Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 5 views

    TT05 - Question (Merchandise)

    Uploaded by

    dieuhien9944
    Question of TT05

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    TT05 - Question (Merchandise)

    Uploaded by

    dieuhien9944
    5 views1 page
    Question of TT05

    Original Title

    TT05_Question (Merchandise)

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Question of TT05

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    5 views1 page

    TT05 - Question (Merchandise)

    Uploaded by

    dieuhien9944
    Question of TT05

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    You are on page 1of 1

    TUTORIAL TEST 07

    Markey Department Store completed the following merchandising transactions in the month of
    November. At the beginning of November, the ledger of Markey showed Cash of $9,000 and
    Owner’s Capital of $9,000.

    Nov. 2 Purchased merchandise on account from Kwon Supply Co. $6,900, terms 1/10, n/30.
    4 Sold merchandise on account $6,500, FOB destination, terms 1/10, n/30. The cost of
    the merchandise sold was $3,900.
    5 Paid $240 freight on November 4 sale.
    6 Received credit from Kwon Supply Co. for merchandise returned $500.
    11 Paid Kwon Supply Co. in full, less discount.
    13 Received collections in full, less discounts, from customers billed on November 4.
    14 Purchased merchandise for cash $3,800.
    16 Received refund from supplier for returned goods on cash purchase of November 14,
    $500.
    18 Purchased merchandise from Murphy Warehouse $4,500, FOB shipping point, terms
    2/10, n/30.
    20 Paid freight on November 18 purchase $100.
    23 Sold merchandise for cash $7,400. The merchandise sold had a cost of $4,120.
    26 Purchased merchandise for cash $2,300.
    27 Paid Murphy Warehouse in full, less discount.
    29 Made refunds to cash customers for defective merchandise $90. The returned
    merchandise had a fair value of $30.
    30 Sold merchandise on account $3,700, terms n/30. The cost of the merchandise sold
    was $2,800.

    Markey Department Store’s chart of accounts includes the following: No. 101 Cash, No. 112
    Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 301 Owner’s Capital, No.
    401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, No. 505 Cost
    of Goods Sold, and No. 644 Freight-Out.

    Instructions

    (a) Journalize the transactions using a perpetual inventory system.


    (b) Prepare the ledger accounts for the company for the month of November 2024.
    (c) Prepare the income statement through gross profit for the month of November 2024.

    You might also like