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please provide income statement and impact on income too Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory
please provide income statement and impact on income too
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable, for example, record the purchase on July 1 in Accounts Payable-Boden.) Jul. 1 Purchased merchandise from Boden Company for $6,000 under credit terns of 1/15, 1/30, FOB shipping point, invoice dated July 1. Jul. 2 Sold merchandise to Creek Co. for $900 under credit terms of 2/10, 1/60, FOB shipping point, invoice dated July 2. The merchandise had cost $500. Jul. 3 Paid $125 cash for freight charges on the purchase of July 1. Jul. 8 Sold merchandise that had cost $1,300 for $1,700 cash. Jul. 9 Purchased merchandise fron Leight Co. for $2,200 under credit terns of 2/15, 1/60, FOB destination, invoice dated July 9. Jul. 11 Returned $200 of merchandise purchased on July 9 from Leight Co. and debited its account payable for that amount. Jul. 12 Received the balance due from Creek Co. for the invoice dated July 2, net of the discount. Jul. 16 Paid the balance due to Boden Company within the discount period. Jul. 19 Sold merchandise that cost $800 to Art Co. for $1,200 under credit terns of 2/15, 1/60, FOB shipping point, invoice dated July 19. Jul. 21 Gave a price reduction allowance) of $100 to Art Co. for merchandise sold on July 19 and credited Art's accounts receivable for that amount. Jul. 24 Paid Leight Co. the balance due, net of discount. Jul. 38 Received the balance due from Art Co. for the invoice dated July 19, net of discount. Jul. 31 Sold merchandise that cost $4,880 to Creek Co. for $7,000 under credit terms of 2/10, 1/50, FOB shipping point, invoice dated July 31. Requirement General General Schedule of Schedule of Income Impact on Trial Balance Journal Ledger Receivables Payables Statement Income Imalize the merchandising transactions. The General Ledger, trial balance and schedules of and based on your entries The Step by Step Solution
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