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r 5 Practice Set (Copy) Do Homework- Miguel Valenc x Assignments C Journalizing purchase and saie x x chegg.com/homework-help/Horngren-s-Accounting-The-Financial-Chapters-12th-edition-chapter-5-problem-51PS-solution-978 C 3 Replies Circuit Chegg Stuay Textbook Solutions Expert Q&A Practice" Search Horngren's Accounting, The Financial Chapters (12th Edition) Bookmark Chapter 5, Problem 51PS O Show all steps ON Post a question Anewers from qur ep homework questions Problem Enter question Journalizing purchase and sale transactions, making closing entries, preparing financlal statements, and computing the gross profit percentage Continue This problem continues the Crystal Clear Cleaning practice set begun in Chapter 2 and continued through Chapters 3 and 4. 20 questions Crystal Clear Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. Crystal Clear uses the perpetual inventory system. During December 2018, Crystal Clear completed the tollowing transactions My Textbook Solut Purchased 1,000 units of inventory for $4,000 on account from Sparkle Company on terms, sna, n20. Dec. 2 Solution 5 Purchased 1,200 units of inventory from Boras on account with terms 4n0, 30 The total inoke was for $6.000, which included a $300 freight charge 7 Returned 300 units of inventory to Sparkle from the December 2 purchase (cost $1,200 Paid Boras Sold 500 units of goods to Hapoy Maids for $5,500 on account with terms 30 Crystal Clear's cost of the goods was $2,000. Ch Chage Homgren's Accounting 12h Eanun Homgren's Accounting un t 11 View all solutions 12 Paid Sparkle. Received 100 units with a setail price of $1,100 back from oustomer Happy Maich. The goods cost Crystal Clear $400 15 Accounting Cheaa. esc & % 7 4 5 8 3 2 R Y E K L G S D F Bookmark Show all steps: Chapter 5, Problem 51PS ON Unuod DeoComber o1,2010. AIDU prepaie a ciasslliou DaianICO SnOOL ai DocemIDOr1,20TO Assume the note payable is long-term. 5. Compute the gross profit percentage for December for the company. Step-by-step solution There is no solution to this problem yet. Get help from a Chegg subject expert. Ask an expert Chegg Study Textbook Solutions Expert Q&A Practicew O Chapter 5, Problem 51PS Show all steps: Bookmark ON Journalizing purchase and sale transactions, making closing entries, preparing financial statements, and computing the gross profit percentage This problem continues the Crystal Clear Cleaning practice set begun in Chapter 2 and continued through Chapters 3 and 4. Crystal Clear Cleaning has decided that, in addition to providing cleaning services, it will sel cleaning products. Crystal Clear uses the perpetual inventory system. During December 2018, Crystal Clear completed the following transactions: Dec. 2 Purchased 1,000 units of inventory for $4,000 on account from Sparkle Company on terms, 5/10, n/20. 5 Purchased 1,200 units of inventory from Borax on account with terms 4/10, n/30. The total invoice was for $6,000, which included a $300 freight charge. 7 Returned 300 units of inventory to Sparkle from the December 2 purchase (cost $1,200). 9 Paid Borax. Sold 500 units of goods to Happy Maids for $5,500 on account with terms n30. Crystal Clear's cost of the goods was $2,000. 11 12 Paid Sparkle Received 100 units with a retail price of $1,100 back from customer 15 Happy Maids. The goods cost Crystal Clear $400. 21 Received payment from Happy Maidi, settling the amount due in full. 28 Sold 500 units of goods to Bridget, Inc on account for $6.500 (cost $2,022). Terms 1/15, n/30 Paid cash for utilities of $550. 