PLEASE HELP MES SOLVE THESE MERCHANDISING TRANSACTIONS
Assume you are the bookkeeper for Constance's Wholesalers, a distributor of kitchen furniture. Your sales manager informed you that Ben's Retailers is unhappy with the quality of some tables delivered on September 4, 2019, and will be shipping back all of the goods. The original invoice amounted to $3,000 and the goods cost Constance's $1,300. Using a perpetual inventory system, complete the journal entries for Constance's Wholesalers for each of the following independent scenarios. Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. Enter debit accounts in alphabetical order. Required ) Rather than taking back the tables, your sales manager agreed to allow Ben's Retailers a 15% discount if they agree to keep the goods. Record Ben's payment in settlement of the invoice on October 4 assuming the allowance is not recorded until the settlement date. Date Account Title and Explanation Debit Credit 2019 Oct 4 Collected outstanding accounts receivable b) Suppose that Ben's shipped back all of the goods on September 17 and the inventory was put back on the sales floor. Journalize the transactions. Record the sales return transaction first. Date Account Title and Explanation Debit Credit 2019 Sep 17 Record sales returns Sep 17 Restock inventory () Suppose that Ben's shipped back half of the goods on September 17 and kept the other half with a 5% allowance. Journalize the transactions. Record the sales return transaction first. Date Account Title and Explanation Debit Credit 2019 Sep 17 Record sales returns Sep 17 Restock inventoryTake me to the text If a computer company bought computers for $10,000 and sold them for $16,000, how much would the gross profit be on the entire shipment if the business took advantage of the early cash payment terms of 4/10, n/60 from its supplier? Do not enter dollar signs or commas in the input box. Gross Profit = $Gecko Company prepared the following adjusted trial balance at its year-end of January 31, 2019. The company is owned by Wayne Gecko. Gecko Company Trial Balance January 31, 2019 Account Titles DR CR Cash $14,500 Accounts Receivable $6,000 Merchandise Inventory $7,000 Prepaid Expenses $2,300 Store Equipment $40,400 Accumulated Depreciation-Equipment $2,200 Accounts Payable $6,500 Unearned Revenue $6,000 Bank Loan $18,000 Gecko, Capital $34,840 Gecko, Withdrawals $1,200 Sales Revenue $51,960 Gain on Sale of Equipment $4.300 Cost of Goods Sold $18,400 Advertising Expense $1,600 Depreciation Expense-Equipment $2,200 Interest Expense $800 Office Salaries Expense $4,600 Rent Expense-Retail Space $11,000 Rent Expense-Office Space $5,500 Sales Salaries Expense $8,300 Tota $123,800 $123,800 Notes: Assume the balance of owner's equity is the opening balance. The bank loan is payable over 10 years in equal annual installments. Required a) Prepare a multi-step income statement. Do not enter dollar signs or commas in the input boxes. Enter the accounts into the appropriate statements in the order they are presented on the trial balance. Do not use negative signs. Gecko Company Income Statement For the Year Ended January 31, 2019 Sales Revenue Cost of Goods Sold Gross Profit1 5 0 0 0 0 5 h. in G G a G a a a X ameengage.com/mod/quiz/attempt.php?attempt=3118976&cmid=892479&page=13 Q * AME Engage English (en) > A Yvette Mae Morfe a) Prepare a multi-step income statement. Do not enter dollar signs or commas in the input boxes. Enter the accounts into the appropriate statements in the order they are presented on the trial balance. Do not use negative signs. Gecko Company Income Statement For the Year Ended January 31, 2019 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses Total Selling Expenses Administrative Expenses Total Administrative Expenses Total Operating Expenses ncome from Operations Other Income and Expenses let Income b) Prepare a statement of owner's equity. Gecko Company Statement of Owner's Equity For the Year Ended January 31, 2019 >
