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question 4-8 & 4-9 please! NOV. 5 7 15 Purchased 600 units of product at a cost of $10 per unit. Terms of the sale

question 4-8 & 4-9 please! image text in transcribed
NOV. 5 7 15 Purchased 600 units of product at a cost of $10 per unit. Terms of the sale are 2/10,n/60: the invoice is dated November 5 Returned 25 defective units from the November 5 purchase and received full credit. Paid the amount due from the November 5 purchase, minus the return on November 7. QS 4-8 Recording sales, returns, and discounts taken P2 Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Apr. 1 Sold merchandise for $3,000, with credit terms 1/30; invoice dated April 1. The cost of the merchandise is $1,800. 4 The customer in the April 1 sale returned $300 of merchandise for full credit. The merchandise, which had cost $180, is returned to inventory. 8 Sold merchandise for $1,000, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $700. 11 Received payment for the amount due from the April 1 sale less the return on April 4. QS 4-9 Accounting for shrinkage-perpetual system P3 Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'It uses the perpetual inventory system). Merchandise inventory Retained earnings Dividends Sales Sales discounts $ 37,800 115.300 7,000 160,200 4.700 Sales returns and allowances $ 6,500 Cost of goods sold 105,000 Depreciation expense 10,300 Salaries expense 32.500 Miscellaneous expenses 5.000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $35.900. Prepare the entry to record any inventory shrinkage. OS 4-12 Preparing a multiple-step income statement P4 Save-the-Earth Co, reports the following income statement accounts for the year ended December 31. Prepare a multiple-step lor cost of roods sold, selling expenses, and general and

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