Can someone please help me with the attached homework? Thank you :)

Sales, returns and allowances B-05.01 Harold Frieze owns Euro Lighting, a lighting products store that specializes in energy efficient and aesthetically pleasing fixtures. Sales have grown rapidly due to recent consumer interest in reducing energy consumption for economic and environmental reasons. Increased sales have brought new challenges. First, the "modern" styling of the fixtures looks great in the store, but consumers often find they clash with other fixtures once they take them home. This has brought about a high rate of return. Harold accepts returns of undamaged goods with original packaging. Second, many of the fixtures are rather technical and require care when installing them. Customers frequently damage the products (and packaging) when attempting to do an installation. Harold does not accept such goods for return, but has established a policy of refunding a portion of the purchase price as an "allowance" for customers who complain of such problems. (a) Prepare a journal entry for each of the following scenarios. A customer purchased a lighting fixture for cash of 350 A customer purchased a lighting fixture on account for 500 A customer returned a lighting fixture for a cash refund of 275 A customer returned a fixture for a credit on account of 600 A complaining customer received a 100 allowance in cash A complaining customer received a 70 credit on account A customer paid their balance on account of 475 (b) Calculate Euro Lighting's net sales and gross profit based on the following information, and show how such information would appear on the upper portion of the income statement for the year ending December 31, 20X3. Gross sales, 760,000 Sales returns and allowances, 42,500 Cost of goods sold, 312,000 Sales discounts College Bookstore is facing increased competition from online resellers and electronic media forms. To combat eroding sales, management adopted new discounting policies as follows: Students are offered a trade discount based on the number of books purchased: B-05.02 x A student purchasing one book gets 0% discount. A student purchasing two books gets a 10% discount. A student purchasing three books gets a 20% discount. A student purchasing four or more books gets a 30% discount. SPREADSHEET TOOL: Students are now offered credit terms at the time of purchase. If the student pays within 30 days of the date of purchase, he or she receives a 3% cash discount. If statements (a) Calculate the amount of the sale that should be recorded by College Bookstore for each of the following transactions. How much should be ultimately be collected for each transaction? Student A, 3 books, $425 list price, purchased on August 11, paid on August 19 Student B, 2 books, $210 list price, purchased on August 18, paid on October 4. Student C, 1 books, $90 list price, purchased on Sept. 3, paid on Sept. 3 Student D, 7 books, $1,205 list price, purchased on August 5, paid on Sept. 20 B-05.03 Purchase transactions, business papers, net vs. gross Shirley Williams Apparel Store purchases clothing merchandise on account from various vendors. Below is an invoice from Terra Wear. TERRA WEAR ACTION SPORT CLOTHING High Point, CO Bill To: Invoice #3778 Shirley Williams Apparel Store Denver Sports Center, #1234 Denver, CO DELIVERY DATE INVOICE DATE F.O.B. POINT TERMS May 5, 20X1 May 5, 20X1 Denver 1/10,n/30 QTY. DESCRIPTION 70 Work Out Wonder sport collection 30 10 UNIT PRICE TOTAL $125 $8,750 Sun Fun - fun wear 35 $1,050 Fall Color collection 60 $600 TOTAL $10,400 THANK YOU FOR YOUR BUSINESS! (a) Prepare Shirley's journal entries for each of the following transactions, assuming use of a periodic inventory system and the "gross method" of recording: To record the invoice on May 5. To record the return of the Fall Color collection on May 7. To record the payment of the balance due if payment occurred on May 10. To record the payment of the balance due if payment occurred on May 20. B-04.01 Preparation of an adjusted trial balance Amber Nestor has an eye for quality. She recently formed an art gallery where she allows artists to display their artwork for sale. Customers buy the artwork through the gallery, but payments are actually made payable directly to the originating artist. Artists, in turn, pay Amber