E5.5 and 5.9

BILO 3) Presented below are transactions related to Bogner Company On December 3, Bogner Company sold $570,000 of merchandis count to Mars Co., terms 210, 1/30, FOB shipping point. The cost of the merchandise sold was $350,000 On December 8, Maris Co. was granted an allowance of $20,000 for merchandise purchased on Exercises 341 December 3 1 on December 13, Bogner Company received the balance due from Maris Co. Instructions Prepare the journal entries to record these transactions on the books of Bogner Company using a perpetual inventory system. Assume that Bogner Company received the balance due from Maris Co. on January 2 of the fol Towing year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. ILO 4,5) The adjusted trial balance of Tsai Company shows the folloin des pertaining to sales he end of its fiscal year October 31, 2020: Sales Revenue $820,000, Freight-Out $16,000, Sales Returns and Allowances $25.000, and Sales Discounts $13.000 Prepare also adding Instructions Prepare the sales section of the income statement Prepare separate closing entries for (1) sales revenue, and (2) the contra accounts to sales reven 5.7(L04) Juan Morales Company had the following account balances at year-end: Cost of Goods Sold 560.000, Inventory $15.000, Operating Expenses $29.000, Sales Revenue $115.000, Sales Discounts $1.200, and Sales Returns and Allowances $1.700. A physical count of inventory determines that mer chandise inventory on hand is $13.900. Prepare d Instructions a. Prepare the adjusting entry necessary as a result of the physical count. b. Prepare closing entries. E5.8 (LO4) Presented below is information related to Garland Co. for the month of January 2020 Prepare adjusting and closing entries $ 21,600 Ending inventory per perpetual records Ending inventory actually on hand Cost of goods sold Freight-out Insurance expense Rent expense Salaries and wages expense Sales discounts Sales returns and allowances Sales revenue $ 12,000 20.000 55,000 10.000 13,000 380,000 21,000 218,000 7.000 Prepare a ape-sep income to mest and calculate profitability Instructions a. Prepare the necessary adjusting entry for inventory b. Prepare the necessary closing entries. 59 (LOS) Presented below is information for Furlow Company for the month of March 2020 $212.000 Cost of goods sold $ 32.000 Rent expense 8,000 Freight-out 7,000 Sales discounts 13,000 Insurance expense 6,000 Sales returns and allowances 380,000 Salaries and wages expense 58,000 Sales revenue Instructions a. Prepare a multiple-step income statement b. Compute the gross profit rate. tant for the year ended December 31, 2020, Lemere Company reported Prepare income statements and a comprehensive income talement