I need answers for these please !
Problem 2 (41 points) On the Go Warehouse distributes suitcases to retail stores and extends credit terms of 1/10, 1/30 to all of its customers. The following selected transactions occurred. Requirement 1: Please prepare journal entries for each of the following transactions for On the Go Warehouse. Use the general journal on the next page. Dec 1 Sold 40 suitcases on account to Luggage World for $65 each, the cost of each suitcase was $40. Dec 3 Purchased 85 suitcases on account for $30 each from Trunk Manufacturing, terms 1/15, n/30. Dec 7 Luggage World returned 7 of the suitcases sold on Dec 1. This luggage was not defective; Luggage World purchased 7 more than needed Dec 8 Received final payment from Luggage World from the Dec 1 sale. Dec 10 Wrote-off the account receivable of Packem-up, Inc., $280, who notified On the Go Warehouse that it would be unable to pay the amount due. Dec 15 Received a request from Samson Company for an extension of time for the account receivable ($3,700) that was due on Dec 15. Their request was granted and they signed a 60-day, 11% note. Dec 20 Paid Trunk Manufacturing the amount owed. Dec 25 Surprisingly, received a check from Packem-up, Inc., for payment in full of the amount owed that was written off on Dec 10, $280. Dec 31 Estimated bad debts, based on an aging of accounts receivable. The allowance for uncollectible accounts has a $300 debit balance prior to any adjustments. The aging schedule is shown below: Age of Accounts Total Balance 1-30 Days 31-60 Days 61-90 Days Over 90 Days $100,000 $60,000 $16,000 $14,000 $10,000 Estimated % uncollectible 5% 16% 1% 2% Dec 31 Accrued interest on the Dec 15 note receivable. Feb 15 (next year) Received payment, in full, on the amount owed from Samson Company on Dec 15. (Problem 2) Date Debit Credit Problem 3 (22 points) Below is a trial balance for Cardinal, Inc. Accounts are in alphabetical order. Debit Credit 4,200 2,000 400 800 1,400 2,000 2,000 12,000 1,700 Accounts payable Accounts receivable Allowance for doubtful accounts Bad debt expense Cash Common stock Cost of goods sold Equipment Inventory Long-term notes payable Prepaid insurance Retained earnings Salaries expense Sales Sales discounts Sales returns Supplies Utilities expense Total 5,000 250 5,450 1,500 10,000 800 1,100 500 3,000 27,050 27,050 Given the above information for Cardinal, Inc. prepare an income statement, a statement of retained earnings, and a classified balance sheet. Cardinal Inc. Multi-step Income Statement Cardinal Inc. Statement of Retained Earnings Cardinal Inc. Classified Balance Sheet Problem 1 (25 points) You are provided with the following information for Danielle Inc., for the month ended June 30. Danielle uses the periodic method for inventory. Date Oct 1 Oct 9 Oct 11 Oct 17 Oct 22 Oct 25 Oct 29 Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale Quantity 60 120 100 100 60 70 110 Unit Cost Or Selling Price $24 26 35 27 40 29 40 Required: Calculate the value of (1) ending inventory, (11) cost of goods sold and, (iii) gross profit using the FIFO and Average cost flow assumptions, following a periodic inventory approach. FIFO AVG COST
