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help Presented here are the components in Ivanhoe Company's income statement. Determine the missing amounts. Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses
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Presented here are the components in Ivanhoe Company's income statement. Determine the missing amounts. Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Net Income $81,000 $34,000 $ $19,000 $50,000 $69,000 $49,000 On September 4, Roberta's knickknacks buys merchandise on account from Ivanhoe Company. The selling price of the goods is $900 and the cost of goods is $500. Both companies use the perpetual inventory systems. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually) 1. Journalize the transactions on the books of Roberta's knickknacks. Date Account Titles and Explanation Debit Credit Sept. 4 2. Journalize the transactions on the books of Ivanhoe Company Date Account Titles and Explanation Debit Credit Sept. 4 (To record credit sale) (To record cost of good sold) On February 6, Carla Vista Company sold $100,000 of merchandise to the Lyman Company, terms 2/10,net/30. The cost of the merchandise sold was $73,000.On February 8, the Lyman Company returned $15,000 of the merchandise purchased on February 6. The cost of the merchandise returned was $9,300. On February 16 Carla Vista Company received the balance due from the Lyman Company Prepare the journal entries to record the above transactions on Carla Vista Company's books using a perpetual inventory system. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record credit sale) (To record cost of good sold) (To record goods returned) (To record cost of good returned) R ENG 2/ (To record cost of good sold) (To record goods returned) (To record cost of good returned) Step by Step Solution
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