PREPARE JOURNAL ENTRY FOR SALES AND PURCHASES ( WITHOUT DISCOUNTS) USING PERPETUAL SYSTEM!

10/16/2017 Project 2 R2 6200_201_800_4177:Accounting Principles I 800 / Project 2 *Project 2 R2 Answer the following questions: *(a) Prepare Journal Entries for Sales and Purchases (Without Discounts) Rob Corp is a lumber yard on Angel Island. Apr. 15 Sold lumber on an account to Hard Hat Construction, $500,000. The inventory subsidiary ledger shows the cost of this merchandise was $300,000. Apr. 19 Purchased lumber on account from LHP Company $100,000. May 10 Collected in cash the $500,000 accounts receivable from Hard Hat Construction. May 19 Paid the $100,000 owed to LHP Company. Dec. 31 Rob Corp personnel counted the inventory on hand and determined its cost to be $120,000. The accounting records, however, indicate inventory of $140,000 and a cost of goods sold of $900,000. The physical count of the inventory was observed by the company's auditors and it is considered correct. Prepare journal entries to record the above transactions and events in the accounting record of Rob Corp (the company uses a perpetual system). (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit (To record sales.) (To record cost of goods sold.) https://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 1/2 10/16/2017 Project 2 R2 Attempts: 0 of 3 used *(b) Prepare Journal Entries for Sales and Purchases (With Discounts) The parts of this question must be completed in order. This part will be available when you complete the part above. *(c) Prepare Multi-Step Income Statement The parts of this question must be completed in order. This part will be available when you complete the part above. *(d) Inventory Calculations The parts of this question must be completed in order. This part will be available when you complete the part above. *(e) Ratio Analysis The parts of this question must be completed in order. This part will be available when you complete the part above. *(f) Prepare Bank Reconciliation The parts of this question must be completed in order. This part will be available when you complete the part above. *(g) Prepare Journal Entries for Notes Receivable The parts of this question must be completed in order. This part will be available when you complete the part above. *(h) Prepare Journal Entries for Allowance for Doubtful Accounts The parts of this question must be completed in order. This part will be available when you complete the part above. https://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 2/2