During the month end review, there were three additional transactions that need to be recorded as follows. All three transactions were dated 1/31/2016: An unrecorded sale was discovered during the review process. The sale was made to Tsangs Distributors on 1/31/2016 in the amount of $3,200. Terms of sale were 1/10 n 30 and the invoice number was 1003. An invoice came in the mail late on 1/31/2016 for goods that we had purchased that were in transit via FOB shipping point from Schmidt Company. The controller determined the goods were the property of Evans Distributors as of 1/31/2016 and need to be recorded. Invoice # 3210 in the amount of $4,200 plus freight that was prepaid and added to the invoice in the amount of $150. (Total invoice was for $4,350.) Same terms as previous purchases. The owner, William Evans, took a drawing from the firm on 1/31/2016 prior to the close of business on check # 108 in the amount of $8,000. Requirements: Assuming that ending inventory for the month ended 1/31/2016 was $5,000, compute the following IN PROPER FORM on the Analysis Worksheet: (Hint: In good form means show all computations, label each item, and use proper format including single lines, double lines, etc.) a. Net Sales b. Net Delivered Cost of Purchases c. Cost of Goods Sold d. Gross Profit and Gross Profit % e. Net Income and Net Income or Net Profit %

Evans began Evans Distributors, a sporting goods distribution company, in January 2016, and engaged in the Assume Evans Distributors and its customers take advantage of all cash discounts. transactions below. Jan 2016 William evans started Evans Distributors with an investment of $49,000. He also invested personal business supplies worth $1000. Purchased merchandise for cash, $10,500, Check 100. Sold merchandise on account to Chu Corporation, $750, terms 2/10, n/30, Invoice 1001. The goods cost $500. (Reminder: Also record the Cost of Goods Sold) Purchased merchandise on account from Whitson Company, $1,800, terms 1/10, n/30, Invoice 1125 Received and paid freight charges related to January 4 purchase of merchandise from Whitson Company, $100, Check 101 Chu Corporation returned merchandise purchased on January 3; issued credit memo #101 for $100. The goods cost $65. Received payment in full from Chu Corporation Paid amount due to Whitson Company for purchase of January 4, Check 102 Recorded cash sales for the two-week period ended January 15 of $5,750. The goods cost $4,300 Recorded sales on credit cards for the two-week period ended January 15th, $1,200; bank charges a 3% fee on all credit card sales. The goods cost S900. Paid wages, $1,400, Check 103 Purchased equipment (not for resale), $1,750, check 104 Paid frieght for delivery of equipment purchased on January 16, $250, Check 105. (Note: freight charges for purchase of equipment should be added to - debited-to the Equipment account.) Purchased merchandise on account from Terri Manufacturing for $4,500, subject to trade discount of 40%, terms 1,10, n/30, Invoice 2078. Sold merchandise on account to Moloney Corp, $2,500, terms 1/10, n/30 Invoice 1002. The goods cost $1,875 Purchased merchandise on account from Schmidt Company, $3,000, terms 1/10, n/30, Invoice 3204; freight prepaid by Schmidt Company and added to invoice, $70. (Total invoice amount $3,070) Paid amount owed to Terri Manufacturing for purchase of January 18, Check 106. Received amount due from Moloney Corp. for the sale of January 20 Paid amount due to Schmidt Company for purchase of January 21, Check 107. Recorded cash sales for the period from January 16-31, s6,200. The goods cost $4,650. Recorded sales on the credit cards for the period from January 16-31, $2.200, the bank charges a 3% fee on all credit card sales. The goods cost $1,650 2 10 15 15 16 18 20 21 27 29 30 31 31 Instructions 1. Journalize all transactions. Note that for Sales transactions, you will also need to record the Cost of Goods Sold. Please include descriptions. 2. Post to the General Ledger and also post to the Accounts Receivable and Accounts Payable Subsidiary Ledgers. 3. Prepare a Trial Balance. In the analysls section, prove the fundamental accounting equation is in balance