Instructions on R. Humphrey (a) Prepare the journal entries to record these transactions the books of (b) Company using a perpetual inventory system. the balance due from Frazier Co. on that Humphrey Company ed receiv January 2 of the following year instead of December 13. Prepare the journal entry to the receipt of payment on January 2 E5-6 The adjusted trial balance of Sang company shows the following data pertaining to sales at the end of its fiscal year october 31, 2017: Sales Revenue $820,000, Freight-out S16,000, Sales Returns and Allowances s25,000, and Sales Discounts $13,000. Instructions (a) Prepare the sales section of the income statement. (b) separate closing entries for (1) sales revenue, and (2) the contra accounts to sales revenue. E5-7 Tim Jarosz Company had the following account balances at year-end: Cost of Goods Sold $60,000, 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 merchandise inventory on hand is $13,600. Instructions (a) Prepare the adjusting entry necessary as a result of the physical count. (b) Prepare closing entries. ES s Presented below is information related to Hoerl Co. for the month of January 2017. 12,000 Insurance expense Ending inventory per 20,000 21,600 Rent expense perpetual records Salaries and wages expense 55,000 10.000 Ending inventory actually