I have homework but very confused on how to do it. Could you help me figure it out.
Search '3 12:21 AM lnLLuummu Chapter 5 Homework instructions ' help gi if, a Save& Exit ' Submit 1 value: ' 1.25 points Exercise 5-14 Preparing journal entries-perpetual system LO P1. P2 Following are the merchandising transactions for Chilton Systems. ' On November 1, Chilton Systems purchases merchandise for $1,200 on credit with terms of 2/5, n/30, FOB shipping point; invoice dated November 1. 2- On November 5, Chilton Systems pays cash for the November 1 purchase. 3- On November 7, Chilton Systems discovers and returns $170 of defective merchandise purchased on November 1 for a cash refund. ' On November 10, Chilton Systems pays $60 cash for transportation costs with the November 1 purchase. 5- On November 13, Chilton Systems sells merchandise for $1,296 on credit. The cost of the merchandise is $648. ' On November 16, the customer returns merchandise from the November 13 transaction. The returned items sell for $295 and cost $148. The merchandise is returned to inventory. Journalize the above merchandising transactions for Chilton Systems assuming it uses a perpetual inventory system. view transaction list I 4 view general journal 5 Ft Journal Entry Worksheet x',' { Record the Chilton Systems purchase of merchandlse for $1,200 on credit ' with terms of 2/5, n/30, FOB shipping point; invoice dated November 1. Il Date General Journal : Deblt -: Credit] Nov 01 Merchandise inventory 1.200 Accounts payable 1.200 'Enter debits before credits am cn- mw muni.Search '6 12:21 AM ezto.mheducatlon.com - :.:.:::. L:'.;,:'::".::";?-tStir":: L': Chapter 5 Homework instructions ' help El 6 Save& Exit . [ Submit J 2 value' ' 1.25 points Problem 5-1A Preparing journal entries for merchandising activities-perpetual system LO P1, P2 My ' Purchased merchandise from Boden Company for $6,900 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $575. 3 Paid $105 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $2,200 for $2,600 cash. 9 Purchased merchandise from Leight Co. for $2,500 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. " Received a $500 credit memorandum from Leight Co. for the return of part of the merchandise purchased on July 9. '2 Received the balance due from Creek Co. for the invoice dated July 2, net of the discount. '6 Paid the balance due to Boden Company within the discount period. '9 Sold merchandise that cost $1,000 to Art Co. for $1,500 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. 2' Issued a $250 credit memorandum to Art Co. for an allowance on goods sold on July 19. 2" Paid Leight Co. the balance due after deducting the discount. 3" Received the balance due from Art Co. for the invoice dated July 19, net of discount. 3' Sold merchandise that cost $5,700 to Creek Co. for $6,800 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. Prepare journal entries to record the above merchandising transactions of Blink Company, which applies the perpetual inventory system. view lrannctlon list view general journal Journal Entry Worksheet (- L/V' 4 x. (L' t" ID u x' 12 '/ l'J ': N '/ is "'r / lb N' " l! "'r 7 Purchased merchandise from Boden Company for 36,900 under credit - terms ol 2/15, n/30, POB shipping point, invoice dated July 1. ' IL Data : General Journal Deblt Credit] July 01 'Enter debts before credits am ' am mwSearch '3 12:21 AM ezto.mheducation.com Problem 5-2A Preparing journal entries for merchandising activities-perpetual system LO P1. P2 AW ' Purchased merchandise from Arotek Company for $8,700 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. 4 At Arotek's request, Sheng paid $180 cash for freight charges on the August 1 purchase, reducing the amount owed to Arotek. 5 Sold merchandise to Laird Corp. for $6,090 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $4,348. 3 Purchased merchandise from Waters Corporation for $8,000 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. The invoice showed that at Sheng's request, Waters paid the $240 shipping charges and added that amount to the bill. (Hint: Discounts are not applied to freight and shipping charges.) 9 Paid $100 cash for shipping charges related to the August 5 sale to Lux Corp. '0 Laird returned merchandise from the August 5 sale that had cost Sheng $725 and been sold for $1,015. The merchandise was restored to inventory. '2 After negotiations with Waters Corporation concerning problems with the merchandise purchased on August 8, Sheng received a credit memorandum from Waters granting a price reduction of $1 ,208. '5 Received balance due from Laird Corp. for the August 5 sale less the return on August 10. '8 Paid the amount due to Waters Corporation for the August 8 purchase less the price reduction granted. '9 Sold merchandise to Tux Co. for $5,220 under credit terms of 1/10. n/30, FOB shipping point, invoice dated August 19. The merchandise had cost $3,623. 22 Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Sheng sent Tux a $870 credit memorandum to resolve the issue. 