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& M Accounting Services and Office Supplies, LLC This is a simulated problem showing some summary transactions that occurred during the month of September. Sept
\& M Accounting Services and Office Supplies, LLC This is a simulated problem showing some summary transactions that occurred during the month of September. Sept 1 Paid September's rent $350. 2 Purchased merchandise on account from dd's Discount Supply terms 2/10,n/30. (4,000 units @ $0.75) 5 Sold 4,400 units of inventory for Cash at $0.96 each. (3,000@$0.70 and 1,400@$0.75) 7 Gave a September 5th customer $192 for 200 units returned costing $150. (Units were returned to inventory.) 8 Received $2,000 cash from customers in payment of account. (No Discounts) 9 Paid $2,800 on account. (No Discounts) 12 Paid dd's Discount Supply in full, less discount. 12 Paid $3,550 for salaries due employees, of which $1,065 is for August and $2,485 is for September. 13 Purchased 5,000 units for inventory on account from Office Headquarters at $0.80 each. Terms 2/10,n30. 15 Sold 4,000 units of inventory to customers on account at $0.99 per unit. Terms 2/10,n30. (2,800@ \$0.75\&1,200@ \$0.80) 20 Received $5,450 Cash for services performed in September. 23 Purchased supplies on account $1,500. 23 Received collections in full, less discount, from customers billed for sales on September 15th. (Round amount to whole dollars.) 26 Paid Salaries $3,550. 29 Billed customers $2,180 for services performed in September. 30 Paid Office Headquarters in full. (No discount). Journalize the Closing Entries. (Do Not Post Them) Prepare a Schedule of Goods Available on September 30, 2022 Calculate for both Fifo and Lifo for the Month of September, 2022. (Use the Periodic Method) A. Ending Inventory B. Cost of Goods Sold \& M Accounting Services and Office Supplies, LLC This is a simulated problem showing some summary transactions that occurred during the month of September. Sept 1 Paid September's rent $350. 2 Purchased merchandise on account from dd's Discount Supply terms 2/10,n/30. (4,000 units @ $0.75) 5 Sold 4,400 units of inventory for Cash at $0.96 each. (3,000@$0.70 and 1,400@$0.75) 7 Gave a September 5th customer $192 for 200 units returned costing $150. (Units were returned to inventory.) 8 Received $2,000 cash from customers in payment of account. (No Discounts) 9 Paid $2,800 on account. (No Discounts) 12 Paid dd's Discount Supply in full, less discount. 12 Paid $3,550 for salaries due employees, of which $1,065 is for August and $2,485 is for September. 13 Purchased 5,000 units for inventory on account from Office Headquarters at $0.80 each. Terms 2/10,n30. 15 Sold 4,000 units of inventory to customers on account at $0.99 per unit. Terms 2/10,n30. (2,800@ \$0.75\&1,200@ \$0.80) 20 Received $5,450 Cash for services performed in September. 23 Purchased supplies on account $1,500. 23 Received collections in full, less discount, from customers billed for sales on September 15th. (Round amount to whole dollars.) 26 Paid Salaries $3,550. 29 Billed customers $2,180 for services performed in September. 30 Paid Office Headquarters in full. (No discount). Journalize the Closing Entries. (Do Not Post Them) Prepare a Schedule of Goods Available on September 30, 2022 Calculate for both Fifo and Lifo for the Month of September, 2022. (Use the Periodic Method) A. Ending Inventory B. Cost of Goods Sold
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