ALL ONE QUESTION: (DO IN ORDER)

this is 2 parts to a singular question.

Prepato journal entries to record the following merchandising transactions of Cabela's, which uses the perpetuat inventory system and the gross method. Hint it will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden. Noty 1 Furohased serohandise tron Boden Conpany tor 56,200 under eredit tersa of 2/15,n/30, roe ahipping poite, Jaty 2 sold norehandise to creek Company for 1950 under eredit terme of 2/10,n/60, ron ahipping point, invoice Gated Joly 2. The entehandine tad cote 5517 . 3uly 3 Pa1d $125 eaah for trelecht obarges on the parchane of faly 1 . daly so gald nerehandiae that had eent $1,500. for $1,905 cash. daced Joly 9 ? July 11 lieturned 5600 of nerchandise purehased on auly > fron lelgst coopany and debited its acenuat gayatile for that; July 12 Hecelived July 12 necesved the balance due tron crenk coepasy for the invoice doted zuly 2 , net of the diseount. July 16 paid the balance due to boden coepany within the dispoust period. July 21 cove a prifee reduetion. (Allevancel of 9250 to Art coepany tor merebsnaise aold en fuly is and eredited art' a accounts receivable foe that nhount. suty 24 pald Leight company the balanes due, net of discount. July 30 Hecelved tho bolance dis froe Art coepany for the inveiee dated duly i9, net of discount. point, involee dated 3uty 31 . Journal entry worksheet Purchased merchundise from Buden Company for $6,200 uniser credit terms of 2/15. n30,FOB stupping point, Invelce dated luy 1. Filin the blanks in the following separate income statements a through e. Prepare journal entries to record the following transactions for a retall store. The company uses a perpetual inventory system and the gross method. Apti1 2 purehased 56,000 of eerchandise frca tyon Conpany With eredit termb of 2/15,n/60, invoiee dated apri1 2 ; asd roB shipping point. Apel1 3 paid $370 eash for ahipping ehargee on the Aqeil 2 parohane. Apri1 4 returned to Iyen conpany enaceeptable merchandiso that had an invaion price of 5650. Apeil if Seat a ehoek to Lyoe Company tor the April 2 gurehase, net of the discouat and the raturned merehandise. Apri1 is purehased 511,300 of merehandise from rrint Corporation vith eredit terms of 1/10,n/30, favolce dated Aprif Mpril. 21 arter and ron deetinaelon. Aprit 21 After ningotiaetona over ncuffed merehandine, Kweelved from Frint a $500 allovance tovard the $11,350 osed on' Apti1 28 Sont check to Frist paying for the April af purchase, net of the allowance and the discount. Journal entry worksheet Purchased 56,000 of merchandise from tyan Company with credit terms of 2/15, n/60, invoice dated Apris 2, and fob shipping point. Nithes trier detali befare erentes. Required information (The following information applies to the questions displayed below.) Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (selier) products. May 3 Mllied made its first and oniy parchase of inventory tor the peribd on May 3 for 4,000 anta at a price of SB east per unit (for a total cost of $8,000). May 5 Milled nold 500 of the unite in inventory for $12 per unit (involoe totali $6,050} co Macy corpany under eredit terms 2/10,n/60. The goods cost M11led $4,000. rentores the anita, whileh eapt \$400, to ita irventory. May I Mecy discoveri that 50 untt are scutfed bat are still of ase and, therefore, koeps the unlta. Al1ied the dasage. May is Milled receives paysent froe Macy for the anount owed on the hay 5 parchaser payanst is not of rezurna, allowances. and asy each discouat. repare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross nethod. Journal entry worksheet Allied made its first and only purchase of inventory for the period on May 3 for 1,000 units at a price of $8 cash per unit (for a total cest of 56,000 ). Facter Eruar debits tofore edith Required information (The following information apples to the duestians displyed below) Alied Merehandisers was organized on May t. Macy Company is a major ewhamer (Duyed of Alied theled produces: price of th east per kelt fer a total coat of 31,090). under eredit terms 2116 , hisk. The poods eoet a11set \$4, 306 . then daks?e. Use the sbove informations, analype each transisction by indicating its eflects on the income statement-soecificafy, identify the occounts and stiounts (inchidng + ar ) for esch transaction Santa Fe petaing purchased merchandise "as is" (with no retirns) from Mesa Wholesalers with credit terms of 3/10, ri/60 and an nuvice price of $17.800. The merchandise had cost Mesa $12.140. