FILL IN THE RED RECTANGLES

FILL IN THE RED RECTANGLES

2 4 5 Selected transactions follow for Foress Sports Ltd during the company's first month of business. The company expects a return rate of 8% and uses a perpetual inventory system Feb Sold S1,134 of merchandise to Andrew Noren on account, terms /30. The goods had cost Foress $762 Andrew Noren returned for credit 140 of the merchandise purchased on February 2. The goods had cost Foress $85 and they were returned to inventory Sold $755 of merchandise to Dong Corporation on account, terms 1/30. The goods had cost Foress 5490. Sold 5841 of merchandise to Michael Collins for cash. The goods had cost Foress $627 Sold $918 of merchandise to Rafik Kurji account, terms n/30. The goods had cost Foress $678, 22 Dong Corporation pold its account in full Andrew Noren purchased an additional $696 of merchandise on account, terms /30. The goods had cost Foress $413. 27 Sold 51.741 of merchandise to Batstone Corporation, terms n/30. The goods had cost Foress $1,109. Andrew Noren paid $994 on account 10 24 28 (a) Your answer is partially correct. Prepare the journal entries to record each of the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round answers to the nearest whole dollar, e.g. 5,275) Date Debit Credit Account Titles and Explanation Accounts Receivable Feb 24 Sale Notes Receivable To record sales) Cost of Goods Sold Accounts Receivable Inventory (To record cost of goods sold) Feb. 4 . Sales Accounts Receivable (To record sales returns) Invertory Cost of Goods Sold (To record cost of goods returned) Accounts Receivable Febs (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) Fobis (To record sales) CE Indoor (To record cost of goods sold) Feb. 10 (To record sales) (To record cost of goods sold) Feb 22 Sales Discounts Feb 24 (To record sales) Cost of Goods sold Into (To record cost of goods sold) Accounts Receivable Feb 27 (To record sales) Cost of Goods Sold To record cost of soods sold) (To record cost of goods sold) Feb. 28 Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Advances to Employees Allowance for Doubtful Accounts Allowance for Doubtful Notes Bad Debts Expense Bank Charges Expense Bank Loan Payable Buildings Cash Common Shares Cost of Goods Sold Current Portion of Bank Loan Payable Deferred Revenue Depreciation Expense Estimated Inventory Returns Equipment Income Tax Expense Income Tax Payable Income Tax Receivable Insurance Expense Interest Expense Interest Income Interest Payable Interest Receivable Inventory Land No Entry Notes Payable Notes Receivable Prepaid Insurance Prepaid Rent Refund Liability Retained Earnings Salaries Expense Salaries Payable Sales Sales Discounts Sales Returns and Allowances Sales Tax Recoverable Supplies Trading Investments