$!.$ Pip's Puppy Company uses the Perpetual Inventory Method when accounting for their INVENTORY Transactions....When making sales...they always sell their INVENTORY on Account $($Receivable$)$ and offer their customers the following Sales Discount opportunities: $3/10,$ Net $30.$

On Nov $11^{st},$ Pip has a Beginning Balance in INVENTORY of $$12,350$dots and during November completed the following transactions:

Pip purchases $$14,750$ of Inventory from Noelle's Napkin Company on account, terms $\frac{2}{10},$ net $30$ FOB Destination.

Pip pays UPS $$425$ for the delivery of the goods from Noelle.

Pip makes a Sale of Inventory to Keira's Kite Company for $$10,000$ terms FOB Destination and the inventory cost $$6,200.$

Pip pays $$350$ for the shipment of goods to Keira.

Pip returns $$3,850$ of Inventory back to Noelle.

Pip sells Inventory to Glenny's Glass Company for $$18,500,$ cost $$8,900.$ Terms FOB Shipping Point.

Keira returns $$5,000$ of the Inventory she purchased prior in transaction # $3,$ cost $$2,100.$

Pip pays Noelle for the Inventory purchased in transaction #$1$ within the discount period.

Keira pays Pip within the discount period.

Glenny returns Inventory purchased in transaction # $6$ of $$6,200$ Cost $$3,200.$

REQUIRED:

a$.$ Record the Journal entries for the Month of November for Pip

b$.$ What is the ending Balance in Inventory?

c$.$ What is the ending balance in Cost of Goods Sold?

d$.$ What is Net Sales?

$2.$ Pip's Puppy Store has a balance in his Cash Ledger Account of $$42,500$ at July ${31}^{st}2023$ Pip receives his Bank Statement which shows an ending balance of $$46,000.$ Pip compares his records with the bank statement and discovers the following reconciling items:

a$.$ Deposits$-$in$-$Transit

$$2,250$

b$.$ Bank Collects a $$5,000$ Note Receivable from Muffin for Pip, Muffin also pays $$500$ in interest and the Bank deducts a $$150$ Collection fee. The Monies were added to PIP's ACCOUNT as a CREDIT Memo for $$5,350.$

c$.$ Pip discovers they made an ERROR of $$675$dots

Sales he made on July ${28}^{th}$ of $$4,750$ were INCORRECTLY recorded in the Journal and Ledger for $$4,075.$ The Bank recorded the correct amount.

d$.$ Outstanding Checks

$$895$

in transaction #$3,$ cost $$2,100.$

$8.$ Pip pays Noelle for the Inventory purchased in transaction #$1$ within the discount period.

$9.$ Keira pays Pip within the discount period.

$10.$ Glenny returns Inventory purchased in transaction # $6$ of $$6,200$ Cost $$3,200.$

REQUIRED:

a$.$ Record the Journal entries for the Month of November for Pip

b$.$ What is the ending Balance in Inventory?

c$.$ What is the ending balance in Cost of Goods Sold?

d$.$ What is Net Sales?

$2.$ Pip's Puppy Store has a balance in his Cash Ledger Account of $$42,500$ at July ${31}^{st}2023$ Pip receives his Bank Statement which shows an ending balance of $$46,000.$ Pip compares his records with the bank statement and discovers the following reconciling items:

a$.$ Deposits$-$in$-$Transit

$$2,250$

b$.$ Bank Collects a $$5,000$ Note Receivable from Muffin for Pip, Muffin also pays $$500$ in interest and the Bank deducts a $$150$ Collection fee. The Monies were added to PIP's ACCOUNT as a CREDIT Memo for $$5,350.$

c$.$ Pip discovers they made an ERROR of $$675$dots.

Sales he made on July ${28}^{th}$ of $$4,750$ were INCORRECTLY recorded in the Journal and Ledger for $$4,075.$ The Bank recorded the correct amount.

d$.$ Outstanding Checks

$$895$

e$.$ The BANK Charged Pip a $$50$ monthly management fee on his account They deducted the $$50$ as a DEBIT MEMO

f$.$ Pip's customer, gave him a check for $$3,500$ that was returned