Soni Electronics Co. is an electronics retailer. It uses the perpetual inventory method and had $1,000 balance in inventory on June 1, 2023. Soni Electronics Co. offers credit terms of 2/10, n/30 to its customers. Instructions: Part 1: Complete the journal entries for each transaction below for Soni Electronics Co. You may omit explanations. Part 2: Answer the following two questions: 1. Based on the transaction given, how much is Net Sales for the month of June? 2. Based on the transactions given, how much is Gross Profit for the month of June? $ $
Soni Electronics Co. is an electronics retailer. It uses the perpetual inventory method and had $1,000 balance in inventory on June 1, 2023. Soni Electronics Co. offers credit terms of 2/10,n/30 to its customers. Instructions: Part 1: Complete the journal entries for each transaction below for Soni Electronics Co. You may omit explanations. Part 2: Answer the following two questions: 1. Based on the transaction given, how much is Net Sales for the month of June? 2. Based on the transactions given, how much is Gross Profit for the month of June? Transactions: 1. June 1: Purchased 40 tablets for $300 each plus freight charges. Received a bill from SR Corp. for $12,200, including $12,000 purchase price plus $200 freight (shipping charges), term n/30. Prior to paying for the tablets, Soni Electronics Co. returned 3 tablets that were slightly damaged ( $300 per tablet * 3 tablets =$900 return). Record the NET impact of these transactions in one journal entry. 2. June 4: Sold 10 tablets to Andrew Consulting Co. for $5,000 on account (terms 2/10,n/30 ). The tablets cost Soni $3,040. 3. June 6: Accepted a return of 1 tablet from Andrew Consulting C0. The tablet was the wrong model but otherwise in good condition. The laptop cost Soni Electronics Co. $304 and was sold for $500. 4. June 13: Received payment in full from Andrew Consulting Co. (Hint: calculate the customer balance from June 4 and June 6 transactions and consider the discount terms.) 5. June 15: Sold 10 televisions to Salt \& Light Sports Bar for $8,000 on account (terms 2/10,n/30 ). The televisions cost Soni $5,000. 6. June 18: Allowed Salt \& Light Sports Bar to keep one slightly defective television and granted Salt \& Light's a sales allowance for $300. 7. June 27: Paid the amount due to SR Corp. (from June 1 transaction above). 8. June 28: Received payment in full from Salt \& Light Sports Bar (Hint: calculate the customer balance from June 15 and June 18 transactions and consider the discount terms.) Part 1. Journal Entries \begin{tabular}{|l|l|l|l|} \hline Date Account Titte Credit \\ \hline June 1 & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline June 4 & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline June 6 & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline June 15 & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{} & \multicolumn{1}{|l|}{} \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline June 18 & & & \\ \hline & & & \\ \hline \end{tabular} June 27 June 28 3