Accounting $2103$

Chapter $5$ Assignment

Assignment $1$

I. Journalize the following transactions for MeNabb Company:

May $1$: Purchased $$4000$ of merchandise on account from Romo Company, terms $\frac{2}{10},\frac{n}{30}$

$2.$ Purchased $$5000$ of merchandise on account from Brees, Inc, terms $\frac{1}{10},\frac{n}{30}$

$3.$ Sold $$1500$ of merchandise on account to Brady Company, terms $210,\frac{n}{30}$; cost of merchandise sold $$625$

$6$: Retumed $$400$ of merchandise to Romo Compary for credit $($May $1$ transaction$)$

$6$: Retumed $$2000$ of merchandise to Brees, Inc. $($May $2$ transaction$)$

$8.$ Brady Company retumed $$50$ of merchandise, cost of merchandise returned $$29$

$8.$ Purchased merchandise on account from Manning Company totaling $$2,000,$ terms $210,\frac{n}{30}$

$8$: Purchased supplies on account, $$350$

$9.$ Paid cash for equipment, $$5000$

$9.$ Paid Romo Company in full, amount owed

$11.$ Paid Brees, Inc. in full, amount owed.

$11.$ Granted Brady Company an allowance of $$50$

$13.$ Brady Company paid McNabb in full, amount owed

II$.$ Adjusting the Inventory Account

The inventory T$-$Account showed a balance of $$42,775$ An actual count of inventory on hand amounted to $$41,995.$ Prepare the adjusting entry needed.

III. Use the information below to prepare closing entries

Sales Revenue: $$420,000$; Sales Returns & Allowances: $$75,000$; Sales Discounts $$42,000$; Cost of Goods Sold $$160,000$; Salary Expense $$48,000,$ Rent Expense: $$17,000$; Advertisug Expense: $$5000,$ Depreciation Expense $$8,000$; Dividenda: $$12,000$

Accounting $2103$

Chapter $5$ Assignment Assignment $1$