PLEASE HELP!!!!

mtakeAssignment/takeAssignmentMain.dehinoker&takeAsignmentSessionlocator assignment-takedinpeogress false Cakuaer ofook i Show Me Haw Purchase Related Transactions The Stationery Company purchased merchandise on account from a supplier for $17,0000, terms 2/10, /20o. The stationery Company returned merchandise with an involce amount of $2,200 and received full cred . The Stationery Company pays the invole wibin the discount peried, what is the amoust of cash required for the payment b. Under a perpetual Inventory system, what account is credited by The Stationery Company to record the return? Inventory Fe a. Since buyers normally take all purchase discounts, the net purchase price is recorded at the time of purchase. If the buyer makes a return of merchandise or is granted a price allowarce for an involce with a purchase discount, the am the return is recorded at the invoice price less the discount. b. Any dscounts or returns are recorded directly by the buyer who reduces the balances of Accounts Payable and tnveantors, using a debit memo based on the net cost of the merchandise Income Statament and Accaunts for Ratal Business For the fiscal year sales were $3,866,000 and the cost of goods sold was $2,204,000 a. What was the amount of gross profit? b. I total operating axpanses ware $573,008, could you determina net income? c. Customer Ratunds Payable is an) accaunt what is ts normal balance? d. Estimated Retums Inventory is an) account What is its normal balance rl Idl VI A MUEIL Instructions Journalize the entries for the following transactions Refer to the Chart of Accounts for exact wording of account ttles (Note: The company uses a clearinghouse to take care of all bank as well as non-bank credt cards used by its customers) A Sold merchandise for cash, $25,000. The cost of the opods sold was $17,500. B. Sold merchandise on account $98,000 The cost of the goods sold was $58,800. c. Sold merchandise to customers who used MasterCand and VISA, $475,000. The cost of the goods sold was $280,000. D. Sold merchandise to customers who used American Express, $63,000. The cost of the goods sold was $39,000 E Received an inaice from National Clearing House Credit Co. for $13,450, representing a service fee paid for processing MasterCard, VISA and American Express sales Cipboands Fort Paragaph Styles CHART OF ACCOUNTS General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 610 Rent Revenue 125 Notes Receivable EXPENSES 130 inventory s10 Cost of Goods Sold Estimated Returns Inventory 133 s21 Delivery Expense 140 office Supplies 322 Advertising Expense s24 Depreciation Expense Store Equipment 141 tore Supplies 525 Depreciation Expense Office Equipment 142 Prepaid Insurance 180 Land s26 Salaries Expense 192 tore Equipment 331 Rent Expense 193 Accumulated Depreciation-Store Equipment 533 Insurance Expense 194 Office Equipment 534 Store Supplies Experser 135 Accumulated Depreciation-Office Equipment 535 office Supples Expense 536 Credit Card Expense UABUITIES 539 Miscellaneous pense 210 Accounts Payable 710 nterest Expense 216 Salaries Payable 218 Sales Tax Payable 219 Customer Reunds Payatle 220 Uneamed Rent 221 Notes Payable EQUITY Journaize the entries for the transactions on December 31. Refer to the Chart of Accounts for exact wording of account noles PAGE 0 JOURNAL ACCOUNTING EQUATION DESCRIPTION E 0ATE DERIT ASSETS UABUTIES EQUITY 2 14 Omega Tire Co's perpetual inventory records indicate that $3,145,000 of merchandise should be on hand on August 31, 20Y4. The physical inventory indicates that $3,113,500 of merchandise is actually on hand Journalze the adjusting entry for the inventory shninkage for Omega Tire Co for the focal year ended August 31. Refer to the Chart of Accounts for exact wording of account ttles CHART OF ACCOUNTS O Tie Ca Garal Ledg ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 610 Interest Revenue 125 Notes Receivable EXPENSES 130 laventory s10 Cast of Goods Sold 131 Estimated Returns lavestory 521 Delivery Expense 140 Office Supplies 522 Adverising Expesse 141 Store Supplins 524 Depreciation Expese Store Equipanent 142 Prepaid Insurace 525 Depreciation Expense Office Equipnt 180 Ld 526 Salaries Expense 192 Store Equipment 193 Accumulated Depreciation Store Equipment 531 Ret Expense 533 Insurace Expense 194 Office iquipment 534 Store Supplies Expesse 195 Accumulated Depreciation-Office Equipment 535 Office Supplies Expense 536 Credit Card Exprase LIABILITIES 539 Miscellaneous Expense 210 Accounts Payable 218 Salaries Payable 710 lnterest Expense 219 Customer Refunda Payable 221 Notes Payable EQUITY 310 Cemmon Stock 311 Retained Earmings ICtrb 312 Dividends Sale Tax A Sale of merchandise on account for lbboo is suiect a 5 Sale tax a) Shald he Sale tax be lecordad atthe tine of Sale ox whan paulle is received? Dwhat is the amaunt crediled to sala? cuhat is the amant dsbted to Acccounts Recavaa? IS d.) what s the account to which the 830.00 is