a 20% commission that is appropriately reflected as revenue of the gallery. Following is Amber's trial balance after the first year of operation. This trial balance does not reflect the adjustments that are necessary, as described by the additional infomation. AMBER NESTOR ART GALLERY Trial Balance As of December 31, 20X4 Debits Cash Supplies Display equipment Credits $18,400 6,790 15,000 Loan payable $7,500 Capital stock 25,000 Revenues 48,590 Rent expense 11,000 Salaries expense 24,000 Interest expense 500 Utilities expense 5,400 $81,090 $81,090 The Display equipment was purchased near the beginning of the year. It has a 3-year life and no salvage value. Its cost should be depreciated equally over its life. Amber is entitled to receive $17,900 of commissions for art sold. This revenue has not yet been recorded, but it is fully expected that the artists will soon be making payment. Supplies on hand at year end were counted, and amount to $3,400. December's rent of $1,000 has not yet been paid. (a) Prepare the necessary adjusting enties as of December 31, 20X4. (b) Use T-accounts to determine the adjusted balances of the accounts. (c) Prepare the adjusted trial balance for Amber Nestor. x B-04.03 Basic understanding of the worksheet Utilize the following worksheet to prepare the income statement, statement of retained earnings, and balance sheet for Himarios Corporation. For this problem, you do not need to prepare a classified balance sheet. HIMARIOS COMPANY Worksheet to Prepare Financial Statements December 31, 20X9 Trial Balance Debit Cash Credit Adjustments Debit Credit Adjusted Trial Balance Debit Income Statement Credit Debit Credit Statement of Ret. Earnings Debit Credit Balance Sheet Debit Credit $59,300 $59,300 $59,300 Accounts receivable 12,371 12,371 12,371 Equipment 60,000 Accum. depreciation 60,000 $12,000 Accounts payable $4,000 4,000 $1,500 $16,000 7,566 7,566 Unearned revenue 60,000 $16,000 7,566 2,500 2,500 Notes payable 25,000 25,000 25,000 Capital stock 50,000 50,000 50,000 6,343 6,343 Retained earnings, beg. Service revenue 139,987 Salaries expense 108,425 Interest expense 2,100 Dividends 1,500 2,700 Depreciation expense 4,300 141,487 $112,725 2,100 2,100 2,700 Salaries payable $2,700 4,000 4,300 2,500 2,500 Rent payable $141,487 112,725 4,000 Rent expense $6,343 4,000 4,300 4,300 2,500 2,500 2,500 2,500 $244,896 $244,896 $12,300 $12,300 $255,696 $255,696 $121,325 $141,487 20,162 20,162 Net income $141,487 $141,487 $2,700 $26,505 23,805 23,805 Retained earnings, end. $26,505 $26,505 $131,671 $131,671 B-04.04 Temporary vs. real accounts Some of the following accounts are real (permanent) accounts, and some are nominal (temporary) accounts. Which are which? Capital Stock Unearned Revenues Revenues Income Summary Accumulated Depreciation Equipment Salaries Expense Prepaid Rent Accounts Payable Interest Payable Dividends Retained Earnings Supplies Loan Payable Rent Expense Accounts Payable Equipment Long-term Receivable From Employee Revenues Dividends Prepaid Rent Capital Stock Interest Payable Patent Retained Earnings (beginning) Supplies Loan Payable (due in 5 years) B-04.09 Current and quick ratios Nkululeko J. Ntshanga owns a manganese ore mining business in South Africa. He is interested in attracting additional investors to obtain financing for planned expansion. Some potential investors have expressed a concern that money is really being sought to address liquidity problems being faced by Nkululeko's company. To alleviate this concern Nkululeko provided the following complete list of assets and liabilities of the company. The currency unit is the South African Rand. Use this information to determine the company's current assets, current liabilities, working capital, current ratio, and quick ratio. Based on your calculations, does it appear that the company is experiencing liquidity problems? Accumulated Depreciation Prepaid Rent R 4,569,000 45,800 Note Payable (due in 3 months) 100,000 Accounts Receivable 468,000 Accounts Payable 255,000 Patent 3,000,000 Cash 790,000 Supplies 134,800 Unearned Revenues 133,000 Equipment Interest Payable Loan Payable (due in 3 years) 8,777,600 45,000 1,500,000 B-06.01 Composition of cash Review the following items and decide if each would be more appropriately classified as: Cash Cash equivalent Neither cash nor