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (0) purchose, (b) casti payment within the discount period, and (c) cash payment after the discount period 2. Pregare entries that the seller records for the (a) sale, (b) cash colection within the discount perlod, and (c) cash collection atffer the discount period: Complete this question by entering your answers in the tabs below. Frepare entries that the foyer recorts for the (a) purchase, (b) cash payment within the discount period, and () cash payment after the discount peried. Journal entry worksheet Mecord Sianta fo petaling purchased merehandise "as is" (wath no returni) from Mesa Wholetaiers with credit terms of 310,260 and an invoice price of 117,000 hute Emer actirs seture vesss Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Syiney accepto delivery of 325,300 of merchandise it purchasen for reasie fron Troy, invoice dated ray 13 , terial 3/10, m/90, ron shipping point. The poods oont. Troy \$17,085. Sydney paya $565 cant to Express fhipping for delivery charoes on the serehandise. May 12 jeydney raturne $1,300 of the $25,500 of goods to Troy, who recelven them the nate day and restorea them to 1 th inveotory. The returned good had cont Troy $871. (Both Sydney and Troy use a perpetual inventory system and the gross method) Required: 1. Prepare journal entries that Sydney Retalling (buyer) records for these three transactions. 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. Complete this question by entering your answers in the tabs below. Prepare journal entries that Syeney Retailing (buyer) recorts for these three transactions. Journal entry worksheet Sydney accepts delivery of 525,500 of merchandise it purcheses for resale from Trov: involce dated May 11, terms 3/10, N 90 , foe shipping point. The oods cost Troy $17,085. Record Sydners entry for this transaction. Histal triter detarts tahe rrodits. Prepato journal entries to record the following merchandising transactions of Cabela's, which uses the perpetuat inventory system and the gross method. Hint it will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden. Noty 1 Furohased serohandise tron Boden Conpany tor 56,200 under eredit tersa of 2/15,n/30, roe ahipping poite, Jaty 2 sold norehandise to creek Company for 1950 under eredit terme of 2/10,n/60, ron ahipping point, invoice Gated Joly 2. The entehandine tad cote 5517 . 3uly 3 Pa1d $125 eaah for trelecht obarges on the parchane of faly 1 . daly so gald nerehandiae that had eent $1,500. for $1,905 cash. daced Joly 9 ? July 11 lieturned 5600 of nerchandise purehased on auly > fron lelgst coopany and debited its acenuat gayatile for that; July 12 Hecelived July 12 necesved the balance due tron crenk coepasy for the invoice doted zuly 2 , net of the diseount. July 16 paid the balance due to boden coepany within the dispoust period. July 21 cove a prifee reduetion. (Allevancel of 9250 to Art coepany tor merebsnaise aold en fuly is and eredited art' a accounts receivable foe that nhount. suty 24 pald Leight company the balanes due, net of discount. July 30 Hecelved tho bolance dis froe Art coepany for the inveiee dated duly i9, net of discount. point, involee dated 3uty 31 . Journal entry worksheet Purchased merchundise from Buden Company for $6,200 uniser credit terms of 2/15. n30,FOB stupping point, Invelce dated luy 1. Filin the blanks in the following separate income statements a through e. Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable: for example, record the purchase on July 1 in Accounts Payable-Boden. July 1 purchased merchandise from Boden Company for $6,200 under credit terms of 2/15,n/30, ros ahipping point, July 2 Sold merchandise to Creek Company for $950 under eredit terma of 2/10,n/60, FOB shipping point, invoice dated July 2 sold merchandise to Creek Company for $9 2. The merchandise had cost $517. July 3 Paid $125 eanh for freight chargen on the purehase of July 1 . July 8 Sold merehandise that had cost $1,500 for $1,900 eash. July 9 Purchased merchandine fron Leight Company for $2,600 under eredit teras of 2/15, n/60, ros destination, invoice dated suly 9 July 11 heturned $600 of merchandine purchased on Jaly 9 from Leight Company and debited ith account payable for that, amount. July 12 Received the balance due from Creek Company for the involce dated July 2 , net of the discount. July 16 Paid the balance due to Boden Company within the discount period. July 19 Sold merchandise that cont \$1,000 to Art Company for $1,500 under eredit terma of 2/15, n/60, pon ahipping July 21 Gave a price reduction (allowance) of $250 to Art Company for nerehandiae mold on July 19 and eredited Art's account receivable for that amount. July 24 paid Leight Company the balance due, net of discount. July 30 heceived the balance due from art company for the invoice dated July 19, net of discount. 302y31 sold merchandise that cost $5,000 to Creek company for $7,000 under eredit termi of 2/10, n/60, ron ahipping point, invoice dated Jaly 31 . Journal entry worksheet Fill in the blanks in the following separate income statements a through e