustsep income statemunt, a statement of changes in stockhovers equity, a balance sheet and a statement or cash fows for vear 2 e Use a singe generai journai entry to close al revenue, gain and expense accounts to the retained eamings account. post the journai entry to the ledger accounts and prepare a post-ciosing tral balance. Complete thils question by entering your answers in the tabs beiow. Prepore a sutement of chinom in stoddholders equitv for Yar 2. Bows far Year 2. fournal evtry to the lecger accounts and prepare a post cioving vial baance: Complete this question by entering venir answers in the tata below, desing ertery thet is orated in Pate. at be begrvang or war 2 , the pede Conpary has be folowing basnces in ts accounts novgrt coet. a. soie the lans for 51500 Dequated: tows tor tour 2 neignt cout 7 . Colectied the amount due on me account reckivabie whin the escoust period. - Solo the lanathir $2500 2. Aecogriad acchued inereit income of $600 ineculted: fows nor wear 2 Journal entry worksheet eaminge arioure. At the beginning or Year 2 , the Redd company had the folowing balances in its accounts. During Year 2 the company expenenced the toliowing everts: shipping point, freight costs of $190 were pald in cash. 2. Aetumed s 400 of the inventory thad purchased becaute the imventory was camaged in transt. The selier agreed to pay the ret treight cost 3. Pale the amount bue on tas account payable to Ross Company wrthin the cash oscount peried cash. The customet was pald $1,6a0 cash tor the returhed mertehandise. 6. Delivered goods FOB destination in Event A. Frelgnt cotts of 5 wo were pald in cash. 7. Colsected the amount due on the account recelvable whilh the discount period n. 50 d the land for 38.500 . 9. necognited accrued interest income of $600 10. Jook a physical count indicating that 513,400 of Imventory was on hand at the end of the accounting period. Hint Desermine the current balance in the inventory account before cacilaning the amount of the inventocy wite cown. Required: 2. loentry ewch of these events as asset source (AS), asset use (AU), asset exchange (AE) or clams exchange (CE), Aiso eaprain ho. each rvent would affect the manctarstartments by placing a - for increase, - for dectease, and +-j-for increase and oecrease under tach of ahe components in the followng satements model. Assume that the perpetual inventory method is used. When ar event has more tras one part, use letens to cistiogulash the effects of each part. The first event is recorded as an exampie. clocing entry that is creanted in Part e. a. Prepare a mutacsep income statemert, a stanement of changes in stockhoiders' equiny, a ba ance sheec and a statemert of cash fows for veat 2 . e. Ust a single general journal eney to close as revenue; gain ano expense accounts to the retained earnings account post the joumal entry to the iedger accourts and prepare a port closing stai balance. Complete this question by entering your aniwers in the tabs below: At the beginning of year 2 the peod Company had me rolowing baances in its accounts. During Year 2 the company expertenced the folibwing events: 1. Purchased imventory that cost \$5, 200 on account hom poss Compary under terms 110, niso. The merchandise was deivered ihipping point. Frelgnt costs of $190 were paid in cauh. 2 Returned $00 of the inventory 7 had purchased because the inventory was damaged in transit. The selier agreed to pay the treight cost 3. Palo the amount oue on its account payabie ts Ross Company wrth the cash dscount period 5. Rectelved merchandise rehurned trom a customet. The merchanclse originally cost $900 and was soid to the customer for $1.6 cash. The customer was paid $1600 cash for the retumed merchandise 7 . Collected the amount dut on the account recelvable whehin the dscount perlod. a. Sold the tand for 58500 . 9. Recognitzed accrued interest income of $500 10. Tbok a physical court thalcatng that $19,400 of inventory was on hand at the end of the accounsing period. Hint Determine th current baiance in the inventory accours betore caculating the amount of the inventory wrthe down. Requitred: a. isentry weh of these events as asset source (AS), asset use (AU), atset exichange (AE), or ciaims exchange (CE), Aiso expiain n each event woud aftect the thancui stakements by pacing a + for increase, - for decrease, and -i-for Increase and decrease under each or the components in the folowing stalements modec, Assume ruar me perpetual inventory method is used. When event nas more trun one part, use letters to distingush the ethects or each part. The first event is