B D E F G H Financial Statements Review & Merchandising Transactions (Chp 5) Assuming the perpetual inventory system is utilized: prepare the journal entries to record the following transaction for Jumion jewelers June 2 3 Jemison received an invoice for $20,000 from one of its merchandise suppliers Terms were 2/10,6/30 FOB shipping point Jemison paid transportation cost on the June 2nd purchase, $1,200, Jemison returned $3,400 of the merchandise billed on June 2nd because it was defective. Jemison sold merchandise on amunt to Charles Chapman Jewelers for $9,000. Terms were 3/15,0/30 FOB destination. Jemison's cost for this merchandise was $3,000 4 5 8 Jemison paid transportation cost on the June Sth sale $500 10 15 Jemison paid the invoice dated June 2nd, less the return and the discount Charles Chapman Jewelers returned $3,000 of the merchandise from the June 5th sale Jemison's cost for this merchandise was $1,000 19 Jemison received payment on the remaining amount due from Charles Chapman Jewelers, less the return and the discount 25 Pald part-time salesperson wages $1.200. 30 Paid rent 51.500. Additional Information: (No Journal Entries Necessary) Please use these Beginning Balances for Jan 1, 2019 Cash Capital $ 40,000 40,000 12 B D E F G 21 19 Jemison received payment on the remaining amount due from Charles Chapman Jewelers, less the return and to 25 Paid part-time salesperson wages, $1,200. 30 Paid rent $1,500 22 23 24 25 26 27 28 29 30 31 32 33 Additional Information: (No Journal Entries Necessary) Please use these Beginning Balances for Jun 1, 2019 Cash Capital $ 40,000 40,000 34 Requirements: 35 1. Journalize Jemison Jewelers' June transactions 36 2. Post Jemison Jewelers's June transactions to T-Accounts. 37 3. Prepare Jemison Jewelers's Trial Balance as of June 30, 2019. 38 4. Prepare Jemison Jewelers's Multi-Step Income Statement for the month ended June 30, 2019. 39 5. Calculate Gross Profit %: 40 41 **ALL FINANCIAL STATEMENTS MUST BE COMPLETE WITH PROPER 3-LINE HEADING 42 **COMPLETE ENTIRE PACKET NEATLY USING PENCIL, NO INK 43 44 45 46 47 48 49 50 51 52 53 54 U10 B CDEFGHIJKLMNOPQRS STEP 1: JOURNALIZE TRANSACTIONS 1 2 3 JOURNAL - Pg. 1 Accounts Names Post (No Explanations Necessary) Ref Date Debit Credit 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 76 Problem 1 Worksheet 1-IS 2-OE 3-BS # RUSTUVININ Merchandise bus 3 10 13 13 PE SE 16 12 11 19 20 21 23 23 36 25 25 27 20 25 30 31 34 35 98 BE B C D STEP 3: PREPARE TRIAL BALANCE Company Name: Trial Balance Date: Balance Account Name Debit Credit D Total STEP 4: PREPARE MULTI-STEP INCOME STATEMENT Worksheet