highlight response for answers Brief Exercise 5 1 Your answer is incorrect Try again Presented below are the components in determining cost of goods sold Determine the missing amounts Beginning Inventory Purchases Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold (a) $82,100 $100,000 $ $ $120,000 (b) $52,300 $ $120,000 $34,000 $ (c) $ $118,000 $155,000 $31,000 $ Brief Exercise 5 3 Cha Company buys merchandise on account from Wirtz Company The selling price of the goods is $790, and the cost of the goods is $470 Both companies use perpetual inventory systems Journalize the transaction on the books of both companies (Credit account titles are automatically indented when amount is entered Do not indent manually ) Account Titles and Explanation Debit Credit Cha Company Wirtz Company (To record credit sale) (To record cost of merchandise sold) Brief Exercise 5 4 Prepare the journal entries to record the following transactions on Novy Companys books using a perpetual inventory system On March 2, Novy Company sold $929,000 of merchandise to Opps Company, terms 4 10, n 30 The cost of the merchandise sold was $605,000 (Credit account titles are automatically indented when amount is entered Do not indent manually ) Account Titles and Explanation Debit Credit (To record credit sale) (To record cost of merchandise sold) LINK TO TEXT On March 6, Opps Company returned $92,900 of the merchandise purchased on March 2 The cost of the returned merchandise was $55,800 (Credit account titles are automatically indented when amount is entered Do not indent manually ) Account Titles and Explanation Debit Credit (To record merchandise returned) (To record cost of merchandise returned) LINK TO TEXT On March 12, Novy Company received the balance due from Opps Company (Credit account titles are automatically indented when amount is entered Do not indent manually ) Account Titles and Explanation Debit Credit Brief Exercise 5 6 At year end, the perpetual inventory records of Gutierrez Company showed merchandise inventory of $105,290 The company determined, however, that its actual inventory on hand was $102,170 Record the necessary adjusting entry (Credit account titles are automatically indented when amount is entered Do not indent manually ) Account Titles and Explanation Debit Credit Exercise 5 5 Presented below are transactions related to R Humphrey Company 1 On December 3, R Humphrey Company sold $586,700 of merchandise to Frazier Co , terms 4 10, n 30, FOB destination R Humphrey paid $400 for freight charges The cost of the merchandise sold was $391,300 2 On December 8, Frazier Co was granted an allowance of $28,000 for merchandise purchased on December 3 3 On December 13, R Humphrey Company received the balance due from Frazier Co Prepare the journal entries to record these transactions on the books of R Humphrey Company using a perpetual inventory system (Credit account titles are automatically indented when amount is entered Do not indent manually Record journal entries in the order presented in the problem ) No Date Account Titles and Explanation Debit Credit 1 Dec 3 Dec 8 Dec 13 (To record credit sale) Dec 3 Dec 8 Dec 13 (To record cost of merchandise sold) Dec 3 Dec 8 Dec 13 (To record freight charges) 2 Dec 3 Dec 8 Dec 13 3 Dec 13 LINK TO TEXT Assume that R Humphrey Company received the balance due from Frazier Co on January 2 of the following year instead of December 13 Prepare the journal entry to record the receipt of payment on January 2 (Credit account titles are automatically indented when amount is entered Do not indent manually Record journal entries in the order presented in the problem ) Date Account Titles and Explanation Debit Credit Dec 3 Dec 8 Dec 13 Jan 2 Exercise 5 15 Presented below are selected accounts for McPhan Company as reported in the worksheet using a perpetual inventory system at the end of May 2017 Complete the worksheet by extending amounts reported in the adjusted trial balance to the appropriate columns in the worksheet Accounts Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Cash 16,200 Inventory 83,200 Sales Revenue 511,200 Sales Returns and Allowances 14,800 Sales Discounts 14,300 Cost of Goods Sold 323,400 Problem 5 4A Yolanda Hagen, a former disc golf star, operates Yolandas Discorama At the beginning of the current season on April 1, the ledger of Yolandas Discorama showed Cash $1,900, Inventory $2,600, and Owners Capital $4,500 The following transactions were completed during April Apr 5 Purchased golf discs, bags, and other inventory on account from Mumford Co $1,000, FOB shipping point, terms 2 10, n 60 7 Paid freight on the Mumford purchase $60 9 Received credit from Mumford Co for merchandise returned $200 10 Sold merchandise on account for $810, terms n 30 The merchandise sold had a cost of $486 12 Purchased disc golf shirts and other accessories on account from Saucer Sportswear $670, terms 1 10, n 30 14 Paid Mumford Co in full, less discount 17 Received credit from Saucer Sportswear for merchandise returned $70 20 Made sales on account for $530, terms n 30 The cost of the merchandise sold was $400 21 Paid Saucer Sportswear in full, less discount 27 Granted an allowance to customers for clothing that was flawed $20 30 Received payments on account from customers $870 Journalize the April transactions using a perpetual inventory system (Credit account titles are automatically indented when amount is entered Do not indent manually Record journal entries in the order presented in the problem ) Date Account Titles and Explanation Debit Credit Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 (To record credit sale ) Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 (To record cost of merchandise sold ) Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 (To record credit sale ) Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 (To record cost of merchandise sold ) Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 LINK TO TEXT LINK TO TEXT LINK TO TEXT 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 ) Cash No 101 Date Explanation Ref Debit Credit Balance Apr 1 Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 Balance Apr 1 Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 J1 Apr 1 Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 J1 Apr 1 Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 J1 Apr 1 Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 J1 Accounts Receivable No 112 Date Explanation Ref Debit Credit Balance Apr 1 Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 J1 Apr 1 Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 J1 Apr 1 Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 J1 Apr 1 Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 J1 Inventory No 120 Date Explanation Ref Debit Credit Balance Apr 1 Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 Balance Apr 1 Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 J1 Apr 1 Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 J1 Apr 1 Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 J1 Apr 1 Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 J1 Apr 1 Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 J1 Apr 1 Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 J1 Apr 1 Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 J1 Apr 1 Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 J1 Apr 1 Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30 J1 Accounts Payable No 201 Date Explanation Ref Debit Credit Balance Apr 1 Apr 5 Apr 7 Apr 9 Apr 10 Apr 12 Apr 14 Apr 17 Apr 20 Apr 21 Apr 27 Apr 30

