QS $5-12$ Sale of merchandise: return$-$perpetual LO$3$

Prepare journal entries to record each of the following transactions of a merchandising company. Show any supporting calculations. Assume a perpetual inventory system.

Apr

$11$

Sold merchandise for $$2,000,$ granting the customer terms of $2/10,$ EOM. The cost of the merchandise was

$$1,400.$ The customer in the April $1$ sale returned merchandise and received credit for $$500.$ The merchandise, which had cost $$350,$ was returned to inventoru. Received payment fort the amount due resulting from the April $1$ sale, less the return and applicable discount.

on April $4.$

os $5-13$ Shrinkage LO$4$

Beamer Company's unadjusted ledger on July $31,$ the end of the fiscal year, includes the following ac$-$ nts$,$ which have normal balances $($assume a perpetual inventory system$)$:

Merchandise inventory Joy Beamer, capital.....

Joy Beamer, withdrawals

Sales.

Sales discount

Sales retuns ana arewances

Cost of goode a

Depreciation exere

Salaries expense...

Miscellaneous experses

$$34,800$

$115,300$

$4,000$

$157,200$

$1,700$

$3,500$

$102,000$

$7\mathrm{.}300$

$29,500$

$2,000$

Aphysical count of the inventory discloses that the cost of the merchandise on hand is $$32,900.$ Prepare the entry to record this information and calculate gross profit.

$7$:$22$

l $96$

Assignment Ch $5(1).$pdf

E$1$ of $1$

CHAPTER $5$ Accounting for Merchandising Activities

QS $5-6$ Merchandise purchase transactions$-$

Journalize each of the following transactions assuming a perpetual inventory system.

May

$1415$

perpetual L$03$

Purchased $$1,200$ of merchandise inventory: terms $1/10,$ n$/30.$ Paid for the May $1$ purchase.

Purchased $$3,000$ of merchandise inventory; terms $2/15,$ n$/30.30$ Paid for the May $15$ purchase, less the applicable discount.

QS $5-7$ Merchandise purchase: allowance$-$perpetual LO$3$

Journalize each of the following transactions assuming a perpetual inventory system.

Aug.

Purchased $$14,000$ of merchandise inventory; terms $1/5,$ n$/15$

Received a credit memo from the supplier confirming a $$1,500$ allowance regarding the August $2$ purchase Paid for the August $2$ purchase, less the allowance.

$17$

QS $5-8$ Merchandise purchase: trade discount, return$-$perpetual L$03$

Prepare journal entries to record each of the following transactions of a merchandising company. Show any supporting calculations. Assume a perpetual inventory system.

Mar.

L Purchased $500$ units of product with a list price of $$5$ per unit. The purchaser was granted a trade discount of

$20\%$ and the terms of the sale were $2/10,$ n$/60.$

Returned $50$ defective units from the March $5$ purchase and received full credit. $15$ Paid the amount due resulting from the March $5$ purchase, less the returm on March $7$ and applicable discount.

QS $5-9$ Sale of merchandise: trade discount$--$perpetual LO$3$

As a co$-$op student, you are working as an accounts receivable clerk at Asian Foods. The controller asks you to record a customer payment from Liu and Li Co$.$ The sales mvoice is dated October $1,2017$ for $$3,000$ of tea and tapioca pearls. The payment terms are $4/20,$ n$/60$

a$.$ Determine the beginning and end date of the discount period.

b$.$ Calculate the discount amount available.

c$.$ If today is October $20,$ record the journal entry

d$.$ If today is October $23,$ record the journal entry.

QS $5-10$ Sale of merchandise transactions$-$perpetual LO$3$

Journalize each of the following transactions assuming a perpetual inventory system.

Sept.

Sold merchandise to JenAir for $$6,000($cost of sales $$4,200)$; terms $2/10,$ n$/30.$

$14$ Collected the amount owing regarding the September $1$ sale to JenAir. $15$

Sold merchandise costing $$1,500$ to Dennis Leval for $$1,800$; terms $2/10,$ n$/30.25$ Collected the amount owing from the September $15$ sale to Dennis Leval, less the applicable discount.

QS $5-11$ Sale of merchandise: allowance$-$perpetual LO$3$

Journalize each of the following transactions assuming a perpetual inventory system.

Oct.

$15$ Sold merchandise to Leslie Garth for $$900($cost of sales $$600)$; terms $1/5,$ n$/20.$ Issued a $$100$ credit memo to Leslie Garth regarding an allowance on the October $15$ sale.

$1625$

Collected the amount owing regarding the October $15$ sale to Leslie Garth, less the allowance granted on October $16.$

$356$