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4.RETAIL CYCLE with Retail Perpetual Inventory with a Mark Up of 1.9Sec4October 2, 2020h Bellmead Auto Repair & HOSPITAL Balance Sheet December 31, 20X7 ASSETS LIABILITIES Cash $116,000 Accounts payable $ 509,000 Accounts receivable 8,000 INVENTORY 600,000 OWNER'S EQUITY Petty cash Fund 1,000 Owner, capital 17,000 Building 0 Common Stock 199,000 Total liabilities and Total assets $725,000 owner's equity $725,000 Bellmead Auto Repair & HOSPITAL Statement of Owner's Equity (SSE) Year Ended December 31, 20X7 Owner, capital (Retained Earning), December 31, 20X6 Add: Net income for the year $13,000 40,000 53,000 (36,000 Less: Withdrawals or Dividens Owner, capital(Retained Earning), Dec 31, 20X7 Common Stock Total Owners Equity $17,000 199,000 216,000 a. RETAIL PERPETUAL INVENTORY SYSTEM: Purchased 300k in merchandise on account, Discount 4/10, net 20. On 11/20/14. Not Paid yet. a. Dr b. DR Sec4October 2, 2020f b.RETAIL PERPETUAL INVENTORY SYSTEM: Booked 32k in merchandise freight on account, Merchandise was FOB DBI(Dubai).. c. Dr d. DR e. c.RETAIL PERPETUAL INVENTORY SYSTEM: Returned 76k in merchandise purchased 11/22/14 on account, Merchandise was FOB DBI(Dubai).. a. Dr b. DR c. Dr d.RETAIL PERPETUAL INVENTORY SYSTEM: Paid the $32k Frieght invoice with a $2k deduction or freight allowance found by HOWARD GLICK Associates, KABUL. d. Dr e. DR f. Dr e.RETAIL PERPETUAL INVENTORY SYSTEM: Paid the Purchase 300k in merchandise on account, Discount 4/10, net 20, taken. On 11/24/14. Now Paid. Dr DR DR f..RETAIL PERPETUAL INVENTORY SYSTEM: Sold merchandise @RETAIL with a 1.9 MARK UP which costed $337k @cost. Merchandise @ReTAIL was sold to RETAIL customer on account with 125k in cash ,.5k cash discount rest charged to accounts receviable. a. Dr b. CR c. DR d. CR h.RETAIL PERPETUAL INVENTORY SYSTEM: Returned $9k (Retail) in merchandise because the quality was wrong, and $3k (Retail) merchandise allowance because color was wrong. Sold merchandise @RETAIL with a 1.9 MARK UP on account. a. Dr b. CR c. DR CR PREPARE JOURNAL ENTRIES, TRIAL BALANCE of GENERAL JOURNAL, TRIAL BALANCE of T Accounts, Reversing entries, RETAIL PERPETUAL INVENTORY SYSTEM INCOME STATEMENT and Balance Sheet 7Sec4October 2, 2020f Prepare Journals, T Accounts, TRIAL BALANC E and INCOME STATEMENT, and BALANCE SHEET for Year DEC31, 20X8, 4.RETAIL CYCLE with Retail Perpetual Inventory with a Mark Up of 1.9Sec4October 2, 2020h Bellmead Auto Repair & HOSPITAL Balance Sheet December 31, 20X7 ASSETS LIABILITIES Cash $116,000 Accounts payable $ 509,000 Accounts receivable 8,000 INVENTORY 600,000 OWNER'S EQUITY Petty cash Fund 1,000 Owner, capital 17,000 Building 0 Common Stock 199,000 Total liabilities and Total assets $725,000 owner's equity $725,000 Bellmead Auto Repair & HOSPITAL Statement of Owner's Equity (SSE) Year Ended December 31, 20X7 Owner, capital (Retained Earning), December 31, 20X6 Add: Net income for the year $13,000 40,000 53,000 (36,000 Less: Withdrawals or Dividens Owner, capital(Retained Earning), Dec 31, 20X7 Common Stock Total Owners Equity $17,000 199,000 216,000 a. RETAIL PERPETUAL INVENTORY SYSTEM: Purchased 300k in merchandise on account, Discount 4/10, net 20. On 11/20/14. Not Paid yet. a. Dr b. DR Sec4October 2, 2020f b.RETAIL PERPETUAL INVENTORY SYSTEM: Booked 32k in merchandise freight on account, Merchandise was FOB DBI(Dubai).. c. Dr d. DR e. c.RETAIL PERPETUAL INVENTORY SYSTEM: Returned 76k in merchandise purchased 11/22/14 on account, Merchandise was FOB DBI(Dubai).. a. Dr b. DR c. Dr d.RETAIL PERPETUAL INVENTORY SYSTEM: Paid the $32k Frieght invoice with a $2k deduction or freight allowance found by HOWARD GLICK Associates, KABUL. d. Dr e. DR f. Dr e.RETAIL PERPETUAL INVENTORY SYSTEM: Paid the Purchase 300k in merchandise on account, Discount 4/10, net 20, taken. On 11/24/14. Now Paid. Dr DR DR f..RETAIL PERPETUAL INVENTORY SYSTEM: Sold merchandise @RETAIL with a 1.9 MARK UP which costed $337k @cost. Merchandise @ReTAIL was sold to RETAIL customer on account with 125k in cash ,.5k cash discount rest charged to accounts receviable. a. Dr b. CR c. DR d. CR h.RETAIL PERPETUAL INVENTORY SYSTEM: Returned $9k (Retail) in merchandise because the quality was wrong, and $3k (Retail) merchandise allowance because color was wrong. Sold merchandise @RETAIL with a 1.9 MARK UP on account. a. Dr b. CR c. DR CR PREPARE JOURNAL ENTRIES, TRIAL BALANCE of GENERAL JOURNAL, TRIAL BALANCE of T Accounts, Reversing entries, RETAIL PERPETUAL INVENTORY SYSTEM INCOME STATEMENT and Balance Sheet 7Sec4October 2, 2020f Prepare Journals, T Accounts, TRIAL BALANC E and INCOME STATEMENT, and BALANCE SHEET for Year DEC31, 20X8