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 26, 2024

highlight response for answers Brief Exercise 5-1 Your answer is incorrect. Try again. Presented below are the components in determining cost of goods sold. Determine

highlight response for answers

Brief Exercise 5-1


	Your answer is incorrect. Try again.

Presented below are the components in determining cost of goods sold. Determine the missing amounts.

Beginning Inventory	Purchases	Cost of Goods Available for Sale	Ending Inventory	Cost of Goods Sold
(a)	$82,100	$100,000	$	$	$120,000
(b)	$52,300	$	$120,000	$34,000	$
(c)	$	$118,000	$155,000	$31,000	$

Brief Exercise 5-3

Cha Company buys merchandise on account from Wirtz Company. The selling price of the goods is $790, and the cost of the goods is $470. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit
Cha Company


Wirtz Company


(To record credit sale)


(To record cost of merchandise sold)

Brief Exercise 5-4

Prepare the journal entries to record the following transactions on Novy Companys books using a perpetual inventory system.

On March 2, Novy Company sold $929,000 of merchandise to Opps Company, terms 4/10, n/30. The cost of the merchandise sold was $605,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit


(To record credit sale)


(To record cost of merchandise sold)

LINK TO TEXT

On March 6, Opps Company returned $92,900 of the merchandise purchased on March 2. The cost of the returned merchandise was $55,800. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit


(To record merchandise returned)


(To record cost of merchandise returned)

LINK TO TEXT

On March 12, Novy Company received the balance due from Opps Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit

Brief Exercise 5-6

At year-end, the perpetual inventory records of Gutierrez Company showed merchandise inventory of $105,290. The company determined, however, that its actual inventory on hand was $102,170. Record the necessary adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit

Exercise 5-5

Presented below are transactions related to R. Humphrey Company.

