Journal Entry Workshop- Chapter 4

need extra credit required f please

Journal Entry Workshop: COMPREHENSIVE PROBLEM - CHAPTER 4 At the beginning of Year 2, EuRo Enterprises had the following balances in its accounts: During Year 2, EuRo Enterprises experienced the following events: 1. Purchased inventory that cost $11,200 on account from Vey company under terms 2/10,n/30. The merchandise was delivered FOB shipping point Freight costs of $800 were paid in cash. 2. Returned $600 of the inventory that it had purchased because the inventory was damaged in transit, The seller agreed to pay the return freight cost. 3. Paid the amount due on its account payable to vey company within the cash discount period. 4. Sold inventory that had cost $8,000 for $13,500. The salewas on account under terms 2/10,n/45. 5. Received merchandise returned from a customer the merchandise had originally cost $1,200 and had been sold to the customer for $2,100 cash. The customer was paid $2,100 cash for the returned merchandise. 6. Delivered goods in Event 4FOB destination. Freight costs of $800 were paid in cash. 7. Collected the amount due on accounts receivable vithin the discount period. 8. Sold the land for $3,500. 9. Recognized $500 of accrued interest revenue. 10. Took a physical count indicating that $6,500 of inventory was on hand at the end of the accounting period. Hint: Determine the current balance in the inventory account before calculating the amount of the inventory write down (shrinkage). e) Use a single general journal entry to close all temporary accounts to the retained earnings account. f) Prepare a post-closing trial balance