number of suitcases on hand at July 31. Round your answer to the nearest dollar.) VEL ACCOUCH of the current year. Shaoshi uses a +386,000, terms 1/15, n/30, FOB 1 arty on the October 1 purchase of merchandise. -3B Presented here are selected transactions for Shaoshi Inc, during October of the current year petual inventory system. Oct. Purchased merchandise on account from Micron Ltd. at a cost of $86,000, terms shipping point. Freight charges of $1,400 were paid by the appropriate party on the October 1 purchase Returned for credit $4,000 of damaged goods purchased from Micron on October October 1. Purchased supplies for $2,800 cash. Sold the remaining merchandise purchased from Micron to Guidant Corp. for $140,000 on account, terms 2/10, n/30, FOB destination. Freight charges of $2,300 were paid by the appropriate party on the October 8 sale of merchandise Purchased equipment on account for $62,000. Guidant returned damaged merchandise that was purchased on October 8 for a $3,500 creant om account. The merchandise originally cost $2,185 and was not restored to inventory. 15 Purchased merchandise for $36,300 cash. 75 2520 most be a u 17 Received the balance owing from Guidant. Sold merchandise for $30,000 on account to Deux Lte, terms 2/10, n/30, FOB shipping point. The merchandise had a cost of $18,000. 29 Freight charges of $750 were paid by the appropriate party on the October 28 sale of merchandise. 30 Paid Micron the balance owing. 2ms 31 Deux returned some of the merchandise that was purchased on October 28 for a $5,000 credit on mowe account. The merchandise originally cost $3,000 and was restored to inventory. 23 Problems: Set B Structions molt bonne Record the October transactions. le that Shaoshi took advantage of the 1% purchase discount offered by Micron Ltd. and paid Micron on Octo- ber 14 rather than October 30. Record the ather than October 30. Record the entry that Shaoshi would make on October 14 and determine the cost o missing this purchase discount to Shaoshi. BIOS DE 2019 the general ledger of Grand the general ledger of Grand Slam Tennis Sh slom Ten CHAPTER 5 Merchandising Operations gle- and income 5-6B The adjusted trial balance of Brigus Wholesale Ltd. contained the following accounts at pany's fiscal year end: lowing accounts at November 30, the com- C O BRIGUS WHOLESALE LTD. Adjusted Trial Balance November 30, 2018 Credit $ Debit 35,000 96,300 28,200 115,600 4,900 580,000 452,000 $ 45.200 326,000 Cash Accounts receivable Notes receivable Inventory Supplies Land Buildings Accumulated depreciation buildings Equipment Accumulated depreciation-equipment Accounts payable B Income tax payable Unearned revenue Bank loan payable mod Common shares Retained earnings Sales Sales returns and allowances Sales discounts Cost of goods sold Administrative expenses Selling expenses Interest expense Interest revenue Income tax expense 81,500 79,800 18,200 32,100 205,000 500,000 546,700 2,234,800 12,800 11,400 1,387,200 366,000 286,000 12,300 2.800 32,400 $3,746,100 $3.746,100 Instructions (a) Prepare a single-step income statement (b) Prepare a multiple-step income statement. (c) Compare the two statements and comment on the usefulness of each one (d) Are the expenses in the statements classified by nature or by function? Explain