5-10 b. Prepare journal entries that Dammam Corporation records for these transactions.iat 3ilarjah Co. records for these transactions.Check (a.) May 20, Cr. Cash $37.442The following supplementary records summarize Abbass Company's merchandising activities for year2015. Set up T-accounts for Merchandise Inventory and Cost of Goods Sold. Then record the summarizedactivities in those T-accounts and compute account balances.Exercise 5-9Recording effects of merchandisingactivitiesCost of merchandise sold to customers in sales transactions.P1 P2Merchandise inventory, December 31, 2014$196,000Invoice cost of merchandise purchases...Check Year-End Merchandise25,000192,500Inventory Dec. 31, $20,000Shrinkage determined on December 31, 2015Cost of transportation-in ......Cost of merchandise returned by customers and restored to inventory8002,900Purchase discounts received2,100Purchase returns and allowances1,7004,000ollol ads 1o doso wol oJournalize the following merchandising transactions for Al Ain Systems assuming it uses a perpetual inven-Exercise 5-10Preparing journal entries-perp-systemtory system.1. On November 1, Al Ain Systems purchases merchandise for $1,500 on credit with terms of 2/5, n/30,FOB shipping point; invoice dated November 1.2. On November 5, Al Ain Systems pays cash for the November 1 purchase.3. On November 7, Al Ain Systems discovers and returns $200 of defective merchandise purchased onNovember 1 for a cash refund.P1 P24. On November 10, Al Ain Systems pays $90 cash for transportation costs with the November 1purchase.5. On November 13, Al Ain Systems sells merchandise for $1,600 on credit. The cost of the merchan-dise is $800.6. On November 16, the customer returns merchandise from the November 13 transaction. The returneditems are priced at $300 and cost $130; the items were not damaged and were returned to inventory.The following list includes selected permanent accounts and all of the temporary accounts from theDecember 31, 2015, unadjusted trial balance of Kamal Co., a business owned by Eman Kamal. Use theseaccount balances along with the additional information to journalize (a) adjusting entries and (b) closingentries. Kamal Co. uses a perpetual inventory system.Exercise 5-11Preparing adjusting andentries for a merchandisP3

1). Debit Credit Merchandise purchase a/c Dr.…

Journalize the following merchandising transactions for Al Ain Systems assuming it uses a perpetual inven- Exercise 5-10 tory system. Preparing journal entries-perp- 1. On November 1, Al Ain Systems purchases merchandise for $1,500 on credit with terms of 2/5, n/30, FOB shipping point; invoice dated November 1. 2. On November 5, Al Ain Systems pays cash for the November 1 purchase. system P1 P2 3. On November 7, Al Ain Systems discovers and returns $200 of defective merchandise purchased on November 1 for a cash refund. 4. On November 10, Al Ain Systems pays $90 cash for transportation costs with the November 1 purchase. 5. On November 13, Al Ain Systems sells merchandise for $1,600 on credit. The cost of the merchan- dise is $800. 6. On November 16, the customer returns merchandise from the November 13 transaction. The returned items are priced at $300 and cost $130; the items were not damaged and were returned to inventory.

Journalize the following merchandising transactions for Al Ain Systems assuming it uses a perpetual inven- Exercise 5-10 tory system. Preparing journal entries-perp- 1. On November 1, Al Ain Systems purchases merchandise for $1,500 on credit with terms of 2/5, n/30, FOB shipping point; invoice dated November 1. 2. On November 5, Al Ain Systems pays cash for the November 1 purchase. system P1 P2 3. On November 7, Al Ain Systems discovers and returns $200 of defective merchandise purchased on November 1 for a cash refund. 4. On November 10, Al Ain Systems pays $90 cash for transportation costs with the November 1 purchase. 5. On November 13, Al Ain Systems sells merchandise for $1,600 on credit. The cost of the merchan- dise is $800. 6. On November 16, the customer returns merchandise from the November 13 transaction. The returned items are priced at $300 and cost $130; the items were not damaged and were returned to inventory.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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