29 Received Tux's cash payment for the amount due from the August 19 sale. 3" Paid Arotek Company the amount due from the August 1 purchase. Prepare journal entries to record the above merchandising transactions of Sheng Company, which applies the perpetual inventory system. view transaction list view general journal Journal Entry Worksheet 'N " 4 " (Lu " ID u x' " 1: '/ 13 N: u " lb ' lb 7 Purchase merchandise from Arotek Company for 58,700 under credit terms '- of 1/10, n/30, FOB desunauon, lnvorce dated August 1. ' l, . IL Date : General Journal Deblt Credlt] "Enter debits before credits am mm tmSearch '' 12:21 AM E COnneCt BSAD 13'la Accounting Prircip es 1 {Fall Seanice Abernathy [ACCOUNTING anhui" qtr-xp, nrl Tt'r Pune,- 'KTrs-v'fir' '7" El q, a i Save&Exlt ' [ Submit J Problem 5-4A Computing merchandising amounts and formatting income statements LO C2, P4 [The following information applies to the questions displayed below] Valley Company's adjusted trial balance on August 31, 2013, its fiscal year-end, follows. Debit Credit Merchandise inventory $ 43500 Other (nonlnventory) assets I74.000 Tottil liabilities $ 50243 K. Valley, Capital 142938 K. Valley. withdrawals 8.000 Sales 292540 Sales discounts 4.552 Sales returns and allowances 19538 Cost of goods sold "4.570 Sales salaries expense 40763 Rent expense-Selling space 13384 Store supplies expense 3.570 Advertising expense 25291 Office salaries expense 37.193 Rent expanse-omar space 3.570 Office supplies expense 1.190 Totals $ 489.82l 3 489821 On August 31, 2012, merchandise inventory was $35.105. Supplementary records of merchandising activities for the year ended August 31, 2013, reveal the following itemized COStS. Invooce cost of merchandise purchases S 127.890 Purchase discounts received 2.686 Purchase returns and allowances 6,'l39 Costs of transportation-in 3.900 References Section Break Problem S-IiA Computing merchandising amounts and lormutling income statements LO C2, Pd 4. valuo' Required information 1.25 points Problem 5-4A Part1 Required: ' Compute the company's net sales for the year.Search '3 12:21 AM ezto.mheducation.com 4 value' Required Information ' 1.25 points Problem 5-4A Part1 Required: ' Compute the company's net sales for the year. Emi] l References eBook & Resources Worksheet Drffrcully: Medrum Learnrng Oblectwe, 05>P4 Define and prepare multiple-step and Single-step IHL'UlYIL' SZIIUIYIUHlS' Problem 5-4A Pan 1 Learning Objective; 05-02 ldentrfy and explarn the Inventory asset and cost flows of a merchandrsing company. Check my work 5 value: Required lnformatlon 1.25 points Problem 5-4A Part 2 2 Compute the company's total cost of merchandise purchased for the year. [out cost of merchandise purchased: References eBook & Resources Worksheet Drffrculty: Medrum Learnmg Oblectwe, 05-P4 Define and prepare multiple-step and Single-step IHL'UHIL' Slammenls' Problem 5-4A Pan 2 Learning Objective; 05-C2 ldentrfy and explarn the Inventory asset and cost flows of a merchandrsing company. Check my workSearch '3 12:21 AM ezto.mheducation.com 1.25 points Problem 5-4A Part 3 3 Prepare a multiple-step income statement that includes separate categories for selling expenses and for general and administrative expenses. I VALLEY COMPANY 1 I Income Statement I l For Year Ended August 31, 2013 l i 0 i 0 Expense Seling expenses J i i i i i Totei seling expenses General and administrative expenses I i i i i Totei general and administrative expenses ' Totei expenses 0 - References eBook & Resources Worksheet Difficulty: Medium Lcarnmg Obiuctwu, 05>P4 Duiinc and prepare multiplu-stup and s'Irigic-slcp Income Statements Problem 5-4A Part 3 Learning Objective; 05-02 identify and explain the inventory asset and cost flows of a merchandising company. QheciLmy-work 7 value: Required Information ' 1.25 points Problem 5-4A Part 4 ' Prepare a singlestep income statement that includes these expense categories: cost of goods sold, selling expenses, and "Ann-In. And AAM:n:n'un':l1A AunAnnA-uSearch '3 12:22 AM ezto.mheducation.com References eBook & Resources Worksheet Difficulty: Medium LL'Elinliig Obluciwc, 05-P4 Define and prepare multiple-stop and surglc-slcp IHL'UH'IL' S'LZIIUHIUIIIS' Problem 5-4A Part 3 Learning Objective; 05-C2 identify and explain the inventory asset and cost flows of a merchandising company. Qhengy-work 7 value: Required Informatton ' 1.25 points Problem 5-4A Part 4 ' Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses. ' VALLEY COMPANY ' l Income Statement 1 L For Year EndedAugust 33,2013 ] Expenses V Total expenses 0 References eBook & Resources Worksheet Difficulty: Medium LL'EHHIHg Obluciwc, 05-P4 Define and prepare multiple-stop and surglc-slcp Income S'rillUiilUHlSr Problem 5-4A Pan 4 Learning Objective; 05-C2 identify and explain the inventory asset and cost flows of a merchandising company. Check my workSearch '3 12:22 AM ezto.mheducation.com 8 value, 1.25 points Exercise 3-7 Analyzing and preparing adjusting entries LO At, P1, P3 Following are two income statements for Alexis Co. for the year ended December 31. The left column is prepared before any adjusting entries are recorded, and the right column includes the effects of adjusting entries. The company records cash receipts and payments related to unearned and prepaid items in balance sheet accounts. ALEXIS CO. Income Statements For Year Ended December 31 Unadjusled Adjusted Revenues Fees earned 5 24.000 5 28.800 Commissions earned 42500 42500 Tolal revenues 66.500 71.300 Expenses Depreciation expense-Computers 0 1.200 Depreciation expense-Office lumiture 0 1.400 Salaries expense 12500 "AGO Insurance expense 0 1.040 Rent expense 4.500 4.500 Office supplies expense 0 384 Advertising expense 3.000 3.000 Utilities expense 1.250 1.306 Total expenses 21250 27290 Net income 545250 5 44.010 Analyze the statements and prepare the eight adjusting entries that likely were recorded. (Note: 30% of the $4,800 adjustment for Fees Earned has been earned but not billed, and the other 70% has been earned by performing services that were paid for in advance.) ., view trennctlon not view general journel Journal Entry Worksheet xu ,3 r x / X '/ al I/ " 2 ' 'J i' 4 b o ! " e Nv Record the adjustlno entry for accrued revenues. II Den :- GenerelJournel -F Doblt Credlt] 'Enter debits before credits am wmm Hlnts References eBook & Resources Hindi
