Prepare a multiple-step income statement. August 22) Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Lowe's sent Tux a \\( \\$ 500 \\) credit memorandum toward the \\( \\$ 4,800 \\) invoice to resolve the issue. August 29) Received Tux's cash payment for the amount due from the August 19 sale less the price allowance from August 22. August 30) Paid Aron Company the amount due from the August 1 purchase. Total income Lowe's Compary Schndule of Accounts Recoivable Schedule of Receivables Impact on Income to: August 01 Dates: July 01 Tral Batanee Schedule of Payables The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying Journal entries. If the total debits do not equal the total credits, you have a fournal entry that is out of balance, If you have an abnormal ending balance (indicated with brackets in the general ledger), you should rewlew the journal entries that affected that account to ensure that the fournal entries are correct. Journafize the merchandising transactions. The General Ledger, triat balance, and schedules of accounts receivabie and accounts payable will be updated based on your entrics. Journal entry worksheet 2 4 5 6 7 8 16 Purchased merchandise from Aron Company for \\( \\$ 7,500 \\) under credit terms of \\( 1 / 10, \\mathrm{n} / 30 \\), FOB destination, invoice dated August 1. Note: Eoter deblts before credits. August 1 Purchased merchandise from Aron Coopany for 37,580 under credit teras of 1/10, n/30, FoE destinatian, involce: dated August 1. August 5 sold merchandise to Baird Corporation for \\( \\$ 5,200 \\) under eredit terms of \\( 2 / 10 \\), n/6e, Fob destination, invoice. dated August 5 . The netchandise had cost \\( \\$ 4,6 e 0 \\). August \\& Purchased merchandise fron Katers Corporation for \\( \\$ 5,40 \\) under credit terms of \\( 1 / 10 \\), n/45, Fob shipping point, invoice dated August a. August 9 Paid \\( \\$ 125 \\) cash for shipping charges related to the August 5 sale to Baird Corporation August 10 Batrd returned merchandise from the August 5 sole that had cost Lowe's s460 and was sold far s6e0. The merchandise was restored to inventory. August 12 After negotiations with baters Corporation concerning problens with the purchases on August 8 , Lowe's recelved a credit memorandum from Waters granting a price reduction of \\( \\$ 400 \\) off the \\( \\$ 5,400 \\) of goods purchased. August 14 At Aron's request, Lowe's paid \\( \\$ 200 \\) cash for freight charges on the August 1 purchase, reducing the atiount owed to Aron. August 15 Received balance due from Baird Corporation for the August 5 sale less the return on August 16. August 18 Paid the anount due Waters Corporation for the August 8 purchase less the price allowance. fron August 12. August 19 sold nerchandise to Tux Company for 54,800 under credit terns of n/10, Foil shipping point, involee dated August 19 . The merchandise had cost \\( \\$ 2,40 \\). August 22 Tux requested a price reduction on the August 19 sate because the merchandise did not mect specifications. Lowe's sent Tux a \\( \\$ 500 \\) credit menorandum toward the \\( \\$ 4,800 \\) invoice to resolve the issue. August 29 Received Tux's cash payment for the amount due fron the August 19 sate less the price altowance fron August August 30 Paid Aron Company the asount due fron the August 1 purchase. Schedule of Payables General Journal tab - Journalize the merchandising transactions. The General Ledger, trial balance and schedules of accounts recelvable and accounts payable will be updated based on your entries. Genera/ Ledger tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, slong with its balance, either a debit or a credit. Total debits should always equal total credits. Schedule of Receivables tab - General Ledger sofware automates the balances for each of the customer's accounts: Schedule of Payables tab - General Ledger sofware automates the balances for each of the supplier's accounts. Income Statement tab - Prepare a multiple-step income statement: Impact on Income tab - Indicate the impact each transaction had on net income. Prepare a multiple-step income statement. August 22) Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Lowe's sent Tux a \\( \\$ 500 \\) credit memorandum toward the \\( \\$ 4,800 \\) invoice to resolve the issue. August 29) Received Tux's cash payment for the amount due from the August 19 sale less the price allowance from August 22. August 30) Paid Aron Company the amount due from the August 1 purchase. Total income Lowe's Compary Schndule of Accounts Recoivable Schedule of Receivables Impact on Income to: August 01 Dates: July 01 Tral Batanee Schedule of Payables The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying Journal entries. If the total debits do not equal the total credits, you have a fournal entry that is out of balance, If you have an abnormal ending balance (indicated with brackets in the general ledger), you should rewlew the journal entries that affected that account to ensure that the fournal entries are correct. Journafize the merchandising transactions. The General Ledger, triat balance, and schedules of accounts receivabie and accounts payable will be updated based on your entrics. Journal entry worksheet 2 4 5 6 7 8 16 Purchased merchandise from Aron Company for \\( \\$ 7,500 \\) under credit terms of \\( 1 / 10, \\mathrm{n} / 30 \\), FOB destination, invoice dated August 1. Note: Eoter deblts before credits. August 1 Purchased merchandise from Aron Coopany for 37,580 under credit teras of 1/10, n/30, FoE destinatian, involce: dated August 1. August 5 sold merchandise to Baird Corporation for \\( \\$ 5,200 \\) under eredit terms of \\( 2 / 10 \\), n/6e, Fob destination, invoice. dated August 5 . The netchandise had cost \\( \\$ 4,6 e 0 \\). August \\& Purchased merchandise fron Katers Corporation for \\( \\$ 5,40 \\) under credit terms of \\( 1 / 10 \\), n/45, Fob shipping point, invoice dated August a. August 9 Paid \\( \\$ 125 \\) cash for shipping charges related to the August 5 sale to Baird Corporation August 10 Batrd returned merchandise from the August 5 sole that had cost Lowe's s460 and was sold far s6e0. The merchandise was restored to inventory. August 12 After negotiations with baters Corporation concerning problens with the purchases on August 8 , Lowe's recelved a credit memorandum from Waters granting a price reduction of \\( \\$ 400 \\) off the \\( \\$ 5,400 \\) of goods purchased. August 14 At Aron's request, Lowe's paid \\( \\$ 200 \\) cash for freight charges on the August 1 purchase, reducing the atiount owed to Aron. August 15 Received balance due from Baird Corporation for the August 5 sale less the return on August 16. August 18 Paid the anount due Waters Corporation for the August 8 purchase less the price allowance. fron August 12. August 19 sold nerchandise to Tux Company for 54,800 under credit terns of n/10, Foil shipping point, involee dated August 19 . The merchandise had cost \\( \\$ 2,40 \\). August 22 Tux requested a price reduction on the August 19 sate because the merchandise did not mect specifications. Lowe's sent Tux a \\( \\$ 500 \\) credit menorandum toward the \\( \\$ 4,800 \\) invoice to resolve the issue. August 29 Received Tux's cash payment for the amount due fron the August 19 sate less the price altowance fron August August 30 Paid Aron Company the asount due fron the August 1 purchase. Schedule of Payables General Journal tab - Journalize the merchandising transactions. The General Ledger, trial balance and schedules of accounts recelvable and accounts payable will be updated based on your entries. Genera/ Ledger tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, slong with its balance, either a debit or a credit. Total debits should always equal total credits. Schedule of Receivables tab - General Ledger sofware automates the balances for each of the customer's accounts: Schedule of Payables tab - General Ledger sofware automates the balances for each of the supplier's accounts. Income Statement tab - Prepare a multiple-step income statement: Impact on Income tab - Indicate the impact each transaction had on net income
