Problem S-OIA (Video) Sandhi's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 1/10, /30 to all of its customers. At the end of May, Sandhills inventory consisted of books purchased for $1.500 During June, the following merchandising transactions curred. Sunet Purchased books on account for $1,600 From Bunsteld bishers, FOB destination terms 2/10, the appropriate party made a cash payment of $40 for the freight on the date. 3 tad toks on account to Rainbow for $2.500. The cost of the books sold was $1.500 6 R $100 credit for books returned to Birsfeld Publishers Paid e d Publishers full les discount 15 Received payment in full from Reading 17 Sold book on to for $1.500 The cost of the book wodwi 100 20 Purchased books on account for $1.500 from McGinn Publishers, FOB destination terms 1/15, 130. The appropriate par payment of $50 for the right on this date 24 Receved payment in full from top Books 26 Paid Melinn Putasters in full, was discount. 2 Soldbakso metto Bate Bookstore for $1.300. The cost of the books sold was 5970 30 d Baten Bookstore 5160 credito books returned costing santhara hook warehouses chart of accounts includes the follownal No. 101 Cash, No. 112 Accounts Recevable, No. 120 lovermory, No, 201 accounts forate, No. 401 sales Revenue, No 412 sales notes and Journals the transactions for the month of June for sandale book warehouse ang perpetual vertory ayosem. (Credit account titles are automatically indented when amount to entered to not indent al condustries in the ordere d in the poem) NE CALGRATOR PINTERESSION Problem 5-02Aa-c (Part Level Submission) (Video) Sandhill Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May the lediger of Sandhil showed Cash of $5,000 and Owner's Capital of 55.000 May 1 Purchased merchandise on account from Braun's Wholesale Supply 54,100,terms 2/10, 30 2 Sold merchandise on account $1,900, terms 1/10, 1/30. The cost of the merchandise od 1,000 5 Recewed credit from Braun's Wholesale Supply for merchandise returned $300 Received collections in fullless discounts, from customers biled on sales of $1.900 on May 2 10 Paid 's Wholesale Supply in full, less discount 11 Purchased supplies for ca $350 12 Purchased merchandise for cash $1,400 15 Received rund for poor quality merchandise from supplier on cash purchase $200. 12 Purchased merchandise from Valley Distributors 51,300, FOB shipping point, terms 2/10 30 19 Paid regit on May 17 purchase 5200 24 Sold merchandise for cash 3,100. The merchandise sold that a cost of $2,300 25 Purchased merchandise on account from turley, Inc. $600, FOB destination terms 2/10, 1/30 27 Paid Valley Distributors in full less discount. 29 Mate refunds to cash customers for defective merchandise 570. The returned merchandiseada al 31 Sold merchandise on account 51,000, 30. The cost of the medande sold was 5600 N 101 Cash, No. 112 Accounts Receivable No 120 Inventory, No 126 201 Account No. 301 O Sandh p tal No 01 Sales Hardware's chart of accounts includes the following revenue, No. 412 Sales Returns and Allowances, No. 416 Sales and SOS Cout of Goods Sold perpetual inventory system (Credit accounties are automatically indented when amount is entered. Do not indent manually. We a r e the order Journaline the transactions in presented in the problem.) Date Account Titles and Explanation Delit (D) Enter the beginning cash and capital balances and post the transactions. (Post entries in the order of journal entrie No. 101 Cash Date Explanation Ref. Debit Credit Balance Balance A s Receivable Date Explanation Ref. Debit No. 112 Balance Credit (c) Prepare an income statement through gross profit for the month of May 2020. (Enter negative amounts using either SANDHILL HARDWARE STORE Income Statement (Partial) Click if you would like to Show Work for this question: OPSTA LIST OF ACCOUNTS HOW TO SHOW ANSWER LOTT Problem 5-3A (Part Level Submission) Ivanhoe Store is located in town Maison Dung the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on November 30, 2020 the following accounts and in wootstralances CALCULATOR PRO MXN Notes payable Owners Capital Unadjusted 525,300 30 800 34.000 25.000 SO 500 5.500 106.000 Accounts Payable Accounts receivable Accumulated Dept.- Cash Cost of Goods Sold Freight-Out Equipment Depreciation Expense Insurance Expense Unadssted $35,000 89.100 Adjusted $25 300 30.800 45,000 25,000 508 500 5, 146,000 11.000 7.700 6.100 2,000 29,000 11.000 Adjusted 35.000 89.100 9,500 300 2,500 2,500 15,000 Prepaid Turance Property Tax Expense Property Twves Payable Salaries and was txpense 15,000 OD 720.000 6.100 2,000 29,000 720,00 11 000 Inwentary Sales Comunist Sales Commons Sales Returns and M atle e al) Predarea mult step mome statement or even before the e n tert IVANDOE STOR (a2) Prepare an owner's equity statement. (List items that increase owner's equity first.) IVANHOE STORE Owner's Equity Statement Lion sion Click if you would like to Show Work for this question: Open Show Work (a3) Prepare a balance sheet. Notes payable are due in 2023. (List Current Assets in order of liquidity.) IVANHOE STORE Balance Sheet Assets Liabilities and Owner's Equity Journalize the adjusting entries that were made. (Credit account titles are automatically indented when amount is entered. Date Account Titles and Explanation Debit Credit Nov. 30 (To adjust depreciation on equipment) Nov. 30 (To adjust insurance expense) Nov. 30 (To adjust property tax expense) Nov. 30 (To adjust les consons expense) Click it you would like to show Work for this question Open Show Work Journalize the closing entries that are necessary. (Credit account titles are automatically indented when amount is enter Date Account Titles and Explanation Debit Credit Nov. 30 (To dose accounts with credit balances) Nov. 30 t Problem 5-04 - Part Level Sub ) o , a forme de l a perte Indigo Decorama. At the beginning of the current o n April the 34.400 The flo o r were completed during Art Suchdole , a nd the entry on account from Hunsford Co $1,200, FOB shopp ers 7 Padreht on the purchase er forhandented $100 10 S a nd o r 810. 