AutoSave OFF A A F Y C ... Chapter 5 B Estudiante Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Liberation Sans 12 AA D Wrap Text v General Insert v Ov Delete Paste BIUV A Merge & Center v 5 % 9 Conditional Format Cell Sort & Find & Analyze Sensitivity ormatting as Table Styles Format Filter Select Data C2 X V fx A B C D G H K M N O 100 101 102 Use the following accounts to prepare a multiple step income statement of Wilkins Taste LLC for the year ended December 31, 2020, Value 70 pts. 103 Answer Sheet to prepare the multiple step income statement Beginning Inventory 652,000.00 Depreciation Expense 26,000.00 30 Ending Inventory 500,000.00 40 Freight out 3,200.00 Freight-In 35,000.00 Gain on sale of equipment 158,000.00 Gain on sale of Machinery 25,600.00 Insurance Expense 14,000.00 Interest Expense 23,000.00 Interest Revenue 6,000.00 Loss on sale of building 159,250.00 Loss on sales of equipment 158,000.00 Purchase Discounts 12,000.00 Purchases 850,000.00 Purchases Return and Allowances 26,000.00 Rent Expense 5,500.00 Salaries and Wages Expense 102,000.00 Sales $ 5,269,854.00 Sales Commission Expense 15,000.00 Sales Discounts 23,000.00 Sales Return and Allowances 125,000.00 income taxes 28.5% Utilities Expense $ 19,000.00 135 136 137 138 120 Chapter 5 + Ready rx Accessibility: Investigate 100%Journalize purchase and sales transactions under a perpetual and periodic inventory system 44 On January 1, Magaly Office Supply has an inventory of 40 calculators at a cost of $20 each. 52 During January the following transactions occurred. 70 166 January 7 Purchased 120 calculators at $25 each from Nagasaky, FOB shipping point, terms 2/10,n/30. 9 Paid freight of $100 on the calculators purchased from Nagasaky, Co. 11 Returned 15 calculators to Nagasaky because they did not meet specifications. 13 Sold 40 calculators costing $20 for $32 each to Bistro Stores, terms 3/10, n/30. 15 Granted credit of $64 to Bistro Stores for the return of two calculators. 16 Sold 50 calculators costing $25 for $40 each to Diclikson Shop, terms 17 Payment to Nagasaky in full 23 Bistro Stores paid in full. Instructions (a) Journalize the transactions for the month of January for Magaly Office Supply using a periodic inventory system. Value 44 pts. (b) Journalize the transactions for the month of Januaty for Magaly Office Supply, using a perpetual inventory system. Value 52 pts. (a) Journalize the transactions for the month of January for Magaly Office Supply using a periodic inventory system. Value 44 pts. GENERAL JOURNAL J- Date Account Title and Explanation Ref Debit Credit