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Rosen uses a perpetual inventory system Rosen Company completed the following transactions in October: Credit Sales Sales Returns Date of Date Amount Terms Date Amount Collection Oct. 3 $ 600 2/10, n/30 Oct. 8 Oct. 11 1,200 3/10, n/30 Oct. 14 $ 400 Oct. 16 Oct. 17 5,000 1/10, n/30 Oct. 20 1,000 Oct. 29 Oct. 21 1,400 2/10, n/60 Oct. 23 200 Oct. 27 Oct. 23 1,800 2/10, n/30 Oct. 27 400 Oct. 28 Instructions (a) Indicate the cash receive ...

Other / Other 01 Apr 2016

The adjusted trial balance of Notson Company The adjusted trial balance of Notson Company contained the following information: Debit Credit Sales $560,000 Sales Returns and Allowances $ 20,000 Sales Discounts 7,000 Cost of Goods Sold 386,000 Freight-out 2,000 Advertising Expense 15,000 Interest Expense 18,000 Store Salaries Expense 55,000 Utilities Expense 28,000 Depreciation Expense 7,000 Interest Revenue 30,000 Instructions ...

Other / Other 01 Apr 2016

The acquisition of merchandise inventory 1. A ________________ buys and sells goods rather than performing services to earn a profit. 2. Cost of goods sold is deducted from net sales revenue for the period in order to arrive at ________________. 3. Merchandise Inventory on hand can be obtained from detailed inventory records when a ________________ inventory system is maintained. 4. The acquisition of merchandise inventory is debited ...

Other / Other 01 Apr 2016

The adjusted trial balance of Unruh Book Company The adjusted trial balance of Unruh Book Company appears below. UNRUH BOOK COMPANY Adjusted Trial Balance December 31, 2008 Debit Credit Cash 32,000 Accounts Receivable 25,000 Merchandise Inventory 35,000 Building 150,000 Accumulated Depreciation— Building 20,000 Accounts Payable 12,000 Unruh, Capital 149,000 Unruh, Drawing 20,000 Sales 305,000 Sales Discounts 6,000 S ...

Other / Other 01 Apr 2016

Journalize the September transactions for Morton Supply Company Morton Supply Company uses a periodic inventory system. During September, the following transactions and events occurred. Sept. 3 Purchased 80 backpacks at $20 each from Cole Company, terms 2/10, n/30. Sept. 6 Received credit of $100 for the return of 5 backpacks purchased on Sept. 3 that were defective. Sept. 9 Sold 15 backpacks for $40 each to Starr Books, terms 2/10, n/3 ...

Other / Other 01 Apr 2016

Company uses a perpetual inventory system Prepare the necessary journal entries to record the following transactions, assuming Moran Company uses a perpetual inventory system. (a) Moran sells $50,000 of merchandise, terms 1/10, n/30. The merchandise cost $30,000. (b) The customer in (a) returned $5,000 of merchandise to Moran. The merchandise returned cost $3,000. (c) Moran received the balance due within the discount period. Bus ...

Other / Other 01 Apr 2016

State the missing items identified by State the missing items identified by ?. 1. Gross profit – Operating expenses = ? 2. ? + ? = Operating expenses 3. Sales – (? + ?) = Net sales 4. Income from operations + ? – ? = Net income 5. Net sales – Cost of goods sold = ? 6. Cost of goods sold + Gross profit on sales = ? Business Management Assignment Help, Business Management Homework help, Business Mana ...

Other / Other 01 Apr 2016

The income statement of Miller, Inc. includes The income statement of Miller, Inc. includes the items listed below: Net sales $900,000 Gross profit 320,000 Beginning inventory 80,000 Purchase discounts 15,000 Purchase returns and allowances 8,000 Freight-in 10,000 Operating expenses 300,000 Purchases 540,000 Instructions Use the appropriate items listed above as a basis for determining: (a) Cost of goods sold. (b) Cost of goods ...

Other / Other 01 Apr 2016

Taylor Bicycle Store had an inventory On October 1, Taylor Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $200 each. During the month of October, the following transactions occurred. Oct. 4 Purchased 30 bicycles at a cost of $200 each from Mann Bicycle Company, terms 2/10, n/30. 6 Sold 18 bicycles to Team America for $300 each, terms 2/10, n/30. 7 Received credit from Mann Bicycle Company for the return of 2 defec ...

Other / Other 01 Apr 2016

Prepare the journal entries that Boggs Company (a) Boden Company purchased merchandise on account from Office Suppliers for $86,000, with terms of 2/10, n/30. During the discount period, Boden returned some merchandise and paid $78,400 as payment in full. Boden uses a perpetual inventory system. Prepare the journal entries that Boden Company made to record: (1) the purchase of merchandise. (2) the return of merchandise. (3) the paymen ...

Other / Other 01 Apr 2016