From the following accounts, prepare a cost of goods sold section in proper form: Merchandise Inventory, 12/31/1X, $8,990; Purchases Discount, $850; Merchandise Inventory, 12/01/1X, $4,200; Purchases, $64,000; Purchases Returns and Allowances, $960; Freight-In $280.
Answer to relevant QuestionsGive the category, the classification, and the report(s) on which each of the following appears (for example: Cash—asset, current asset, balance sheet):a. Wages Payableb. Accounts Payablec. Notes Payabled. Unearned ...Prepare a statement of owner’s equity and a classified balance sheet from the worksheet for John’s Company in Figure. (Of the Mortgage Payable, $220 is due within oneyear.)What four titles along with their classification are involved in the sale of goods in a perpetual system?Journal EntriesUse the perpetual inventory system.The MJM Company uses the perpetual inventory system with a subsidiary ledger for inventory. Enter the following information in the inventory balance for product U47. Be sure to keep the balance on hand up-to-date.201XNov. 5 ...Milton Sales uses the FIFO method with the perpetual inventory system. Enter the following information into the inventory record form for product 44BX. Be sure to keep the balance on hand up-to-date.201XAug. 1 Balance on ...
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