Question 5 of 7 -/10 = View Policies Current Attempt in Progress Hoyt Company provides this information for the month of November, 2022: sales on credit $170,000; cash sales $70,000; sales discounts $2,000; and sales returns and allowances $9,000. Prepare the sales revenues section of the income statement based on this information. HOYT COMPANY Income Statement (Partial) 4 For the Year Ended November 30, 2022 November 30, 2022 For the Month Ended November 30, 2022 \" eTextbook and Media Prepare the journal entries to record the following transactions on Windsor, Inc.'s books under a perpetual inventory system. (a) On March 2, Pina Colada Company sold $972,000 of merchandise on account to Windsor, Inc., terms 2/10, n/30. The cost of the merchandise sold was $555,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Current Attempt in Progress Craig Ferguson Company had the following account balances at year-end: cost of goods sold $70,000; inventory $17,300: operating expenses $33,000; sales revenue $121,000; sales discounts $1,400; and sales returns and allowances $1,950. A physical count of inventory determines that merchandise inventory on hand is $16,250. (a) v Your answer is correct. Prepare the adjusting entry necessary as a result of the physical count. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit Cost of Goods Sold 1,050 Inventory 1,050 No Account Titles and Explanation (To close accounts with a credit balances.) (To close accounts with debit balances.) (To close income summary.) Debit Credit SUPPORT