cash equivalent (a) Currency in the petty cash box (b) Postage stamps in a file cabinet (c) The balance on deposit in a regular checking account (d) An advance to an employee for travel costs to be incurred (e) A certificate of deposit maturing in 2 years (f ) A 30-day certificate of deposit (g) An investment in a government treasury security maturing in 2 years (h) A 90-day government treasury security (i) A post-dated check accepted from a customer (j) Amounts due from customers (k) Amounts paid to suppliers by check, but the supplier has not yet cashed the check Petty cash Biscay Bay Boats established a petty cash fund for minor day-to-day expenses. Following are activities related to this fund. Prepare the necessary journal entries for petty cash. (1) Established a $500 petty cash fund by writing a check to "cash," cashing the check, and placing the proceeds in a petty cash box entrusted to Herman Jones as custodian. (2) At the end of the month, the petty cash fund contained remaining cash of $127, and receipts for $65 postage, $123 office supplies, and $180 gasoline for company vehicles. Herman is not sure why the fund is short $5. A check payable to cash in the amount of $373 was prepared, and the funds were placed into the box. (3) At the end of the next month, the petty cash fund contained remaining cash of $35, and receipts for $265 postage, $160 office supplies, and $40 gasoline for company vehicles. A check payable to cash in the amount of $715 was prepared, and the funds were placed into the box. This amount reimburses the fund and increases its balance to $750. B-06.05 I-06.03 Comprehensive bank reconciliation with business papers Following is the September 30, 20X4 bank reconciliation for the Quiet Moose Lodge. You are also provided with the October check register and bank statement. Utilize this information to prepare October's bank reconciliation and related adjusting entry. You may assume that any discrepancies between the check register and bank statement relate to recording errors in the accounts of the Quiet Moose, and not the bank. Ending balance per bank statement $18,344.07 Add: Deposits in transit 2,505.55 Deduct: Outstanding checks #3444 $175.00 #3446 1,908.09 (2,083.09) Correct cash balance $18,766.53 Ending balance per company records $18,696.53 Add: Interest earnings 80.00 Deduct: Service charges (10.00) Correct cash balance $18,766.53 Spreadsheet A DATE 1 2 3 10-01-X4 4 10-02-X4 B PARTY fx C REF # D CHECK E DEPOSIT BALANCE Gomez F Balance $18,766.53 3448 $ 145.99 18,620.54 5 10-05-X4 Deposit 6 10-07-X4 Bryers 3449 387.97 21,632.57 7 10-07-X4 Morton 3450 1,204.67 20,427.90 8 10-07-X4 Lee 3451 4,664.50 15,763.40 9 10-10-X4 Morici 3452 43.23 15,720.17 10 10-10-X4 LaCorx 3453 2,990.44 12,729.73 11 10-11-X4 Benson 3454 1,100.31 11,629.42 12 10-12-X4 Void 3455 13 10-13-X4 Morgan 3456 695.77 10,933.65 14 10-13-X4 Russell 3457 788.87 10,144.78 15 10-14-X4 Deposit 16 10-17-X4 Lowen 3458 3,664.34 9,957.32 17 10-19-X4 Post Office 3459 45.45 9,911.87 18 10-20-X4 Nguen 3460 677.21 9,234.66 19 10-30-X4 Behn 3461 499.00 8,735.66 20 10-31-X4 Deposit 21 $3,400.00 22,020.54 11,629.42 3,476.88 8,131.21 $16,907.75 $15,008.09 13,621.66 16,866.87 Mountain Home Bank Statement date: October 1, 20X4 through October 31, 20X4 Statement for: Quiet Moose Lodge 13 River Street 121 Main Street Patawa Township P.O. Box 5566 Account # 474784 CHECKING SUMMARY Previous statement balance on 09-30-X4 18,344.07 Total of 5 deposits + 19,339.09 Total of 14 withdrawals - 14,887.45 Interest earnings + 65.66 Service charges - 35.00 New balance 22,826.37 CHECKS AND OTHER DEBITS Check Date Paid 3446 3-Oct *3448* Amount Check Date Paid Amount 1908.09 3454 12-Oct 1100.31 5-Oct 145.99 *3456* 13-Oct 695.77 3449 7-Oct 387.97 3457 14-Oct 788.87 3450 7-Oct 1204.67 3458 18-Oct 3664.34 *3452* 10-Oct 43.23 3459 20-Oct 54.45 3453 11-Oct 2990.44 3460 21-Oct 677.21 Electronic funds transfer - Patawa Water Co-op 25-Oct 237.34 NSF returned check- maker Stacey 28-Oct 988.77 NSF fee 28-Oct 25.00 Monthly service fee 31-Oct 10.00 DEPOSITS AND OTHER CREDITS Date Posted Amount Customer deposit 1-Oct 2505.55 Customer deposit 5-Oct 3400.00 Collection item -- note receivable ($6500 + interest) 11-Oct 6774.33 Customer deposit 14-Oct 3476.88 Credit card sales posting 28-Oct 3182.33 Interest earnings 31-Oct 65.66