Exercises E.S.5 (LO 3) Presented below are transactions related to Bogner Company Journalice sales transactions 1. On December 3, Bogner Company sold $570,000 of merchandise on account to Maris Co., terms 2/10, n/30, FOB shipping point. The cost of the merchandise sold was $350,000. 2. On December 8, Maris Co. was granted an allowance of $20,000 for merchandise parchased on December 3. 3. 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. D. Assume that Bogner Company received the balance due from Maris Co. on January 2 of the fol- lowing year instead of December 13, Prepare the journal entry to record the receipt of payment on January 2 ES.6 (LO 4, 5) The adjusted trial balance of Tsai Company shows the following data pertaining to sales at the 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 sales section and closing entries Instructions a. Prepare the sales section of the income statement. b. Prepare separate closing entries for (1) sales revenue, and (2) the contra accounts to sales revenue. ES.7 (LO 4) Juan Morales Company had the following account balances at year-end: Cost of Goods Sold S60,000, 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 adjusting and closing entries Instructions a. Prepare the adjusting entry necessary as a result of the physical count b. Prepare closing entries. Prepare adjasting and closing entries E5.8 (LO 4) Presented below is information related to Garland Co. for the month of January 2020 $ 12,000 20.000 55,000 10,000 13,000 Insurance expense Rent expense Salaries and wages expense Sales discounts Ending inventory per perpetual records Ending inventory actually S 21,600 21,000 218,000 7,000 on hand Cost of goods sold Freight-out Sales returns and allowances Sales revenue 380,000 Instructions a. Prepare the necessary adjusting entry for inventory b. Prepare the necessary closing entries. Prepare a multiple-step income state- ment and calculate profsability. ES.9 (LO 5) Presented below is information for Furlow Company for the month of March 2020. $32,000 8,000 13.000 380,000 Rent expense $212,000 7,000 Cost of goods sold Freight-out Insurance expense Salaries and wages expense Sales discounts Sales returns and allowances 6,000 58,000 Sales revenue Instructions a. Prepare a multiple-step income statement. b. Compute the gross profit rate
