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Check my work 1 Problem 5-2A Preparing journal entries for merchandising activities-perpetual system LO P1, P2 1.5 points Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable-Aron.) eBook Print Aug. 1 Purchased merchandise from Aron Company for $6,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. 5 Sold merchandise to Baird Corp. for $4,200 under credit terms of 2/10, n/60, FOB destination, invoice dated 8 purchased merchandised from waterst corporation for $5,000 under credit terms of 1/10, 1/45, FOB shipping point, invoice dated August 8. 9 Paid $280 cash for shipping charges related to the August 5 sale to Baird Corp. 10 Baird returned merchandise from the August 5 sale that had cost Lowe's $500 and was sold for $1,000. The merchandise was restored to inventory. 12 After negotiations with waters Corporation concerning problems with the purchases on August 8, Lowe's received a credit memorandum from Waters granting a price reduction of $500 off the $5,000 of goods purchased. 14 At Aron's request, Lowe's paid $290 cash for freight charges on the August i purchase, reducing the amount owed to Aron. 15 Received balance due from Baird Corp. for the August 5 sale less the return on August 10. 18 Paid the amount due Waters Corporation for the August 8 purchase less the price allowance from August 12. 19 Sold merchandise to Tux Co. for $3,600 under credit terms of n/10, FOB shipping point, invoice dated August 19. The merchandise had cost $1,800. 22 Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Lowe's sent Tux a $600 credit memorandum toward the $3,600 invoice to resolve the issue. 29 Received Tux's cash payment for the amount due from the August 19 sale less the price allowance from August 22. 30 Paid Aron Company the amount due from the August 1 purchase. View transaction list Journal entry worksheet Check my w 1 19 Sold merchandise to Tux Co. for $3,600 under credit terns of n/10, FOB shipping point, invoice dated August 19. The merchandise had cost $1,800 22 Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Lowe's sent Tux a $600 credit memorandum toward the $3,600 invoice to resolve the issue. 29 Received Tux's cash payment for the amount due from the August 19 sale less the price allowance from August 22. 30 Paid Aron Company the amount due from the August 1 purchase. 15 points View transaction list eBook Journal entry worksheet Print Purchased merchandise from Aron Company for $6,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. Note: Enter debits before credits. General Journal Debit Credit Date Aug 01 Becord entry Clear entry View general journal from the August 1 purchase. 1.5 points View transaction list eBook Journal entry worksheet Print Sold merchandise to Baird Corp. for $4,200 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. Note: Enter debits before credits General Journal Debit Credit Date Aug 05 Record entry Clear entry View general Journal 22 Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Lowe's sent Tux a $600 credit memorandum toward the $3,600 invoice to resolve the issue. 29 Received Tux's cash payment for the amount due from the August 19 sale less the price allowance from August 22. 30 Paid Aron Company the amount due from the August 1 purchase. 1.5 points View transaction list eBook Journal entry worksheet Print Record cost of merchandise sold, $3,000. Note: Enter debits before credits General Journal Debit Credit Date Aug 05 Record entry Clear entry View general Journal Check my work 1 19 Sold merchandise to Tux Co. for $3,600 under credit terms of n/10, FOB shipping point, invoice dated August 19. The merchandise had cost $1,800. 22 Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Lowe's sent Tux a $600 credit memorandum toward the $3,600 invoice to resolve the issue. 29 Received Tux's cash payment for the amount due from the August 19 sale less the price allowance from August 22. 30 Paid Aron Company the amount due from the August 1 purchase. 1.5 points View transaction list eBook Journal entry worksheet Print Purchased merchandise from Waters Corporation for $5,000 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. Note: Enter debits before credits General Journal Debit Credit Date Aug 08 Record entry Clear entry View general journal Check my work 2 ) Problem 5-3A Computing merchandising amounts and formatting income statements LO C2, P4 1.5 Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. points Debit Credit Merchandise inventory $ 38,500 154,000 Total liabilities $ 44,468 eBook K. Valley, Capital 127,081 K. Valley, Withdrawals 8,000 Sales 263, 340 Sales discounts 4,029 Sales returns and allowances 17,380 Print Cost of goods sold 101,850 Sales salaries expense 36,078 Rent expense-Selling space 12,377 Store supplies expense 3,160 Advertising expense 22,384 Office salaries expense 32,918 Rent expense-office space 3,160 Office supplies expense 1,853 Totals $434,889 $434,889 On August 31, 2016, merchandise inventory was $31,070. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $113, 190 2,377 5,433 3,900 Required: 1. Compute the company's net sales for the year. 2. Compute the company's total cost of merchandise purchased for the year Help Save & Exit Submit Check my work 2 On August 31, 2016, merchandise inventory was $31,070. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs 1.5 points Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $113, 190 2,377 5,433 3,900 eBook Print Required: 1. Compute the company's net sales for the year. 2. Compute the company's total cost of merchandise purchased for the year. 3. Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. 4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Required 4 Compute the company's net sales for the year. Net Sales Sales Net sales Required 2 > Check my work 2 On August 31, 2016, merchandise inventory was $31,070. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs 1.5 points Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $113, 190 2,377 5,433 3,900 eBook Required: 1. Compute the company's net sales for the year 2. Compute the company's total cost of merchandise purchased for the year. 3. Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses 4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses. Print Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Required 4 Compute the company's total cost of merchandise purchased for the year. Cost of merchandise purchased Invoice cost of merchandise purchased Purchase discounts received Purchase returns and allowances Costs of transportation in Total cost of merchandise purchased (Required 1 Required 3 > > [Mc 2 of 2 Prey BE Next Check my work 2 Required 1 Required 2 Required 3 Required 4 1.5 points Prepare a multiple-step income statement that begins with net sales and includes separate categories for cost of goods sold, selling expenses, and general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31, 2017 eBook Print Expense Selling expenses Total selling expenses General and administrative expenses Chap 5 - HW Saved Help Save & Exit Submit Check my work 2 Expense Selling expenses 1.5 points eBook Total selling expenses General and administrative expenses Print Total general and administrative expenses Total expenses (Required 2 Required 4 > Check my work 2. yciu UUTUUUYE LAGHIS. 4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses. Complete this questions by entering your answers in the below tabs. 1.5 points Required 1 Required 2 Required 3 Required 4 eBook Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses. Print VALLEY COMPANY Income Statement For Year Ended August 31, 2017 Expenses Total expenses