Part 1

Presented below are the components in determining cost of goods sold.

Determine the missing amounts.

Part 2

Cha Company buys merchandise on account from Wirtz Company. The selling price of the goods is $850, and the cost of the goods is $500. Both companies use perpetual inventory systems.

1. Journalize the transaction on the books of both companies.

Part 3

Prepare the journal entries to record the following transactions on Novy Company's books using a perpetual inventory system.

• On March 2, Novy Company sold $956,000 of merchandise to Opps Company, terms 4/10, n/30. The cost of the merchandise sold was $550,000.
• On March 6, Opps Company returned $95,600 of the merchandise purchased on March 2. The cost of the returned merchandise was $59,000.
• On March 12, Novy Company received the balance due from Opps Company.

Part 4

At year-end, the perpetual inventory records of Gutierrez Company showed merchandise inventory of $112,300. The company determined, however, that it's actual inventory on hand was $110,200.

Record the necessary adjusting entry.

Part 5

Presented below are transactions related to R. Humphrey Company.

1. On December 3, R. Humphrey Company sold $662,200 of merchandise to Frazier Co., terms 4/10, n/30, FOB destination. R. Humphrey paid $400 for freight charges. The cost of the merchandise sold was $351,200.
2. On December 8, Frazier Co. was granted an allowance of $26,600 for merchandise purchased on December 3.
3. On December 13, R. Humphrey Company received the balance due from Frazier Co.

• Prepare the journal entries to record these transactions on the books of R. Humphrey Company using a perpetual inventory system.
• Assume the R. Humphrey Company received the balance due from Frazier Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2.

Part 6

Presented below are selected accounts for McPhan Company as reported in the worksheet using a perpetual inventory system at the end of May 2017.

Complete the worksheet by extending amounts reported in the adjusted trial balance to the appropriate columns in the worksheet.

Part 7

Yolanda Hagen, a former disc golf star, operates Yolanda's Discorama. At the beginning of the current season on April 1, the ledger of Yolanda's Discorama showed Cash $2,000, Inventory $2,600, and Owner's Capital $4,600. The following transactions were completed during April.

1. Apr. 5 Purchased golf discs, bags, and other inventory on account from Mumford Co. $1,200, FOB shipping point, terms 2/10, n/60.
2. 7 Paid freight on the Mumfordpurchase $60.
3. 9 Received credit from Mumford Co. for merchandise returned $100.
4. 10 Sold merchandise on account for $840, terms n/30. The merchandise sold had a cost of $504.
5. 12 Purchased disc golf shirts and other accessories on account from Saucer Sportswear $660, terms 1/10, n/30.
6. 14 Paid Mumford Co. in full, less discount.
7. 17 Received credit from Saucer Sportswear for merchandise returned $60.
8. 20 Made sales on account for $640, terms n/30. The cost of the merchandise sold was $350.
9. 21 Paid Saucer Sportswear in full, less discount.
10. 27 Granted an allowance to customers for clothing that was flawed $40.
11. 30 Received payments on account from customers $910.

• Journalize the April transactions using a perpetual inventory system.
• Enter the beginning balance in the ledger accounts and post the April transactions.
• Make atrial balance on April 30,2017.

Attached is the worksheet for the above problems. Thanks in advance.

Part 1 a b c Beginning Inventory $81,000 $48,300 Part 2 Account Titles and Explanation Cha Company Purchases $105,200 $115,000 Debit Wirtz Company (To record credit sale) (To record cost of merchandise sold) Part 3 Account Titles and Explanation Debit (To record credit sale) (To record cost of merchandise sold) Account Titles and Explanation (To record merchandise returned) (To record cost of merchandise returned) Account Titles and Explanation Part 4 Account Titles and Explanation Debit Part 5 No. 1 Date Account Titles and Expanation (To record credit sale) (To record cost of merchandise sold) (To record freight charges) 2 3 Part 6 Dec. 13 Date Account Titles and Explanation Accounts Adjusted Trial Balance Debit 11,500 77,000 Cash Inventory Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Part 7 Date 10,000 10,000 300,100 Account Titles and Explanation (To record credit sale.) (To record cost of merchandise sold.) (To record credit sale.) (To record cost of merchandise sold.) Cash Date Accounts Receivable Date Inventory Date Accounts Payable Date Explanation Balance Explanation Explanation Balance Explanation Owner's Capital Date Explanation Balance Sales Revenue Date Explanation Sales Returns and Allowances Date Explanation Cost of Goods Sold Date Explanation Yolanda's Discorama Trial Balance Debit $ $ Cost of Goods Available for Sale Ending Inventory $113,000 $159,000 $33,900 $30,700 Credit Credit Credit Debit Credit Cost of Goods Sold $120,000 Debit Credit Credit Income Statement Debit 480,000 Debit Credit Credit Balance Sheet Debit Credit No. 101 Ref. J1 J1 J1 J1 No. 112 Ref. J1 J1 J1 J1 No. 120 Ref. J1 J1 J1 J1 J1 J1 J1 J1 J1 No. 201 Ref. J1 J1 J1 J1 Debit Credit Balance Debit Credit Balance Debit Credit Balance Debit Credit Balance J1 J1 No. 301 Ref. No. 401 Ref. J1 J1 No. 412 Ref. J1 No. 505 Ref. J1 J1 Credit $ $ Debit Credit Balance Debit Credit Balance Debit Credit Balance Debit Credit Balance