cash. The customer was paid $2,700 cash for the returned merchandise. 6. Delivered goods FOB destination in Event 4. Fre

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Cash The Customer Was Paid 2 700 Cash For The Returned Merchandise 6 Delivered Goods Fob Destination In Event 4 Fre 1 (46.17 KiB) Viewed 12 times

cash. The customer was paid $2,700 cash for the returned merchandise. 6. Delivered goods FOB destination in Event 4. Freight costs of $850 were paid in cash. 7. Collected the amount due on the account receivable within the discount period. 8. Sold the land for $6,700. 9. Recognized accrued interest income of $500. 10. Took a physical count indicating that $4,700 of inventory was on hand at the end of the accounting period. Hint: Determine the current balance in the inventory account before calculating the amount of the inventory write down. Required: a. Identify each of these events as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also explain how each event would affect the financial statements by placing a + for increase, - for decrease, and +/- for increase and decrease under each of the components in the following statements model. Assume that the perpetual inventory method is used. When an event has more than one part, use letters to distinguish the effects of each part. The first event is recorded as an example. b. Record the events in general journal format. Assume that the perpetual inventory method and gross method is used. c. Post the beginning balances and the events to the T-accounts. Note that these ledger accounts will also be used when posting the closing entry that is created in Part e. d. Prepare a multistep income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows for Year 2. Complete this question by entering your answers in the tabs below. e. Use a single general journal entry to close all revenue, gain, and expense accounts to the retained earnings account. Post the journal entry to the ledger accounts and prepare a post-closing trial balance. Reg A Req B Req C Reg D1 PAY MI Reg D2 Reg D3 Reg D4 Then TUI 32 Req El Reg E2 Elfen sotatis