1.	On December 3, R. Humphrey Company sold $586,700 of merchandise to Frazier Co., terms 4/10, n/30, FOB destination. R. Humphrey paid $400 for freight charges. The cost of the merchandise sold was $391,300.
2.	On December 8, Frazier Co. was granted an allowance of $28,000 for merchandise purchased on December 3.
3.	On December 13, R. Humphrey Company received the balance due from Frazier Co.

Prepare the journal entries to record these transactions on the books of R. Humphrey Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

No.	Date	Account Titles and Explanation	Debit	Credit
1.	Dec. 3 Dec. 8 Dec. 13

(To record credit sale)
Dec. 3 Dec. 8 Dec. 13

(To record cost of merchandise sold)
Dec. 3 Dec. 8 Dec. 13

(To record freight charges)
2.	Dec. 3 Dec. 8 Dec. 13

3.	Dec. 13

LINK TO TEXT

Assume that R. Humphrey Company received the balance due from Frazier Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 3 Dec. 8 Dec. 13 Jan. 2

Exercise 5-15

Presented below are selected accounts for McPhan Company as reported in the worksheet using a perpetual inventory system at the end of May 2017. Complete the worksheet by extending amounts reported in the adjusted trial balance to the appropriate columns in the worksheet.

Accounts	Adjusted Trial Balance	Income Statement	Balance Sheet
Debit	Credit	Debit	Credit	Debit	Credit
Cash	16,200
Inventory	83,200
Sales Revenue	511,200
Sales Returns and Allowances	14,800
Sales Discounts	14,300
Cost of Goods Sold	323,400

Problem 5-4A

Yolanda Hagen, a former disc golf star, operates Yolandas Discorama. At the beginning of the current season on April 1, the ledger of Yolandas Discorama showed Cash $1,900, Inventory $2,600, and Owners Capital $4,500. The following transactions were completed during April.

Apr. 5	Purchased golf discs, bags, and other inventory on account from Mumford Co. $1,000, FOB shipping point, terms 2/10, n/60.
7	Paid freight on the Mumford purchase $60.
9	Received credit from Mumford Co. for merchandise returned $200.
10	Sold merchandise on account for $810, terms n/30. The merchandise sold had a cost of $486.
12	Purchased disc golf shirts and other accessories on account from Saucer Sportswear $670, terms 1/10, n/30.
14	Paid Mumford Co. in full, less discount.
17	Received credit from Saucer Sportswear for merchandise returned $70.
20	Made sales on account for $530, terms n/30. The cost of the merchandise sold was $400.
21	Paid Saucer Sportswear in full, less discount.
27	Granted an allowance to customers for clothing that was flawed $20.
30	Received payments on account from customers $870.

Journalize the April transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30

Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30

Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30

Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30

(To record credit sale.)
Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30

(To record cost of merchandise sold.)
Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30

Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30


Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30

Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30

(To record credit sale.)
Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30

(To record cost of merchandise sold.)
Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30


Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30

Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30

LINK TO TEXT

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.)

Cash	No. 101
Date	Explanation	Ref.	Debit	Credit	Balance
Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30	Balance
Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30	J1
Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30	J1
Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30	J1
Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30	J1
Accounts Receivable	No. 112
Date	Explanation	Ref.	Debit	Credit	Balance
Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30	J1
Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30	J1
Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30	J1
Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30	J1
Inventory	No. 120
Date	Explanation	Ref.	Debit	Credit	Balance
Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30	Balance
Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30	J1
Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30	J1
Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30	J1
Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30	J1
Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30	J1
Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30	J1
Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30	J1
Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30	J1
Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30	J1
Accounts Payable	No. 201
Date	Explanation	Ref.	Debit	Credit	Balance
Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30