04 GL P4-1a ts 1 eBook MCC McGraw Hill Connect 218.mheducation.c M Question 1- Ch 04 GL P4-1a Saved shipping point, invoice dated July 31. July 31 Sold merchandise that cost $6,800 to Wilson Company for $11,400 under credit terms of 2/10, n/69 Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income For each transaction, indicate the impact each item had on income and the dollar amount of the change in income, if any. on the partial income statement. Input decreases to net income as minus sign. Upon completion, compare the gross profit with the amount reported Impact on income Increase (decrease) to income Ask July 1) Purchased merchandise from Griffin Company for $10,400 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. No impact on income Print erences July 2) Sold merchandise to Wilson Company for $3,100 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. July 2) The cost of the merchandise sold to Wilson Company was $1,860. July 3) Paid $1,005 cash for freight charges on the purchase of July 1. July 8) Sold merchandise for $6,100 cash. July 8) The cost of the merchandise sold was $3,700. July 9) Purchased merchandise from Lee Company for $4,400 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11) Received a $900 credit memorandum from Lee Company for the return of part of the merchandise purchased on July 9. July 12) Received the balance due from Wilson Company for the invoice dated July 2, net of the discount. July 16) Paid the balance due to Griffin Company within the discount period. July 19) Sold merchandise to Garcia Company for $5,600 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 19) The cost of the merchandise sold to Garcia Company was $3,900. July 21) Issued a $1,100 credit memorandum to Garcia Company for an allowance on goods sold on July 19. July 24) Paid Lee Company the balance due, net of discount. July 30) Received the balance due from Garcia Company for the invoice dated July 19, net of discount. July 31) Sold merchandise to Wilson Company for $11,400 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. July 31) The cost of the merchandise sold to Wilson Company was $6,800. Total gross profit Increases net income Decreases net income No impact on income Increases net income Decreases net income No impact on income No impact on income Decreases net income No impact on income Increases net income Decreases net income Decreases net income No impact on income Decreases net income Increases net income Decreases net income $ 0 W

Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter4: Accounting For Retail Operations
Section: Chapter Questions
Problem 4.1P: Purchase-related transactions The following selected transactions were completed by Epic Co. during...
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Question
04 GL P4-1a
ts
1
eBook
MCC McGraw Hill Connect
218.mheducation.c
M Question 1- Ch 04 GL P4-1a
Saved
shipping point, invoice dated July 31.
July 31 Sold merchandise that cost $6,800 to Wilson Company for $11,400 under credit terms of 2/10, n/69
Requirement
General
Journal
General
Ledger
Trial Balance
Schedule of
Receivables
Schedule of
Payables
Income
Statement
Impact on
Income
For each transaction, indicate the impact each item had on income and the dollar amount of the change in income, if any.
on the partial income statement.
Input decreases to net income as minus sign. Upon completion, compare the gross profit with the amount reported
Impact on income
Increase
(decrease) to
income
Ask
July 1) Purchased merchandise from Griffin Company for
$10,400 under credit terms of 1/15, n/30, FOB shipping
point, invoice dated July 1.
No impact on income
Print
erences
July 2) Sold merchandise to Wilson Company for $3,100
under credit terms of 2/10, n/60, FOB shipping point,
invoice dated July 2.
July 2) The cost of the merchandise sold to Wilson
Company was $1,860.
July 3) Paid $1,005 cash for freight charges on the
purchase of July 1.
July 8) Sold merchandise for $6,100 cash.
July 8) The cost of the merchandise sold was $3,700.
July 9) Purchased merchandise from Lee Company for
$4,400 under credit terms of 2/15, n/60, FOB destination,
invoice dated July 9.
July 11) Received a $900 credit memorandum from Lee
Company for the return of part of the merchandise
purchased on July 9.
July 12) Received the balance due from Wilson Company
for the invoice dated July 2, net of the discount.
July 16) Paid the balance due to Griffin Company within the
discount period.
