New Venture company has grown exponencially in the past year. Lidia Nadal is now one of...

  
 

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New Venture company has grown exponencially in the past year. Lidia Nadal is now one of the partners of the company, that was recently been turned into a corporation. Lidia still holds a considerable part of the shares. The company has evolved into a distributor of computer related equipment to retail stores, and extend credit terms of 2/10, n/30 to all of its customers. At the end of October 2017, New Venture inventory consisted of computer related products purchased for $20,000. During November, the following merchandising transactions occurred: Nov 8 Purchased computer products on account for $1,000 from Hardware Security, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $100 for the freight on this date. Sold computer products on account to XPTO Co. for $2,000. The cost of the books sold was $1,500. 11 13 Received $100 credit for computer products returned to Hardware Security. 14 Paid Hardware Security in full, less discount. 16 Received payment in full from XPTO. 17 Sold computer products on account to IT Store for $2,600. The cost of the books sold was $1,000. Purchased computer products on account for $2,800 from Big Software, FOB destination, terms 2/15,n/30. The appropriate party also made a cash payment of $80 for the freight on this date. 20 18 Received payment in full from IT Store. 25 Paid Big Software in full, less discount. Sold computer products on account to Hello Computer for $1,500. The cost of the books sold was $900. 30 Granted Hello Computer $200 credit for computer products returned costing $100. 26 New Venture chart of accounts includes the following: No.101 Cash, No.112, Accounts Receivable, No.120 Inventory, No. 201 Accounts Payable, No. 401 Sales Revenue, No.412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold. Instructions (a) Journalize the transactions for the month of June for Kern's Book Warehouse using a perpetual inventory system. (b) Prepare the Multiple-step income statement. (For this purpose assume the following: Operating Expenses Interest revenues 300 50 Interest Expense Loss on disposal of plant assets 100 20 (a) Prepare journal entries to record the November, 2017 transactions. GENERAL JOURNAL J1 Credit Date Account Titles and Explanation Debit (b) Multiple-step income statement New Venture Income Statement For the Year ended November 30. 2017 Net sales Cost of goods sold Gross profit Operating expenses Income from operations Other revenues and gains Interest revenue Other expenses and losses Interest expense Loss on disposal of plant assets Net income New Venture company has grown exponencially in the past year. Lidia Nadal is now one of the partners of the company, that was recently been turned into a corporation. Lidia still holds a considerable part of the shares. The company has evolved into a distributor of computer related equipment to retail stores, and extend credit terms of 2/10, n/30 to all of its customers. At the end of October 2017, New Venture inventory consisted of computer related products purchased for $20,000. During November, the following merchandising transactions occurred: Nov 8 Purchased computer products on account for $1,000 from Hardware Security, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $100 for the freight on this date. Sold computer products on account to XPTO Co. for $2,000. The cost of the books sold was $1,500. 11 13 Received $100 credit for computer products returned to Hardware Security. 14 Paid Hardware Security in full, less discount. 16 Received payment in full from XPTO. 17 Sold computer products on account to IT Store for $2,600. The cost of the books sold was $1,000. Purchased computer products on account for $2,800 from Big Software, FOB destination, terms 2/15,n/30. The appropriate party also made a cash payment of $80 for the freight on this date. 20 18 Received payment in full from IT Store. 25 Paid Big Software in full, less discount. Sold computer products on account to Hello Computer for $1,500. The cost of the books sold was $900. 30 Granted Hello Computer $200 credit for computer products returned costing $100. 26 New Venture chart of accounts includes the following: No.101 Cash, No.112, Accounts Receivable, No.120 Inventory, No. 201 Accounts Payable, No. 401 Sales Revenue, No.412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold. Instructions (a) Journalize the transactions for the month of June for Kern's Book Warehouse using a perpetual inventory system. (b) Prepare the Multiple-step income statement. (For this purpose assume the following: Operating Expenses Interest revenues 300 50 Interest Expense Loss on disposal of plant assets 100 20 (a) Prepare journal entries to record the November, 2017 transactions. GENERAL JOURNAL J1 Credit Date Account Titles and Explanation Debit (b) Multiple-step income statement New Venture Income Statement For the Year ended November 30. 