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July 1 Purchased merchandise from Carter Company for $11,200 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Martin Company for $3,500 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $2,100. July 3 Paid $1,165 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $4,100 for $6,900 cash. July 9 Purchased merchandise from Walker Company for $4,800 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $1,000 of merchandise purchased on July 9 from Walker Company and debited its account payable for that amount. July 12 Received the balance due from Martin Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Carter Company within the discount period. July 19 Sold merchandise that cost $4,500 to Ryan Company for $6,400 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 21 Gave a price reduction (allowance) of $1,300 to Ryan Company for merchandise sold on July 19 and credited Ryan's accounts receivable for that amount. July 24 Paid Walker Company the balance due, net of discount. July 30 Received the balance due from Ryan Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $7,300 to Martin Company for $12,200 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Prepare a multiple-step income statement through the calculation of gross profit. Income Statement Impact on Income

July 1 Purchased merchandise from Carter Company for $11,200 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Martin Company for $3,500 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $2,100. July 3 Paid $1,165 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $4,100 for $6,900 cash. July 9 Purchased merchandise from Walker Company for $4,800 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $1,000 of merchandise purchased on July 9 from Walker Company and debited its account payable for that amount. July 12 Received the balance due from Martin Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Carter Company within the discount period. July 19 Sold merchandise that cost $4,500 to Ryan Company for $6,400 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 21 Gave a price reduction (allowance) of $1,300 to Ryan Company for merchandise sold on July 19 and credited Ryan's accounts receivable for that amount. July 24 Paid Walker Company the balance due, net of discount. July 30 Received the balance due from Ryan Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $7,300 to Martin Company for $12,200 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Prepare a multiple-step income statement through the calculation of gross profit. Income Statement Impact on Income

FINANCIAL ACCOUNTING
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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July 1 Purchased merchandise from Carter Company for $11,200 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Martin Company for $3,500 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $2,100. July 3 Paid $1,165 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $4,100 for $6,900 cash. July 9 Purchased merchandise from Walker Company for $4,800 under credit terms of 2/15, n/60, FOB destination, invoice dated July sukrale cab the th 9. July 11 Returned $1,000 of merchandise purchased on July 9 from Walker Company and debited its account payable for that amount. July 12 Received the balance due from Martin Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Carter Company within the discount period. July 19 Sold merchandise that cost $4,500 to Ryan Company for $6,400 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 21 Gave a price reduction (allowance) of $1,300 to Ryan Company for merchandise sold on July 19 and credited Ryan's accounts receivable for that amount. LOCKE July 24 Paid Walker Company the balance due, net of discount. July 30 Received the balance due from Ryan Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $7,300 to Martin Company for $12,200 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. Requirement General Journal Sales Schedule of Payables Prepare a multiple-step income statement through the calculation of gross profit. King's Company Partial Income Statement For the Month Ended July 31, 2021 General Ledger Trial Balance S < Schedule of Payables Schedule of Receivables 0 $ (A $ 0 0 Income Statement Impact on Income > Impact on Income
Transcribed Image Text:July 1 Purchased merchandise from Carter Company for $11,200 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Martin Company for $3,500 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $2,100. July 3 Paid $1,165 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $4,100 for $6,900 cash. July 9 Purchased merchandise from Walker Company for $4,800 under credit terms of 2/15, n/60, FOB destination, invoice dated July sukrale cab the th 9. July 11 Returned $1,000 of merchandise purchased on July 9 from Walker Company and debited its account payable for that amount. July 12 Received the balance due from Martin Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Carter Company within the discount period. July 19 Sold merchandise that cost $4,500 to Ryan Company for $6,400 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 21 Gave a price reduction (allowance) of $1,300 to Ryan Company for merchandise sold on July 19 and credited Ryan's accounts receivable for that amount. LOCKE July 24 Paid Walker Company the balance due, net of discount. July 30 Received the balance due from Ryan Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $7,300 to Martin Company for $12,200 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. Requirement General Journal Sales Schedule of Payables Prepare a multiple-step income statement through the calculation of gross profit. King's Company Partial Income Statement For the Month Ended July 31, 2021 General Ledger Trial Balance S < Schedule of Payables Schedule of Receivables 0 $ (A $ 0 0 Income Statement Impact on Income > Impact on Income
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