29 30 Paid cash for Sales Commission Expense of 5214 F2 EA $ 4 # % & 2 3 5 7 9 gg'Study Textbook Solutions Expert Q&A Practice Chapter 5, Problem 51PS Show all steps: Bookmark ON Paid cash for Sales Commission Expense of $214 30 31 Received payment from Bridget, Inc, less discount. Recorded the following adjusting entries 31 a. Physical count of inventory on December 31 showed 800 units of goods on hand, with a cost of $3,848. b. Depreciation, $150. Accrued salaries expense of $2,100. d. Estimated sales returns of $1,500, with cost of $540. e. Prepared all other adjustments necessary for December (Hint: You will need to review the adjustment information in Chapter 3 to deter- mine the remaining adjustments). Assume the cleaning supplies left at December 31 are $50. Requirements 1. Open the following T-accounts in the ledger Cash, $51,650; Accounts Receivable, $4,000; Merchandise Inventory, $0; Estimated Returns Inventory, $0,Cleaning Supplies, $3,000; Prepaid Rent, $3,000; Prepaid Insurance, $4,400; Equipment, $5,400; Truck, $3,000; Accumulated Depreciation, $150; Accounts Payable, $1,245; Salaries Payable, $0; Interest Payable. $59; Refunds Payable, $0; Unearned Revenue, $14,375; Notes Payable, $36,000; Hideaway; Capital, $19,671; Income Summary, $0; Hideaway, Withdrawals, $0; Service Revenue, $0; Sales Revenue, $0; Cost of Goods Sold, $0; Salaries Expense, $0; Sales Commission Expense, $0; ilities Expense, $0; Depreciation Expense, $0; Rent Expense, $0; Insurance Expense, $0; Interest Expense, $0. 2. Journalize and post the December transactions. Omit explanations. Compute each account balance, and denote the balance as Balance. Identify each accounts payable and accounts F4 FI F2 OA egg Study Textbook Solutions Expert Q&A Practice Bookmark Show all steps: Chapter 5, Problem 51 PS ON Interest Expense, $0. 2. Jounalize and post the December transactions. Omit explanations. Compute each account balance, and denote the balance as Balance. Identify each accounts payable and accounts receivable with the vendor or customer name. 3. Jounalize and post the adjusting entries. Omit explanations. Denote each adjusting amount as Adj. Compute each account balance, and denote the balance as Balance. After posting all adjusting entries, prove the equality of debits and credits in the ledger by preparing an adjusted trial balance. 4. Prepare the single step income statement and statement of owner's equity for the month ended December 31,2018. Also prepare a classified balance sheet at December 31,2018 Assume the note payable is long-term. 5. Compute the gross profit percentage for December for the company. Step-by-step solution EA E3 & % # $ r 5 Practice Set (Copy) Do Homework- Miguel Valenc x Assignments C Journalizing purchase and saie x x chegg.com/homework-help/Horngren-s-Accounting-The-Financial-Chapters-12th-edition-chapter-5-problem-51PS-solution-978 C 3 Replies Circuit Chegg Stuay Textbook Solutions Expert Q&A Practice" Search Horngren's Accounting, The Financial Chapters (12th Edition) Bookmark Chapter 5, Problem 51PS O Show all steps ON Post a question Anewers from qur ep homework questions Problem Enter question Journalizing purchase and sale transactions, making closing entries, preparing financlal statements, and computing the gross profit percentage Continue This problem continues the Crystal Clear Cleaning practice set begun in Chapter 2 and continued through Chapters 3 and 4. 20 questions Crystal Clear Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. Crystal Clear uses the perpetual inventory system. During December 2018, Crystal Clear completed the tollowing transactions My Textbook Solut Purchased 1,000 units of inventory for $4,000 on account from Sparkle Company on terms, sna, n20. Dec. 2 Solution 5 Purchased 1,200 units of inventory from Boras on account with terms 4n0, 30 The total inoke was for $6.000, which included a $300 freight charge 7 Returned 300 units of inventory to Sparkle from the December 2 purchase (cost $1,200 Paid Boras Sold 500 units of goods to Hapoy Maids for $5,500 on account with terms 30 Crystal Clear's cost of the goods was $2,000. Ch Chage Homgren's Accounting 12h Eanun Homgren's Accounting un t 11 View all solutions 12 Paid Sparkle. Received 100 units with a setail price of $1,100 back from oustomer Happy Maich. The goods cost Crystal Clear $400 15 Accounting Cheaa. esc & % 7 4 5 8 3 2 R Y E K L G S D F Bookmark Show all steps: Chapter 5, Problem 51PS ON Unuod DeoComber o1,2010. AIDU prepaie a ciasslliou DaianICO SnOOL ai DocemIDOr1,20TO Assume the note payable is long-term. 5. Compute the gross profit percentage for December for the company. Step-by-step solution There is no solution to this problem yet. Get