2017 Net sales Cost of goods sold Gross profit Operating expenses Income from operations Other revenues and gains Interest revenue Other expenses and losses Interest expense Loss on disposal of plant assets Net income New Venture company has grown exponencially in the past year. Lidia Nadal is now one of the partners of the company, that was recently been turned into a corporation. Lidia still holds a considerable part of the shares. The company has evolved into a distributor of computer related equipment to retail stores, and extend credit terms of 2/10, n/30 to all of its customers. At the end of October 2017, New Venture inventory consisted of computer related products purchased for $20,000. During November, the following merchandising transactions occurred: Nov 8 Purchased computer products on account for $1,000 from Hardware Security, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $100 for the freight on this date. Sold computer products on account to XPTO Co. for $2,000. The cost of the books sold was $1,500. 11 13 Received $100 credit for computer products returned to Hardware Security. 14 Paid Hardware Security in full, less discount. 16 Received payment in full from XPTO. 17 Sold computer products on account to IT Store for $2,600. The cost of the books sold was $1,000. Purchased computer products on account for $2,800 from Big Software, FOB destination, terms 2/15,n/30. The appropriate party also made a cash payment of $80 for the freight on this date. 20 18 Received payment in full from IT Store. 25 Paid Big Software in full, less discount. Sold computer products on account to Hello Computer for $1,500. The cost of the books sold was $900. 30 Granted Hello Computer $200 credit for computer products returned costing $100. 26 New Venture chart of accounts includes the following: No.101 Cash, No.112, Accounts Receivable, No.120 Inventory, No. 201 Accounts Payable, No. 401 Sales Revenue, No.412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold. Instructions (a) Journalize the transactions for the month of June for Kern's Book Warehouse using a perpetual inventory system. (b) Prepare the Multiple-step income statement. (For this purpose assume the following: Operating Expenses Interest revenues 300 50 Interest Expense Loss on disposal of plant assets 100 20 (a) Prepare journal entries to record the November, 2017 transactions. GENERAL JOURNAL J1 Credit Date Account Titles and Explanation Debit (b) Multiple-step income statement New Venture Income Statement For the Year ended November 30. 2017 Net sales Cost of goods sold Gross profit Operating expenses Income from operations Other revenues and gains Interest revenue Other expenses and losses Interest expense Loss on disposal of plant assets Net income New Venture company has grown exponencially in the past year. Lidia Nadal is now one of the partners of the company, that was recently been turned into a corporation. Lidia still holds a considerable part of the shares. The company has evolved into a distributor of computer related equipment to retail stores, and extend credit terms of 2/10, n/30 to all of its customers. At the end of October 2017, New Venture inventory consisted of computer related products purchased for $20,000. During November, the following merchandising transactions occurred: Nov 8 Purchased computer products on account for $1,000 from Hardware Security, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $100 for the freight on this date. Sold computer products on account to XPTO Co. for $2,000. The cost of the books sold was $1,500. 11 13 Received $100 credit for computer products returned to Hardware Security. 14 Paid Hardware Security in full, less discount. 16 Received payment in full from XPTO. 17 Sold computer products on account to IT Store for $2,600. The cost of the books sold was $1,000. Purchased computer products on account for $2,800 from Big Software, FOB destination, terms 2/15,n/30. The appropriate party also made a cash payment of $80 for the freight on this date. 20 18 Received payment in full from IT Store. 25 Paid Big Software in full, less discount. Sold computer products on account to Hello Computer for $1,500. The cost of the books sold was $900. 30 Granted Hello Computer $200 credit for computer products returned costing $100. 26 New Venture chart of accounts includes the following: No.101 Cash, No.112, Accounts Receivable, No.120 Inventory, No. 201 Accounts Payable, No. 401 Sales Revenue, No.412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold. Instructions (a) Journalize the transactions for the month of June for Kern's Book Warehouse using a perpetual inventory system. (b) Prepare the Multiple-step income statement. (For this purpose assume the following: Operating Expenses Interest revenues 300 50 Interest Expense Loss on disposal of plant assets 100 20 (a) Prepare journal entries to record the November, 2017 transactions. GENERAL JOURNAL J1 Credit Date Account Titles and Explanation Debit (b) Multiple-step income statement New Venture Income Statement For the Year ended November 30. 