recorded as an example. b. Record the everts in generaijournal format. Assume that the perpetual inventory method and gross method is used. C. Port the beginning batances and the wents to the Taccounts. Note that these leoger accounts will also be used when posting cosing entry rat is created in parte. d. Prepare a mutstep income statement a statement or changes in ssochoiders equfy, a Dalance shept, and a statement of cas tows for vear 2 C. Use a songe general journai entry to close all revenue, gain, and expense accounts to the retained earnings account post the journal entry to the ledger accourts and prepare a porteciosh trai balance At the beginning of Year 2 the Reod Cornpany had the following balances in its accounts. Durng Vear 2 the company expertenced the forlowing events: 1. Purchased invertory that cost \$5,200 on account from Ross Company undet terms 110, n/30. The merchandise was selvered FC. shipping point, Fregint costs or $190 were pald in cash 2. Resumed $400 or the invectory a bad purchased becaute the inventory was damaged in transh. The selier agreed to pay the resurn treight con 3. Pald the amount due on its account payable to Doss Company within the cash escount perled. 4. Sold inventory that had cort $5,900 for $12,100 on account, unoer terms 270 , n.45 5. Recelved merchandise retumed tom a customet. The merchandse onginaly cost $900 and was sold to the custamer for $1,680 cavh. The customer was paid 51,680 cash tor the retumed merehandse. 6. Detivered goods fob cestination in Event 4 . Freignt costs of $40 were pald in cash. 2. Coliecteo the amount ove on the account recelvabue within the ciscount pertod 8. Sola the land for $ es soo. 9. Pecognized accrued irterent income of 5600 . curtent batance in the inveriory accourt before calculating the amount of the inventory witte down. Aequited: a. icentry each of these everts as asset source (AS), asset use (AU), asset exchange (AE), or caims exchange iCE), Asso expain now tach event would atfect the thanclat ctrements by pacing a + for increase, - for decrease, and +1 - for increase and decrease under each of the componerts in the foliowing statements mocel. Assume that the perpetual inventory method is used when an event has more than one part use ietters to distsngulah the effects of each part. The thist event is reconded as an example. b. Record the evemts in general journai format: Assume that the perpesual itventory method and gross method is used C. Port the beginning balances and the events to the T-accounts, Note that these leoger accouns wil asso be used when pogting the closing entsy that is crested in part e. a. Prepare a mutiolep income strtement a statement of changes in stocicholesers equity a balance sheet, and a statement of cash nows ror vear 2 e. Use a single generat journat entry to cose al revehue, gain, and expense accounts to the netained earnings accourt post ine journal entry to se itoger accounts and prepare a poseciosing tral balance. Conplete this question by entering your answers in the tabs below. At the beginning of veat 2 me Red Company had the fosowing oalances in rs accounts. Durth year 2 the company expenenced the folowing events: shippling point, Freigrt couts of \$s\$o were paid in cavh treight cont. 3. Paid the amount oue on tis account payable to Ross Company wroun the caun discount peried cash. The customer was pale $1600 cash for the teturned mechandse. 6. Debvered goocs roe desarasos in Event 4 Freight costs of 5140 were paid in cauh 7 . Cosected the amount doe on the account recelvabe woin she discount period 8. Soid the land for 58.500 9. Pecognized accruted iserest inxome of 3600 . 10. Took a physical count indicating that $3.400 or mventocy was on hand at the end of the accounteng period hont Determine the curtent baince in she inventory account beroce calculaning the amount of the invertacy witte down. Pequited: under wach of me compocents in the followng sasemerts model Assume biat me perpetuar inventocy method is ustd when af b. Asccord the events in general journas tormat Assume trat the perpetuai inventory method ano gross method b used. eosing entry that is createdin part e. ilows tor Year 2 journat entity is the jeger accounts and prepare a postesing tral balance. Complete this question by entering your anirwers in the tals below: At the beginning of vear 2 the Reod Company had the folowing baiances in its accounts. During Year 2 the compary expentinced the folowing events: 1. Purchased inventoy that cost 55,200 on acceunt trom Poss Company under tems v10. aba. The merchanase was aewered rOE shlpping point, Frelght costs of $190 were paid in cash 2. Retumed 5400 or the inventory 8 nad purchased becaute the imectory was damaged in transa. The selier agreed to pay the tearn treight cont. 3. Pad the amount due on tar account plyade to Poss Company worin the cash discount pened. 