Answer Happy

Question 1 of 2 May 1 2 Sunland Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May. the ledger of Sunland showed Cash of $5,500 and Owner's Capital of $5,500. 5 9 10 11 12 15 17 19 24 25 27 29 < 31 -/25 Purchased merchandise on account from Braun's Wholesale Supply for $3,800, terms 2/10, n/30. Sold merchandise on account $2,500, terms 1/10, n/30. The cost of the merchandise sold was $1,600. Received credit from Braun's Wholesale Supply for merchandise returned $250. Received collections in full, less discounts, from customers billed on May 2. Paid Braun's Wholesale Supply in full, less discount. Purchased supplies for cash $300. Purchased merchandise for cash $1,300. Received $200 refund for return of poor-quality merchandise from supplier on cash purchase. Purchased merchandise on account from Valley Distributors for $1,200, terms 2/10. n/30,FOB shipping point. Paid freight on May 17 purchase $140. Sold merchandise for cash $3,300. The merchandise sold had a cost of $2,100. Purchased merchandise on account from Lumley, Inc. for $600, terms 2/10, n/30. Paid Valley Distributors in full, less discount. Made refunds to cash customers for returned merchandise $70. The returned merchandisecost $20. Sold merchandise on account for $1,500 terms n/30. The cost of the merchandise sold was $600. E ***
Question 1 of 2 2 5 9 10 11 12 15 17 19 24 25 27 29 31 < -/25 Sold merchandise on account $2,500, terms 1/10, n/30. The cost of the merchandise sold was $1,600. Received credit from Braun's Wholesale Supply for merchandise returned $250. Received collections in full, less discounts, from customers billed on May 2. Paid Braun's Wholesale Supply in full, less discount. Purchased supplies for cash $300. Purchased merchandise for cash $1,300. Received $200 refund for return of poor-quality merchandise from supplier on cash purchase. Purchased merchandise on account from Valley Distributors for $1,200, terms 2/10, n/30,FOB shipping point. Paid freight on May 17 purchase $140. Sold merchandise for cash $3,300. The merchandise sold had a cost of $2,100. Purchased merchandise on account from Lumley, Inc. for $600, terms 2/10,n/30. Paid Valley Distributors in full, less discount. Made refunds to cash customers for returned merchandise $70. The returned merchandisecost $20. A Sold merchandise on account for $1.500 terms n/30. The cost of the merchandise sold was $600. E Sunland Hardware's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 126 Supplies, No. 201 Accounts Payable. No. 301 Owner's Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold. ***
Question 1 of 2 (a) < Date Journalize the transactions using a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation (To record credit sale) (To record cost of merchandise sold) -/25 = 1 Debit Credit
Question 1 of 2 -/25
Question 1 of 2 : < (To record cash sale) (To record cost of merchandise sold) -/25 E
Question 1 of 2 < (To record merchandise returned) (To record cost of merchandise returned) (To record credit sale) (To record cost of merchandise sold) eTextbook and Medial -/25 E ***
Question 1 of 2 (b) Cash Enter the beginning cash and capital balances and post the transactions. (Post entries in the order of journal entries presented in the previous part.) Date < # Explanation Balance Ref. V 31 31 J1 31 31 31 J1 31 Debit -/25 E Credit No. 101 Balance
Question 1 of 2 Accounts Receivable Date Inventory Date : # < : > J1 Explanation Ref. 31 J1 31 Explanation Ref. 31 31 31 31 31 J1 Debit Debit Credit Credit -/25 No. 112 Balance No. 120 Balance ***
COMP PROBLEM Question 1 of 2 Supplies Date 0 Date + : X Accounts Payable > 31 31 31 31 J1 31 J1 31 Explanation Ref. 31 Explanation Ref. 31 Debit Debit Credit Credit -/25 E No. 126 Balance No. 201 Balance ***
Question 1 of 2 Accounts Payable Date # 4 Owner's Capital Date < Explanation Sales Revenue : Ref. Balance 31 J1 J1 Date Explanation Ref. 31 31 31 Explanation Ref. 31 31 Debit Debit Debit Credit 10007 Credit Credit -/25 Balance No. 201 Balance No. 301 Balance No. 401
Question 1 of 2 Sales Revenue Date : Date Sales Returns and Allowances Date Sales Discounts Date < Explanation : Cost of Goods Sold Ref. J1 31 Explanation Ref. 31 J1 Explanation Ref. 31 Explanation Ref. 31 01 Debit Debit Debit Debit Credit Credit Credit Credit -/25 E Balance Balance No. 401 Balance No. 412 Balance No. 414 No. 505
Question 1 of 2 Cost of Goods Sold Date : ( Explanation eTextbook and Media Save for Later List of Accounts A Ref. J1 31 31 J1 Debit Credit Attempts: 0 of 2 used -/25 E No. 505 Balance Submit Answer Prepare a multiple-step income statement through gross profit for the month of May 2022. (Use the ledger balances from part b and assume that no adjustments are necessary.) (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Question 1 of 2 -/25 : and assume that no adjustments are necessary.) (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) < Malla > # SUNLAND HARDWARE STORE Income Statement (Partial) $ # $
Dee W NW... MP PROBLEM Question 2 of 2 View Policies Current Attempt in Progress Date June 1 June 4 June June June June W NWP As 11 18 18 You have the following information for Swifty Inc. for the month ended June 30, 2022. Swifty uses a periodic inventory system. 10 Sale June 25 June 28 < Description Beginning inventory Purchase es ETS...... Sale return Sale Purchase Purchase return Purchase ETS.... Quantity 40 135 110 15 55 10 65 e ETS... 35 Unit Cost or Selling Price $29 32 59 59 34 34 65 G Mo... 38 WE OM... GR -/25 = 1 Un
Question 2 of 2 (a1) Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.) Weighted-average cost perunit $ eTextbook and Media Save for Later < (a2) (a3) (b) Attempts: 0 of 2 used -/25 E Submit Answer ***
Question 2 of 2 Save for Later (22) The ending inventory < The cost of goods sold Gross profit Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average- cost. (Round average-cost method answers to 2 decimal places, e.g. 1,250.25 and other answers to 0 decimal places, e.g. 1,250.) eTextbook and Media Save for Later -(a3) $ $ $ LIFO $ $ $ Attempts: 0 of 2 used FIFO $ $ $ -/25 Attempts: 0 of 2 used ||| Submit Answer AVERAGE-COST Submit Answer ***
M3COMP PROBLEM Question 2 of 2 (a3) (b) Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%.) Gross profit rate < eTextbook and Media Save for Later LIFO % eTextbook and Media FIFO gives the lowest cost of goods sold and the % Compare results for the three cost flow assumptions and answer the following questions. In this period of rising prices, -/25 gives the highest cost of goods sold and the gross profit. Attempts: 0 of 2 used AVERAGE-COST gross profit. Attempts 0 of 2 used !!! % Submit Answer Culmit Annumme THE
M3COMP PROBLEM Question 2 of 2 (a3) (b) Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%.) Gross profit rate < eTextbook and Media Save for Later LIFO % eTextbook and Media FIFO gives the lowest cost of goods sold and the % Compare results for the three cost flow assumptions and answer the following questions. In this period of rising prices, -/25 gives the highest cost of goods sold and the gross profit. Attempts: 0 of 2 used AVERAGE-COST gross profit. Attempts 0 of 2 used !!! % Submit Answer Culmit Annumme THE