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Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: 1. Specialty Store purchased inventory on account for $6 , 200 . Freight charges of $900 were paid in cash. 2. Specialty Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $1 , 200 and Specialt Store's account was credited by the supplier. 3. Inventory costing $3 , 400 was sold for $6 , 400 in cash. Required: Prepare the necessary journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the merchandise purchased on account for $6 , 200 . Note: Enter debits before credits. Journal entry worksheet 5 Record the payment of freight charges for $900 . Note: Enter debits before credits. Journal entry worksheet Record the return of merchandise purchased on account costing $1 , 200 . Note: Enter debits before credits. Journal entry worksheet < 2 Record the sale of merchandise for $6 , 400 in cash. Note: Enter debits before credits. Journal entry worksheet < 1 Record the cost of goods sold for $3 , 400 . Note: Enter debits before credits. .

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Directions: Answer the following questions on a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard. Exercises E4-7 . Kay Magill Company had the following adjusted trial balance. Instructions Prepare closing entries at June 30, 2015. Prepare a post-closing trial balance. E4-13 . Keenan Company has an inexperienced accountant. During the ﬁrst 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made. A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480. The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56. A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500. Instructions Prepare the correcting entries. E5-4 . On June 10, Tuzun Company purchased $8,000 of merchandise from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system. Instructions Prepare separate entries for each transaction on the books of Tuzun Company. Prepare separate entries for each transaction for Epps Company. The merchandise purchased by Tuzun on June 10 had cost Epps $4,800. E5-7. Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Operating Expenses $29,000, Sales Revenue $115,000, Sales Discounts $1,200, and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $13,900. Instructions Prepare the adjusting entry necessary as a result of the physical count. Prepare closing entries. E6-1 . Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josef’s accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $297,000. Discussions with the accountant reveal the following. Josef sold goods costing $38,000 to Sorci Company, FOB shipping point, on December 28. The goods are not expected to arrive at Sorci until January 12. The goods were not included in the physical inventory because they were not in the warehouse. The physical count of the inventory did not include goods costing $95,000 that were shipped to Josef FOB destination on December 27 and were still in transit at year-end. Josef received goods costing $22,000 on January 2. The goods were shipped FOB shipping point on December 26 by Solita Co. The goods were not included in the.

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tenoelrx

Directions: Answer the following questions on a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard . Exercises E 4 - 7 . Kay Magill Company had the following adjusted trial balance. Instructions a) Prepare closing entries at June 30, 2015. b) Prepare a post-closing trial balance. E 4 - 13 . Keenan Company has an inexperienced accountant. During the ﬁrst 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made. 1. A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480. 2. The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56. 3. A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500. Instructions Prepare the correcting entries. E 5-4 . On June 10, Tuzun Company purchased $8,000 of merchandise from Epps Company, FOB shipping point, terms 2/10 , n /30. Tuzun pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system. Instructions a) Prepare separate entries for each transaction on the books of Tuzun Company. b) Prepare separate entries for each transaction for Epps Company. The merchandise purchased by Tuzun on June 10 had cost Epps $4,800. E 5 -7. Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Operating Expenses $29,000, Sales Revenue $115,000, Sales Discounts $ 1,200, and Sales Returns and Allowances $1,700. A physical count of inventory determines that m erchandise inventory on hand is $13,900. Instructions a) Prepare the adjusting entry necessary as a result of the physical count. b) Prepare closing entries. E 6- 1 . Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josef’s accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $297,000. Discussions with the accountant reveal the following. 1. Josef sold goods costing $38,000 to Sorci Company, FOB shipping point, on December 28. The goods are not expected to arrive at Sorci until January 12. The goods were not included in the physical inventory because they were not in the warehouse. 2. The physical count of the inventory did not include goods costing $95,000 that were shipped to Josef FOB destination on December 27 and were still in transit at year-end. 3. Josef received goods costing $22,000 on January 2. The goods were shipped FOB shipping poin.

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Worksheet, trial balance, adjustments, adjusted balance, adjusted trial balance, closing the books, closing entries, post closing entries, operation cycle, merchandising operations, cost of good sold, cost of merchandise, unearned revenues, accrued expenses, josecintron.com, jose cintron, MBA, advance business consulting, mba4help.com, Worksheet, trial balance, adjustments, adjusted balance, adjusted trial balance, closing the books, closing entries, post closing entries, operation cycle, merchandising operations, cost of good sold, cost of merchandise, unearned revenues, accrued expenses, josecintron.com, jose cintron, MBA, advance business consulting,

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Internal control, cash internal control, account receivables, direct write-off, estimate for uncollectibles, allowance method for uncollectibles, note receivables, allowance for doubtful, write-off, recovery of uncollectible accounts, delivery cost, FOB shipping, FOB destination, aging accounts, Purchase discount, purchase return and allowance, purchases, adjusting entries, jose cintron, jose cintron,MBA, mba4help.com, Advance Business Consulting, Internal control, cash internal control, account receivables, direct write-off, estimate for uncollectibles, allowance method for uncollectibles, note receivables, allowance for doubtful, write-off, recovery of uncollectible accounts, delivery cost, FOB shipping, FOB destination, aging accounts, Purchase discount, purchase return and allowance, purchases, adjusting entries, jose cintron, jose cintron,MBA, mba4help.com, Advance Business Consulting,

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