4. Sold inventory that had cost $5,900 for $12,00 on account, under terms 210, n.45. 5. Aecelved merchandice resurned trom a customec. The merchandse onginaly cost $900 and was sold to the customer for $1,600 cash The customer was pold 5 t,6e0 cash for the returned merthandise. 6. Detvered goocs FOs dertsabos in Event 4 . Freight costs or $40 were paid in cash 7 Collected the amount due on the accoumt recelvabie wthin the dacount period. B. Sold the iand for 58.500 9. Becogriatd accrved irterest income of 5600 : 10. Took a physical count indicasng that $13,200 of irventory was on hand at the end of the accounsing period. Himt Determine the curren baiance in the inventory account before calcugashg the amount of the inventory winte down. Bequired: 2. losentry each of these wents as asset source (AS), asset use (AU), asset exchange (A), or clains exchange (CE). Asso explain how undar each of the compontents in the following statements modei. Assume that the perpetual inventory method is bised. When an everit has more than one part, use iecees to estingush the effects of each part. The tirst event is recorded as an example. b. Record the events in general journal format. Assume that uhe perpetuai inventory metrod and gross method is used closing entry mat is created in Pante. a. Prepare a nuvitstep incone statement, a statement of changes in stockhoiders equlty a balasce sheet, ana a statement of cash flows tor vear 2 . c. Use a single generai journal entry to close all revenue, gain, and expense accounts to the retahed earrings account post the journat enty to the iedger accounts and prepare a postelosing that balance. Complete this question by entering your answers in the tabs beiow. Preaure a balarce ghees for near 2 . At the beginning of Year 2 , the Peod Company had the following balances in its accounts. Durhg vear 2 the company expentenced the following events: 1. Purchased inventory that cost $5,200 on account trom Pous Company under terms 1/10, n30. The merchandise was celvered FOE shipping point. Ftelght costs or $190 were pald in cash 2. Retumed $400 of the inventory it had purchased because the inventory was damaged in transit. The seier agreed to pay the return rreight cost 3. Paid me amount cue on its account payaole to Ross Company within the cash discount perled. 4. Sold inventory that had cost $6.900 for $12,000 on account, under terms 270 , n/45. 5. Recelved merchandse rehurned from a customet. The merchandise orginaty cont $900 and was soid to the custorser for $1,690 cash. The customer was paid $1,680 cash for the returned merehandise 6. Delivered goods FOS destinaton in Event 4. Freight costs ot $140 were pald in cassh. 7 . Cobected the amount due on the account recelvable wanin the dscount period 8. Sold the land for 58,500 . 9. Recognized accrued interest income of $600 10. Took a physical count indecasng that $13,400 of inventory was on hand at the end of the accounting period. Hint Determine the current balance in the inventory account before caiculaung the amount of the imventory wite down. Requitred: 2. identity each of these everts as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE) Also explain now each event would affect the financtar statements by placing a - for increase, - for decrease, and - - for increase and decrease under each of me components in me following statements model. Assume that the perpetuai invertory method is used. When an event nas more than obe part, use letters to dostingulsh the efrects of each part. The tirst event is rocorded as an example. b. Aecord the everts in general journal format. Assume that the pecpetual invertory meshod and grosis meenod is used. c. Post the besinning balances and the events to the T-accounts. Note that these ledgef accounts will also be used when porvng the cosing entry that is created in Part e. d. Prepare a mustsep income statemunt, a statement of changes in stockhovers equity, a balance sheet and a statement or cash fows for vear 2 e Use a singe generai journai entry to close al revenue, gain and expense accounts to the retained eamings account. post the journai entry to the ledger accounts and prepare a post-ciosing tral balance. Complete thils question by entering your answers in the tabs beiow. Prepore a sutement of chinom in stoddholders equitv for Yar 2