2017 Net sales Cost of goods sold Gross profit Operating expenses Income from operations Other revenues and gains Interest revenue Other expenses and losses Interest expense Loss on disposal of plant assets Net income New Venture company has grown exponencially in the past year. Lidia Nadal is now one of the partners of the company, that was recently been turned into a corporation. Lidia still holds a considerable part of the shares. The company has evolved into a distributor of computer related equipment to retail stores, and extend credit terms of 2/10, n/30 to all of its customers. At the end of October 2017, New Venture inventory consisted of computer related products purchased for $20,000. During November, the following merchandising transactions occurred: Nov 8 Purchased computer products on account for $1,000 from Hardware Security, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $100 for the freight on this date. Sold computer products on account to XPTO Co. for $2,000. The cost of the books sold was $1,500. 11 13 Received $100 credit for computer products returned to Hardware Security. 14 Paid Hardware Security in full, less discount. 16 Received payment in full from XPTO. 17 Sold computer products on account to IT Store for $2,600. The cost of the books sold was $1,000. Purchased computer products on account for $2,800 from Big Software, FOB destination, terms 2/15,n/30. The appropriate party also made a cash payment of $80 for the freight on this date. 20 18 Received payment in full from IT Store. 25 Paid Big Software in full, less discount. Sold computer products on account to Hello Computer for $1,500. The cost of the books sold was $900. 30 Granted Hello Computer $200 credit for computer products returned costing $100. 26 New Venture chart of accounts includes the following: No.101 Cash, No.112, Accounts Receivable, No.120 Inventory, No. 201 Accounts Payable, No. 401 Sales Revenue, No.412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold. Instructions (a) Journalize the transactions for the month of June for Kern's Book Warehouse using a perpetual inventory system. (b) Prepare the Multiple-step income statement. (For this purpose assume the following: Operating Expenses Interest revenues 300 50 Interest Expense Loss on disposal of plant assets 100 20 (a) Prepare journal entries to record the November, 2017 transactions. GENERAL JOURNAL J1 Credit Date Account Titles and Explanation Debit (b) Multiple-step income statement New Venture Income Statement For the Year ended November 30. 2017 Net sales Cost of goods sold Gross profit Operating expenses Income from operations Other revenues and gains Interest revenue Other expenses and losses Interest expense Loss on disposal of plant assets Net income New Venture company has grown exponencially in the past year. Lidia Nadal is now one of the partners of the company, that was recently been turned into a corporation. Lidia still holds a considerable part of the shares. The company has evolved into a distributor of computer related equipment to retail stores, and extend credit terms of 2/10, n/30 to all of its customers. At the end of October 2017, New Venture inventory consisted of computer related products purchased for $20,000. During November, the following merchandising transactions occurred: Nov 8 Purchased computer products on account for $1,000 from Hardware Security, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $100 for the freight on this date. Sold computer products on account to XPTO Co. for $2,000. The cost of the books sold was $1,500. 11 13 Received $100 credit for computer products returned to Hardware Security. 14 Paid Hardware Security in full, less discount. 16 Received payment in full from XPTO. 17 Sold computer products on account to IT Store for $2,600. The cost of the books sold was $1,000. Purchased computer products on account for $2,800 from Big Software, FOB destination, terms 2/15,n/30. The appropriate party also made a cash payment of $80 for the freight on this date. 20 18 Received payment in full from IT Store. 25 Paid Big Software in full, less discount. Sold computer products on account to Hello Computer for $1,500. The cost of the books sold was $900. 30 Granted Hello Computer $200 credit for computer products returned costing $100. 26 New Venture chart of accounts includes the following: No.101 Cash, No.112, Accounts Receivable, No.120 Inventory, No. 201 Accounts Payable, No. 401 Sales Revenue, No.412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold. Instructions (a) Journalize the transactions for the month of June for Kern's Book Warehouse using a perpetual inventory system. (b) Prepare the Multiple-step income statement. (For this purpose assume the following: Operating Expenses Interest revenues 300 50 Interest Expense Loss on disposal of plant assets 100 20 (a) Prepare journal entries to record the November, 2017 transactions. GENERAL JOURNAL J1 Credit Date Account Titles and Explanation Debit (b) Multiple-step income statement New Venture Income Statement For the Year ended November 30. 2017 Net sales Cost of goods sold Gross profit Operating expenses Income from operations Other revenues and gains Interest revenue Other expenses and losses Interest expense Loss on disposal of plant assets Net income