T-Accounts PERIODIC

ALL BALANCES ARE NORMAL.

Cash

5000

Accounts Receivable

3000

Accounts Payable

1000

Beginning Inventory

18,000

Ending Inventory

17,000

a 1-Jan Customer buys 25 security cameras at $250 each on terms of 2/10 Net 30.

b 2-Jan Customer returns 2 security cameras.

c 6-Jan COMPANY buys 20 thermostats from a vendor at $150 each on terms of 1/15 Net 45.

d 7-Jan Customer pays in full for order above.

e 8-Jan Vendor gives allowance of 10% for thermostats order.

f 11-Jan COMPANY pays in full for thermostats order.

g 14-Jan COMPANY pays freight on thermostats order of $450.

Show the TRIAL BALANCE OF ALL T-ACCOUNTS IN CORRECT ORDER in sample answer table as follows:

Account Name (Create accounts as necessary IN CORRECT ORDER)

Ending Balance

DEBIT

Ending Balance

CREDIT

Cash

Accounts Receivable

Show your calculation of the cost of goods sold and the gross margin percent:

Cost of goods sold (show all work)

Gross margin percent (show all work)