CY2dited? mtakeAssignment/takeAssignmentMain.dehinoker&takeAsignmentSessionlocator assignment-takedinpeogress false Cakuaer ofook i Show Me Haw Purchase Related Transactions The Stationery Company purchased merchandise on account from a supplier for $17,0000, terms 2/10, /20o. The stationery Company returned merchandise with an involce amount of $2,200 and received full cred . The Stationery Company pays the invole wibin the discount peried, what is the amoust of cash required for the payment b. Under a perpetual Inventory system, what account is credited by The Stationery Company to record the return? Inventory Fe a. Since buyers normally take all purchase discounts, the net purchase price is recorded at the time of purchase. If the buyer makes a return of merchandise or is granted a price allowarce for an involce with a purchase discount, the am the return is recorded at the invoice price less the discount. b. Any dscounts or returns are recorded directly by the buyer who reduces the balances of Accounts Payable and tnveantors, using a debit memo based on the net cost of the merchandise Income Statament and Accaunts for Ratal Business For the fiscal year sales were $3,866,000 and the cost of goods sold was $2,204,000 a. What was the amount of gross profit? b. I total operating axpanses ware $573,008, could you determina net income? c. Customer Ratunds Payable is an) accaunt what is ts normal balance? d. Estimated Retums Inventory is an) account What is its normal balance rl Idl VI A MUEIL Instructions Journalize the entries for the following transactions Refer to the Chart of Accounts for exact wording of account ttles (Note: The company uses a clearinghouse to take care of all bank as well as non-bank credt cards used by its customers) A Sold merchandise for cash, $25,000. The cost of the opods sold was $17,500. B. Sold merchandise on account $98,000 The cost of the goods sold was $58,800. c. Sold merchandise to customers who used MasterCand and VISA, $475,000. The cost of the goods sold was $280,000. D. Sold merchandise to customers who used American Express, $63,000. The cost of the goods sold was $39,000 E Received an inaice from National Clearing House Credit Co. for $13,450, representing a service fee paid for processing MasterCard, VISA and American Express sales Cipboands Fort Paragaph Styles CHART OF ACCOUNTS General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 610 Rent Revenue 125 Notes Receivable EXPENSES 130 inventory s10 Cost of Goods Sold Estimated Returns Inventory 133 s21 Delivery Expense 140 office Supplies 322 Advertising Expense s24 Depreciation Expense Store Equipment 141 tore Supplies 525 Depreciation Expense Office Equipment 142 Prepaid Insurance 180 Land s26 Salaries Expense 192 tore Equipment 331 Rent Expense 193 Accumulated Depreciation-Store Equipment 533 Insurance Expense 194 Office Equipment 534 Store Supplies Experser 135 Accumulated Depreciation-Office Equipment 535 office Supples Expense 536 Credit Card Expense UABUITIES 539 Miscellaneous pense 210 Accounts Payable 710 nterest Expense 216 Salaries Payable 218 Sales Tax Payable 219 Customer Reunds Payatle 220 Uneamed Rent 221 Notes Payable EQUITY Journaize the entries for the transactions on December 31. Refer to the Chart of Accounts for exact wording of account noles PAGE 0 JOURNAL ACCOUNTING EQUATION DESCRIPTION E 0ATE DERIT ASSETS UABUTIES EQUITY 2 14 Omega Tire Co's perpetual inventory records indicate that $3,145,000 of merchandise should be on hand on August 31, 20Y4. The physical inventory indicates that $3,113,500 of merchandise is actually on hand Journalze the adjusting entry for the inventory shninkage for Omega Tire Co for the focal year ended August 31. Refer to the Chart of Accounts for exact wording of account ttles CHART OF ACCOUNTS O Tie Ca Garal Ledg ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 610 Interest Revenue 125 Notes Receivable EXPENSES 130 laventory s10 Cast of Goods Sold 131 Estimated Returns lavestory 521 Delivery Expense 140 Office Supplies 522 Adverising Expesse 141 Store Supplins 524 Depreciation Expese Store Equipanent 142 Prepaid Insurace 525 Depreciation Expense Office Equipnt 180 Ld 526 Salaries Expense 192 Store Equipment 193 Accumulated Depreciation Store Equipment 531 Ret Expense 533 Insurace Expense 194 Office iquipment 534 Store Supplies Expesse 195 Accumulated Depreciation-Office Equipment 535 Office Supplies Expense 536 Credit Card Exprase LIABILITIES 539 Miscellaneous Expense 210 Accounts Payable 218 Salaries Payable 710 lnterest Expense 219 Customer Refunda Payable 221 Notes Payable EQUITY 310 Cemmon Stock 311 Retained Earmings ICtrb 312 Dividends Sale Tax A Sale of merchandise on account for lbboo is suiect a 5 Sale tax a) Shald he Sale tax be lecordad atthe tine of Sale ox whan paulle is received? Dwhat is the amaunt crediled to sala? cuhat is the amant dsbted to Acccounts Recavaa? IS d.) what s the account to which the 830.00 is CY2dited