FINANCE

26 Paid Good Book Publishers in full.
28 Sold books on account to Emporia Bookstore for $1,300. The cost of the merchandise sold was $780.
30 Granted Emporia Bookstore $130 credit for books returned costing $80.
Journalize the transactions for the month of June for McCoy Warehouse, using a perpetual inventory system. (Credit account titles are
automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the
problem. Round answers to 0 decimal places e.g. 15,222.)

 

 

Problem 5-9A (Part Level Submission)
At the beginning of the current season on April 1, the ledger of Flint Hills Pro Shop showed Cash $ 2,500 ; Inventory $ 3,500 ; and Common
Stock $ 6,000 . The following transactions occurred during April 2014.
Apr. 5 Purchased golf bags, clubs, and balls on account from Akers Co. $ 1,500 , terms 3 /10, n/60.
7 Paid freight on Akers Co. purchases $ 80 .
9 Received credit from Akers Co. for merchandise returned $ 200 .
10 Sold merchandise on account to members $ 1,340 , terms n/30.
12 Purchased golf shoes, sweaters, and other accessories on account from Palmer Sportswear $ 830 , terms 1 /10, n/30.
14 Paid Akers Co. in full.
17 Received credit from Palmer Sportswear for merchandise returned $ 30 .
20 Made sales on account to members $ 810 , terms n/30.
21 Paid Palmer Sportswear in full.
27 Granted credit to members for clothing that did not fit properly $ 80 .
30 Received payments on account from members $ 1,220 .
(a)
Journalize the April transactions using a periodic inventory system. (Credit account titles are automatically indented when amount is
entered. Do not indent manually. Record journal entries in the order presented in the problem.)
(b)
Using T accounts, enter the beginning balances in the ledger accounts and post the April transactions. (Post entries in the order of journal
entries posted in part a.)
(c)
Prepare a trial balance on April 30, 2014.
(d)
Prepare an income statement through gross profit, assuming inventory on hand at April 30 is $4,263.

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