July 19) Sold merchandise to Garcia Company for $5,600
under credit terms of 2/15, n/60, FOB shipping point,
invoice dated July 19.
July 19) The cost of the merchandise sold to Garcia
Company was $3,900.
July 21) Issued a $1,100 credit memorandum to Garcia
Company for an allowance on goods sold on July 19.
July 24) Paid Lee Company the balance due, net of
discount.
July 30) Received the balance due from Garcia Company
for the invoice dated July 19, net of discount.
July 31) Sold merchandise to Wilson Company for $11,400
under credit terms of 2/10, n/60, FOB shipping point,
invoice dated July 31.
July 31) The cost of the merchandise sold to Wilson
Company was $6,800.
Total gross profit
Increases net income
Decreases net income
No impact on income
Increases net income
Decreases net income
No impact on income
No impact on income
Decreases net income
No impact on income
Increases net income
Decreases net income
Decreases net income
No impact on income
Decreases net income
Increases net income
Decreases net income
$
0
W
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1 of 1
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Transcribed Image Text:04 GL P4-1a ts 1 eBook MCC McGraw Hill Connect 218.mheducation.c M Question 1- Ch 04 GL P4-1a Saved shipping point, invoice dated July 31. July 31 Sold merchandise that cost $6,800 to Wilson Company for $11,400 under credit terms of 2/10, n/69 Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income For each transaction, indicate the impact each item had on income and the dollar amount of the change in income, if any. on the partial income statement. Input decreases to net income as minus sign. Upon completion, compare the gross profit with the amount reported Impact on income Increase (decrease) to income Ask July 1) Purchased merchandise from Griffin Company for $10,400 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. No impact on income Print erences July 2) Sold merchandise to Wilson Company for $3,100 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. July 2) The cost of the merchandise sold to Wilson Company was $1,860. July 3) Paid $1,005 cash for freight charges on the purchase of July 1. July 8) Sold merchandise for $6,100 cash. July 8) The cost of the merchandise sold was $3,700. July 9) Purchased merchandise from Lee Company for $4,400 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11) Received a $900 credit memorandum from Lee Company for the return of part of the merchandise purchased on July 9. July 12) Received the balance due from Wilson Company for the invoice dated July 2, net of the discount. July 16) Paid the balance due to Griffin Company within the discount period. July 19) Sold merchandise to Garcia Company for $5,600 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 19) The cost of the merchandise sold to Garcia Company was $3,900. July 21) Issued a $1,100 credit memorandum to Garcia Company for an allowance on goods sold on July 19. July 24) Paid Lee Company the balance due, net of discount. July 30) Received the balance due from Garcia Company for the invoice dated July 19, net of discount. July 31) Sold merchandise to Wilson Company for $11,400 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. July 31) The cost of the merchandise sold to Wilson Company was $6,800. Total gross profit Increases net income Decreases net income No impact on income Increases net income Decreases net income No impact on income No impact on income Decreases net income No impact on income Increases net income Decreases net income Decreases net income No impact on income Decreases net income Increases net income Decreases net income $ 0 W <Prev 1 of 1 MacBook Air
04 GL P4-1a
ts
1
eBook
MCC McGraw Hill Connect
218.mheducation.c
M Question 1- Ch 04 GL P4-1a
Saved
shipping point, invoice dated July 31.
July 31 Sold merchandise that cost $6,800 to Wilson Company for $11,400 under credit terms of 2/10, n/69
Requirement
General
Journal
General
Ledger
Trial Balance
Schedule of
Receivables
Schedule of
Payables
Income
Statement
Impact on
Income
For each transaction, indicate the impact each item had on income and the dollar amount of the change in income, if any.
on the partial income statement.
Input decreases to net income as minus sign. Upon completion, compare the gross profit with the amount reported
Impact on income
Increase
(decrease) to
income
Ask
July 1) Purchased merchandise from Griffin Company for
$10,400 under credit terms of 1/15, n/30, FOB shipping
point, invoice dated July 1.
