= MERCHANDISING AND INVENTORY Merchandising: Computing amount due Johnson Company purchased goods with the following terms and details: Sales price, $11,000 Terms, 1/10, n/30 Date of sale, September 1 Date of payment, September 11 Returns and allowances (before payment), $700 Shipping, FOB Shipping Point, $220, prepaid by seller Required: Compute the amount that Johnson Company has to pay to the seller for the goods. Amount that is paid to the seller: $11 1/5 ACCOUNTING CYCLE Closing entries Barnes Company had the following adjusted trial balance: Account Titles Debit Credit Cash 16,480 Accounts Receivable 9,760 Supplies 7,150 Equipment 49,800 Accumulated Depreciation 8,200 Accounts Payable 3,010 Deferred Rent Revenue 1,890 Capital Stock 20,900 Retained Earnings 20,100 Dividends 14,500 Commission Revenue 53,990 Rent Revenue 7,400 Depreciation Expense 3,300 Utilities Expense 9,200 Supplies Expense 5,300 Total 115,490 115,490 Required: Prepare the fourth closing entry to close the Dividends account to the Retained Earnings account. 1/5 Total 115,490 115,490 Required: Prepare the fourth closing entry to close the Dividends account to the Retained Earnings account. Date Dec. 31 Account Title Debit Credit MERCHANDISING AND INVENTORY = Merchandising: Amount received by seller with FOB Shipping... Carle 0/5 Rodriguez Company uses the gross method and a perpetual inventory system. Assuming the following entries, compute the amount that Rodriguez Company received on August 19. August 8 August 14 August 19 Sold goods costing $7,200 to Russell Company on account, $12,000, terms 1/10, n/30. The goods are shipped FOB Shipping Point, Freight Prepaid by Seller, $440. Russell Company returned undamaged merchandise previously purchased on account, $2,700. Received the amount due from Russell Company. Amount due from Russell Company on August 19: $ 0