30. The merchandise sold had a cost of $496 12 Puudutse n treer oor 5665. em. 10. showed sh 1,000 a $2.500, and Owners Cape 17 Received credit from Saurer Sportswear for merchandise returned sus 20 Made . The cost o metanse sold was $50 par com customers 5900 (b) Enter the beginning balances in the ledger accounts and post the April transactions. (Post entries in the orde Cash No. 101 Date Explanation Ref. Debit Credit Balance Balance Date Accounts Receivable Explanation Ref. Debit No. 112 Credit Balance Date Inventory Explanation Rel. planation Rel. Debit No. 120 Credit Balance Prepare a trial balance on April 30, 2020. (Do not list those accounts that have zero ending balance.) INDIGO'S DISCORAMA Trial Balance Debit Credit Totals Click if you would like to Show Work for this question: Open Show Work Problem 5-01A (Video) Sandhill's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 1/10, n/30 to all $1,800. During June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,600 from Binsfeld Publishers, FOB destination, terms 2/10, n/30. The ap 3 Sold books on account to Reading Rainbow for $2,500. The cost of the books sold was $1,500. 6 Received $100 credit for books returned to Binsfeld Publishers. 9 Paid Binsfeld Publishers in full, less discount. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Rapp Books for $1,500. The cost of the books sold was $900. 20 Purchased books on account for $1,500 from McGinn Publishers, FOB destination, terms 1/15, n/30. The appre 24 Received payment in full from Rapp Books. 26 Paid McGinn Publishers in full, less discount. 28 Sold books on account to Baeten Bookstore for $1,300. The cost of the books sold was $970. 30 Granted Baeten Bookstore $160 credit for books returned costing $96. Sandhill's Book Warehouse's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 1 Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold. Journalize the transactions for the month of June for Sandhill's Book Warehouse using a perpetual inventory system. (Cr indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit CALCULATOR PRINTER VERSION BACK NE rms of 1/10, n/30 to all of its customers. At the end of May, Sandhill's inventory consisted of books purchased for cerms 2/10, n/30. The appropriate party also made a cash payment of $40 for the freight on this date. was $1,500. 5900. terms 1/15, n/30. The appropriate party also made a cash payment of $60 for the freight on this date. was $970 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 401 Sales Revenue, No. 412 Sales Returns and perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not Credit Problem 5-02A a-c (Part Level Submission) (Video) Sandhill Hardware Store completed the following merchandising transactions in the month of May. At the beginning of Ma May 1 Purchased merchandise on account from Braun's Wholesale Supply $4,100, terms 2/10, n/30. 2 Sold merchandise on account $1,900, terms 1/10, n/30. The cost of the merchandise sold was $1,000. 5 Received credit from Braun's Wholesale Supply for merchandise returned $300. 9 Received collections in full, less discounts, from customers billed on sales of $1,900 on May 2. 10 Paid Braun's Wholesale Supply in full, less discount. 11 Purchased supplies for cash $350. 12 Purchased merchandise for cash $1,400. 15 Received refund for poor quality merchandise from supplier on cash purchase $200. 17 Purchased merchandise from Valley Distributors $1,300, FOB shipping point, terms 2/10, n/30. 19 Paid freight on May 17 purchase $200. 24 Sold merchandise for cash $3,100. The merchandise sold had a cost of $2,300. 25 Purchased merchandise on account from Lumley, Inc. $600, FOB destination, terms 2/10, n/30. 27 Paid Valley Distributors in full, less discount. 29 Made refunds to cash customers for defective merchandise $70. The returned merchandise had a fair value of $20. 31 Sold merchandise on account $1,000, terms n/30. The cost of the merchandise sold was $600. Sandhill Hardware's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold. Journalize the transactions using a perpetual inventory system. (Credit account titles are automatically indented when an presented in the problem.) Date Account Titles and Explanation Debit Credit month of May. At the beginning of May, the ledger of Sandhill showed Cash of $5,000 and Owner's Capital of $5,000. erms 2/10, n/30. chandise sold was $1,000. $1,900 on May 2 se $200. terms 2/10, 1/30. 300 In terms 2/10, 1/30. med merchandise had a fair value of $20. ndise sold was $600. 12 Accounts Receivable, No. 120 Inventory, No. 126 Supplies, No. 201 Accounts Payable, No. 301 Owner's Capital, No. 401 Sales 505 Cost of Goods Sold. (b) Enter the beginning cash and capital balances and post the transactions. (Post entries in the order of jou Cash Date No. 101 Explanation Ref. Debit Credit Balance