No impact on income
Print
erences
July 2) Sold merchandise to Wilson Company for $3,100
under credit terms of 2/10, n/60, FOB shipping point,
invoice dated July 2.
July 2) The cost of the merchandise sold to Wilson
Company was $1,860.
July 3) Paid $1,005 cash for freight charges on the
purchase of July 1.
July 8) Sold merchandise for $6,100 cash.
July 8) The cost of the merchandise sold was $3,700.
July 9) Purchased merchandise from Lee Company for
$4,400 under credit terms of 2/15, n/60, FOB destination,
invoice dated July 9.
July 11) Received a $900 credit memorandum from Lee
Company for the return of part of the merchandise
purchased on July 9.
July 12) Received the balance due from Wilson Company
for the invoice dated July 2, net of the discount.
July 16) Paid the balance due to Griffin Company within the
discount period.
July 19) Sold merchandise to Garcia Company for $5,600
under credit terms of 2/15, n/60, FOB shipping point,
invoice dated July 19.
July 19) The cost of the merchandise sold to Garcia
Company was $3,900.
July 21) Issued a $1,100 credit memorandum to Garcia
Company for an allowance on goods sold on July 19.
July 24) Paid Lee Company the balance due, net of
discount.
July 30) Received the balance due from Garcia Company
for the invoice dated July 19, net of discount.
July 31) Sold merchandise to Wilson Company for $11,400
under credit terms of 2/10, n/60, FOB shipping point,
invoice dated July 31.
July 31) The cost of the merchandise sold to Wilson
Company was $6,800.
Total gross profit
Increases net income
Decreases net income
No impact on income
Increases net income
Decreases net income
No impact on income
No impact on income
Decreases net income
No impact on income
Increases net income
Decreases net income
Decreases net income
No impact on income
Decreases net income
Increases net income
Decreases net income
$
0
W
<Prev
1 of 1
MacBook Air
Transcribed Image Text:04 GL P4-1a ts 1 eBook MCC McGraw Hill Connect 218.mheducation.c M Question 1- Ch 04 GL P4-1a Saved shipping point, invoice dated July 31. July 31 Sold merchandise that cost $6,800 to Wilson Company for $11,400 under credit terms of 2/10, n/69 Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income For each transaction, indicate the impact each item had on income and the dollar amount of the change in income, if any. on the partial income statement. Input decreases to net income as minus sign. Upon completion, compare the gross profit with the amount reported Impact on income Increase (decrease) to income Ask July 1) Purchased merchandise from Griffin Company for $10,400 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. No impact on income Print erences July 2) Sold merchandise to Wilson Company for $3,100 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. July 2) The cost of the merchandise sold to Wilson Company was $1,860. July 3) Paid $1,005 cash for freight charges on the purchase of July 1. July 8) Sold merchandise for $6,100 cash. July 8) The cost of the merchandise sold was $3,700. July 9) Purchased merchandise from Lee Company for $4,400 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11) Received a $900 credit memorandum from Lee Company for the return of part of the merchandise purchased on July 9. July 12) Received the balance due from Wilson Company for the invoice dated July 2, net of the discount. July 16) Paid the balance due to Griffin Company within the discount period. July 19) Sold merchandise to Garcia Company for $5,600 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 19) The cost of the merchandise sold to Garcia Company was $3,900. July 21) Issued a $1,100 credit memorandum to Garcia Company for an allowance on goods sold on July 19. July 24) Paid Lee Company the balance due, net of discount. July 30) Received the balance due from Garcia Company for the invoice dated July 19, net of discount. July 31) Sold merchandise to Wilson Company for $11,400 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. July 31) The cost of the merchandise sold to Wilson Company was $6,800. Total gross profit Increases net income Decreases net income No impact on income Increases net income Decreases net income No impact on income No impact on income Decreases net income No impact on income Increases net income Decreases net income Decreases net income No impact on income Decreases net income Increases net income Decreases net income $ 0 W <Prev 1 of 1 MacBook Air
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