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Exercise 5-1 Computing revenues, expenses, and income LO C1, C2 a Fill in the blanks in the following separate income statements a through e. (Amounts to be deducted should be indicated by a minus sign.) b C d Sales $ 62,000 $ 43.400 $ 37 000 $ 26.000 8,100 16.140 5.900 7.100 4,320 ces 43,000 5.100 Cost of goods sold Merchandise inventory (beginning) Total cost of merchandise purchases Merchandise inventory (ending) Cost of goods sold Gross profit Expenses 44.000 (5400) (2.800) (8200) 33,700 19.000 P 6.700 3,100 42,400 12,000 10.990 11.840 3.700 7,500 Net income (loss) $ 13 410 $ (8,740 $ 38.700 4 QS 5-5 Recording purchases, returns, and discounts taken LO P1 Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Book Nov. 5 Purchased 450 units of product at a cost of $10 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5. Nov. 7 Returned 35 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, minus the return on November 7. Ask erenices View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Nov 05 Merchandise inventory Accounts payable 2 Nov 07 Accounts payable Merchandise inventory 3 Nov 15 Accounts payable Merchandise inventory Cash