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ACC 291T Wk 1 - Apply: Connect Homework (New)

ACC 291T Wk 1 - Apply: Connect Homework (New) PLDZ-13554 Free
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ACC 291T Wk 1 - Apply: Connect Homework (New)

Exercise 5-1 Computing revenues, expenses, and income LO C1, C2

Fill in the blanks in the following separate income statements a through e. (Amounts to be deducted should be indicated by a minus sign.)

Exercise 5-1 Computing revenues, expenses, and income LO C1, C2

Fill in the blanks in the following separate income statements a through e. (Amounts to be deducted should be indicated by a minus sign.)

 

 

Exercise 5-3 Recording purchases, purchases returns, and purchases allowances LO P1

Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method.  

 

 

2

 

Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point.

 

 

3

 

Paid $300 cash for shipping charges on the April 2 purchase.

 

 

4

 

Returned to Lyon Company unacceptable merchandise that had an invoice price of $600.

 

 

17

 

Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.

 

 

18

 

Purchased $8,500 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination.

 

 

21

 

After negotiations, received from Frist a $500 allowance toward the $8,500 owed on the April 18 purchase.

 

 

28

 

Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.

 

Exercise 5-3 Recording purchases, purchases returns, and purchases allowances LO P1

Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method.  

 

 

2

 

Purchased $4,400 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point.

 

 

3

 

Paid $380 cash for shipping charges on the April 2 purchase.

 

 

4

 

Returned to Lyon Company unacceptable merchandise that had an invoice price of $700.

 

 

17

 

Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.

 

 

18

 

Purchased $8,100 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination.

 

 

21

 

After negotiations, received from Frist a $600 allowance toward the $8,100 owed on the April 18 purchase.

 

 

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