July 16 Paid the balance due to Ryan Company withi July 19 Sold merchandise that cost...
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July 16 Paid the balance due to Ryan Company withi July 19 Sold merchandise that cost $1,300 to Hall Company for $1,800 under credit terms of 2/15, n/60, FOB shipping point, dated July 19. July 21 Gave a price reduction (allowance) of $400 to Hall Company for merchandise sold on July 19 and credited Hall's acco receivable for that amount. July 24 Paid Perez Company the balance due, net of discount. July 30 Received the balance due from Hall Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $4,600 to Sanchez Company for $7,600 under credit terms of 2/10, n/60, FOB shipping poin invoice dated July 31. Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income For each transaction, indicate the impact each item had on income and the dollar amount of the change in income, if any. Input decreases to net income as minus sign. Upon completion, compare the gross profit with the amount reported on the partial income statement. Impact on income Increase (decrease) to income July 1) Purchased merchandise from Ryan Company for $6,600 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2) Sold merchandise to Sanchez Company for $1,200 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. July 2) The cost of the merchandise sold to Sanchez Company was $720. July 3) Paid $245 cash for freight charges on the purchase of July 1. July 8) Sold merchandise for $2,300 cash. July 8) The cost of the merchandise sold was $1,400. July 9) Purchased merchandise from Perez Company for $2,500 under credit terms of 2/15, n/60, FOB destination. invoice dated July 9. July 11) Received a $500 credit memorandum from Perez Company for the return of part of the merchandise purchased on July 9. July 12) Received the balance due from Sanchez Company for the invoice dated July 2, net of the discount July 16) Paid the balance due to Ryan Company within the discount period. July 19) Sold merchandise to Hall Company for $1,800 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 19) The cost of the merchandise sold to Hall Company was $1,300. July 21) Issued a $400 credit memorandum to Hall Company for an allowance on goods sold on July 19. July 24) Paid Perez Company the balance due, net of discount. July 30) Received the balance due from Hall Company for the invoice dated July 19, net of discount. July 31) Sold merchandise to Sanchez Company for $7,600 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. July 31) The cost of the merchandise sold to Sanchez Company was $4,600. Total gross profit $ < Income Statement Impact on Income O July 16 Paid the balance due to Ryan Company withi July 19 Sold merchandise that cost $1,300 to Hall Company for $1,800 under credit terms of 2/15, n/60, FOB shipping point, dated July 19. July 21 Gave a price reduction (allowance) of $400 to Hall Company for merchandise sold on July 19 and credited Hall's acco receivable for that amount. July 24 Paid Perez Company the balance due, net of discount. July 30 Received the balance due from Hall Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $4,600 to Sanchez Company for $7,600 under credit terms of 2/10, n/60, FOB shipping poin invoice dated July 31. Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income For each transaction, indicate the impact each item had on income and the dollar amount of the change in income, if any. Input decreases to net income as minus sign. Upon completion, compare the gross profit with the amount reported on the partial income statement. Impact on income Increase (decrease) to income July 1) Purchased merchandise from Ryan Company for $6,600 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2) Sold merchandise to Sanchez Company for $1,200 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. July 2) The cost of the merchandise sold to Sanchez Company was $720. July 3) Paid $245 cash for freight charges on the purchase of July 1. July 8) Sold merchandise for $2,300 cash. July 8) The cost of the merchandise sold was $1,400. July 9) Purchased merchandise from Perez Company for $2,500 under credit terms of 2/15, n/60, FOB destination. invoice dated July 9. July 11) Received a $500 credit memorandum from Perez Company for the return of part of the merchandise purchased on July 9. July 12) Received the balance due from Sanchez Company for the invoice dated July 2, net of the discount July 16) Paid the balance due to Ryan Company within the discount period. July 19) Sold merchandise to Hall Company for $1,800 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 19) The cost of the merchandise sold to Hall Company was $1,300. July 21) Issued a $400 credit memorandum to Hall Company for an allowance on goods sold on July 19. July 24) Paid Perez Company the balance due, net of discount. July 30) Received the balance due from Hall Company for the invoice dated July 19, net of discount. July 31) Sold merchandise to Sanchez Company for $7,600 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. July 31) The cost of the merchandise sold to Sanchez Company was $4,600. Total gross profit $ < Income Statement Impact on Income O
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