help from a Chegg subject expert. Ask an expert Chegg Study Textbook Solutions Expert Q&A Practicew O Chapter 5, Problem 51PS Show all steps: Bookmark ON Journalizing purchase and sale transactions, making closing entries, preparing financial statements, and computing the gross profit percentage This problem continues the Crystal Clear Cleaning practice set begun in Chapter 2 and continued through Chapters 3 and 4. Crystal Clear Cleaning has decided that, in addition to providing cleaning services, it will sel cleaning products. Crystal Clear uses the perpetual inventory system. During December 2018, Crystal Clear completed the following transactions: Dec. 2 Purchased 1,000 units of inventory for $4,000 on account from Sparkle Company on terms, 5/10, n/20. 5 Purchased 1,200 units of inventory from Borax on account with terms 4/10, n/30. The total invoice was for $6,000, which included a $300 freight charge. 7 Returned 300 units of inventory to Sparkle from the December 2 purchase (cost $1,200). 9 Paid Borax. Sold 500 units of goods to Happy Maids for $5,500 on account with terms n30. Crystal Clear's cost of the goods was $2,000. 11 12 Paid Sparkle Received 100 units with a retail price of $1,100 back from customer 15 Happy Maids. The goods cost Crystal Clear $400. 21 Received payment from Happy Maidi, settling the amount due in full. 28 Sold 500 units of goods to Bridget, Inc on account for $6.500 (cost $2,022). Terms 1/15, n/30 Paid cash for utilities of $550. 29 30 Paid cash for Sales Commission Expense of 5214 F2 EA $ 4 # % & 2 3 5 7 9 gg'Study Textbook Solutions Expert Q&A Practice Chapter 5, Problem 51PS Show all steps: Bookmark ON Paid cash for Sales Commission Expense of $214 30 31 Received payment from Bridget, Inc, less discount. Recorded the following adjusting entries 31 a. Physical count of inventory on December 31 showed 800 units of goods on hand, with a cost of $3,848. b. Depreciation, $150. Accrued salaries expense of $2,100. d. Estimated sales returns of $1,500, with cost of $540. e. Prepared all other adjustments necessary for December (Hint: You will need to review the adjustment information in Chapter 3 to deter- mine the remaining adjustments). Assume the cleaning supplies left at December 31 are $50. Requirements 1. Open the following T-accounts in the ledger Cash, $51,650; Accounts Receivable, $4,000; Merchandise Inventory, $0; Estimated Returns Inventory, $0,Cleaning Supplies, $3,000; Prepaid Rent, $3,000; Prepaid Insurance, $4,400; Equipment, $5,400; Truck, $3,000; Accumulated Depreciation, $150; Accounts Payable, $1,245; Salaries Payable, $0; Interest Payable. $59; Refunds Payable, $0; Unearned Revenue, $14,375; Notes Payable, $36,000; Hideaway; Capital, $19,671; Income Summary, $0; Hideaway, Withdrawals, $0; Service Revenue, $0; Sales Revenue, $0; Cost of Goods Sold, $0; Salaries Expense, $0; Sales Commission Expense, $0; ilities Expense, $0; Depreciation Expense, $0; Rent Expense, $0; Insurance Expense, $0; Interest Expense, $0. 2. Journalize and post the December transactions. Omit explanations. Compute each account balance, and denote the balance as Balance. Identify each accounts payable and accounts F4 FI F2 OA egg Study Textbook Solutions Expert Q&A Practice Bookmark Show all steps: Chapter 5, Problem 51 PS ON Interest Expense, $0. 2. Jounalize and post the December transactions. Omit explanations. Compute each account balance, and denote the balance as Balance. Identify each accounts payable and accounts receivable with the vendor or customer name. 3. Jounalize and post the adjusting entries. Omit explanations. Denote each adjusting amount as Adj. Compute each account balance, and denote the balance as Balance. After posting all adjusting entries, prove the equality of debits and credits in the ledger by preparing an adjusted trial balance. 4. Prepare the single step income statement and statement of owner's equity for the month ended December 31,2018. Also prepare a classified balance sheet at December 31,2018 Assume the note payable is long-term. 5. Compute the gross profit percentage for December for the company. Step-by-step solution EA E3 & % # $
