Current Attempt in Progress The following are the components in determining cost of goods sold. Determine the missing amounts. (a) (b) (c) $ Beginning Inventory $80,300 $54,200 $ Purchases $100,000 $ $112,000 Cost of Goods Available for Sale $117,000 $159,000 $ Ending Inventory $36,000 $29,000 Ending Inventory $36,000 $29,000 $ tA ta $ Cost of Goods Sold $111,000 The following are the components in Wildhorse Company's income statement. Determine the missing amounts. (a) (b) (c) $ LA Sales Revenue eTextbook and Media $84,100 $ $112,900 Cost of Goods Sold $75,400 $74,200 $ LA Gross Profit $31,700 $84,800 $ GA $ +A Operating Expenses $44,300 ta $ $ LA Operating Expenses $44,300 tA $ Net Income $21,600 $23,300 Crane Company buys merchandise on account from Blue Company. The selling price of the goods is $1,500, and the cost of the goods is $1,180. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Crane Company (To record credit purchase of inventory) Blue Company (To record credit sale) (To record cost of merchandise sold) Debit Credit Prepare the journal entries to record the following transactions on Blossom Company's books using a perpetual inventory system. (a) On March 2, Blossom Company sold $915,000 of merchandise on account to Ayayai Company, terms 2/10, n/30. The cost of the merchandise sold was $543,000. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (To record credit sale) (To record cost of merchandise sold) Debit Credit (b). On March 6, Ayayai Company returned $91,500 of the merchandise purchased on March 2. The cost of the returned merchandise was $57,000. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (To record merchandise returned) (To record cost of merchandise returned) Debit Credit (c). On March 12, Blossom Company received the balance due from Ayayai Company. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Pina Company has the following account balances: Sales Revenue $226,700, Sales Discounts $4,410, Cost of Goods Sold $129,600, and Inventory $39,200. Prepare the entries to record the closing of these items to Income Summary under the perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (To close accounts with credit balances) (To close accounts with debit balances) Debit Credit On September 1, Swifty Office Supply had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. 6 9 10 12 14 20 Purchased calculators from Larkspur Co. at a total cost of $2,200, terms n/30, FOB shipping point. Paid freight of $100 on calculators purchased from Larkspur Co. Returned calculators to Larkspur Co. for $92 cash (including freight) because they did not meet specifications. Sold calculators costing $690 for $1,050 to Sura Book Store, on account, terms n/30. Granted credit of $35 to Sura Book Store for the return of one calculator that was not ordered. The calculator cost $23. Sold 30 calculators costing $713 for $1,023 on account to Davis Card Shop, on account,terms n/30. Journalize the September transactions for Swifty Office Supply. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation (To record credit sale) (To record cost of merchandise sold) Debit Credit LUC (To record merchandise returned) (To record cost of merchandise returned) (To record credit sale) (To record cost of merchandise sold) At the beginning of the current season on April 1, the ledger of Novak's Discorama showed Cash $1,900, Inventory $2,600, and Owner's Capital $4,500. The following transactions were completed during April 2022. Apr. 5 7 9 10 12 14 17 20 21 27 30 Purchased golf discs, bags, and other inventory on account from Mumford Co. $1,050, FOB shipping point, terms 2/10, n/60. Paid freight on the Mumford purchase $50. Received credit from Mumford Co. for merchandise returned $200. Sold merchandise on account for $900, terms n/30. The merchandise sold had a cost of $540. Purchased disc golf shirts and other accessories on account from Saucer Sportswear $620, terms 1/10, n/30. Paid Mumford Co. in full, less discount. Received credit from Saucer Sportswear for merchandise returned $20. Made sales on account for $560, terms n/30. The cost of the merchandise sold was $350. Paid Saucer Sportswear in full, less discount. Granted an allowance to customers for clothing that did not fit $20. Received payments on account from customers $910. The chart of accounts for the store includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 301 Owner's Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, and No. 505 Cost of Goods Sold. (a) Journalize the April transactions using a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation (To record credit sale.) (To record cost of merchandise sold.) Debit Credit (To record cost of merchandise sold.) (b). Enter the beginning balances in the ledger accounts and post the April transactions. (Post entries in the order of journal entries presented in the previous part.) Date < Explanation Ref. < Balance V J1 J1 J1 J1 Date Explanation Ref. J1 J1 J1 J1 Debit Cash Accounts Receivable Debit Credit Credit No. 101 Balance No. 112 Balance Date < 100 < Explanation Ref. Balance V J1 J1 J1 J1 J1 J1 J1 J1 J1 Inventory Debit Credit No. 120 Balance Date Explanation Ref. < Date < < < J1 Balance J1 J1 J1 J1 Date Explanation Ref. J1 Explanation Ref. J1 J1 Accounts Payable Debit Owner's Capital Debit Sales Revenue Debit Credit Credit Credit No. 201 Balance No. 301 Balance No. 401 Balance Date Date Explanation Ref. J1 Explanation Ref. J1 J1 Sales Returns and Allowances Debit Cost of Goods Sold Debit Credit Credit No. 412 Balance No. 505 Balance (c). Prepare a trial balance on April 30, 2022. (Do not list those accounts that have zero ending balance.) Totals NOVAK'S DISCORAMA Trial Balance LA Debit LA LA Credit