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Solve the following for me I have completed the general ledger but if any mistakes are noticed in it please let me know I am
Solve the following for me I have completed the general ledger but if any mistakes are noticed in it please let me know I am currently struggling with the income statement and the impact of income
Prepare journal entries to record the following merchandising transactions of Garcia's, which uses the perpetual inventory system and the gross method. July 1 Purchased merchandise from Brown Company for $7,69 under credit terms of 1/15, n/3e, foB shipping point, invoice dated July 1. July 2 Sold merchandise to Turner Company for $1,70 under credit terms of 2/1e, n/6e, FOB shipping point, invoice dated July 2. The merchandise had cost $1,02. July 3 Paid $445 cash for freight charges on the purchase of July 1. July 8 sold merchandise that had cost $2,6e for $3,30 cash. July 9 Purchased merchandise from Hall Company for $3, e ee under credit terms of 2/15, n/6e, FOB destination, invoice dated July 9. July 11 Returned $6e of merchandise purchased on July 9 from Hall Company and debited its account payable for that amount. July12 Received the balance due from Turner Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Brown Company within the discount period. July 19 Sold merchandise that cost $2,6e to Carter Company for $2,80e under credit terms of 2/15, n/6e, foB shipping point, invoice dated July 19. July 21 Gave a price reduction (allowance) of $6ee to Carter Company for merchandise sold on July 19 and credited Carter's accounts receivable for that amount. July 24 Paid Hall Company the balance due, net of discount. July 39 Received the balance due from Carter Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $5,2e to Turner Company for $8,60e under credit terms of 2/10, n/6e, foB shipping point, invoice dated July 31. Prepare a multiple-step income statement through the calculation of gross profit. dg Dates: Jul 01Step by Step Solution
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