ACC 291T Wk 1 - Apply: Connect Homework (2021 New)
ACC 291T Wk 1 - Apply: Connect Homework (2021 New)
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ACC 291T Wk 1 - Apply: Connect Homework (2021 New)
A company reports the following sales-related information.
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Sales, gross
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$
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265,000
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Sales returns and allowances
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$
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16,000
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Sales discounts
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5,300
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Sales salaries expense
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11,300
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Prepare the net sales portion only of this company’s multiple-step income statement.
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method.
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5
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Purchased 850 units of product at a cost of $10 per unit. Terms of the sale are 3/10, n/60; the invoice is dated November 5.
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7
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Returned 30 defective units from the November 5 purchase and received full credit.
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15
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Paid the amount due from the November 5 purchase, minus the return on November 7.
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It's highly recommended that you use your first attempt as a study attempt, if needed.
For each item below, indicate whether the statement describes a multiple-step income statement or a single-step income statement.
Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix’It uses the perpetual inventory system).
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Merchandise inventory
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$
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46,800
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Sales returns and allowances
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$
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4,700
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133,300
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Cost of goods sold
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110,400
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7,000
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Depreciation expense
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12,100
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Sales
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163,600
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Salaries expense
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41,500
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Sales discounts
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4,700
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Miscellaneous expenses
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5,000
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A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $44,750.
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method.
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~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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ACC 291T Wk 1 - Apply: Connect Homework (2021 New)
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