NAME: Scroll down for problems 2&3. PROBLEM 1: By letting... 1 - Cash 10 - Unearned Revenue 19 - Rent Expense 2- Accounts Receivable 11 - Smith, Capital 20 - Advertising Expense 3- Inventory 12 - Smith, Withdrawals 21 - Depreciation Expense 4- Prepaid Insurance 13 - Sales 22-Wages Expense 5 - Prepaid Rent 14 - Sales Returns & Allowances 23 - Cleaning Expense 6- Supplies 15 - Sales Discounts 24. Utilities Expense 7 - Equipment 16 - Cost of Goods Sold 25- Telephone Expense 8 - Accumulated Depreciation 17. Delivery Expense 26 - Miscellaneous Expense 9 - Accounts Payable 18 - Insurance Expense 10 Make the journal entries! Don't stop until you get "Yep!" for everything! 12 Nm no 9 SENE 15 10 17 Use the account numbers given above to indicate the accounts that would be debited and credited in each of the following transactions: DEBIT CREDIT NOPE! NOPE! NOPE a) The owner contributed cash to start the business b) Purchased offices supplies on account........ d) Sold merchandise to a customer for cash - Perpetual System NOPE 20 NOPE! NOPE! NOPE NOPE! NOPE! 22 22 e) Bought equipment on credit 4 HHHHHHHHHHV NH + kim | Phim Ma H Sheet | D E F G 1 B K H J K LN B d) Sold merchandise to a customer for cash - Perpetual System..... NOPE! NOPE! NOPEI 20 21 22 NOPEI NOPE! NOPEI NOPE! 23 NN NOPE! NOPE! NOPE! NOPEI NOPE! NOPE! e) Bought equipment on credit 1) The owner took cash from the business for personal use. h) Purchased merchandise on account Perpetual System.... 3) Sold a gift certificate to a customer for cash 1) Received and paid an advertising bill. D) Returned merchandise to a supplier for credit Perpetual System. m) Paid six month's rent in advance... 0) A customer returned merchandise for a cash refund - Perpetual System NOPE! 24 25 26 27 28 29 30 31 NOPE! NOPE! NOPE! NOPE! NOPE! NOPE! NOPE! NOPEI NOPE! p) Collected payment from a customer on his account within the discount period... mmmm NOPE! NOPE NOPE! NOPE p) Collected payment from a customer on his account after the discount period c) Paid off a vendor account balance within the discount period Perpetual System NOPE! 32 33 34 35 36 37 38 ) Paid off a vendor account balance after the discount period - Perpetual System. ) Acustomer used the gilt card from entry into buy merchadise Perpetual System NOPE NOPE! NOPE NOPE NOPEI NOPE! NOPE! Sheet1 o NOPE! NOPE! NOPE! NOPE! NOPE! NOPE! NOPE! NOPE! NOPE! NOPE! NOPE! NOPET 35 36 t) Paid off a vendor account balance after the discount period Perpetual System. 37 5) A customer used the gift card from entry ) to buy merchadise - Perpetual System.... 38 39 u) Received and paid the month's Utility bill 40 Made the adjusting entry for the insurance that expired for the period 41 w) Made the adjusting entry to reflect this period's depreciation on the equipment *) Made the adjusting entry to reduce inventory to agree with the 42 physical count - Periodic 43 44 45 46 47 48 NOPE NOPEI /ecto/antony Bee Homewort Merchandising Perpetual 49 50 51 52 Problem 2: Accounts Payable - X Company $11,500 Terms 2/10, 1/3 Give the journal entry that the company would make if it paid X Company within the discount period Sheet Toe here to search 40 6 B Accounts Payable - X Company $11,500 Terms 2/10, 1/3 D F Give the journal entry that the company would make if it paid X Company within the discount period: Accounts Debits Credits $0 31 52 53 14 55 56 57 58 59 60 Accounts Receivable. Mr. Jones Terms 2/10 1/30 $800 Give the journal entry that the company would make if it received payment from Mr. Jones within the discount period: Accounts Debits Credits 161 62 UD 64 65 66 67 68 69 Problem 3: Account Balances Sheet 2005 65 66 67 68 Problem 3: 69 70 Advertising Expense 71 Cost of Goods Sold 72 Depreciation Expense 73 Rent Expense 74 Sales 75 Account Balances 1,600 Sales Discounts 31,000 Sales R&A 700 Supplies Expense 1,900 Utilities Expense 48,000 Wages Expense 800 1,200 500 1,700 4,000 76 XYZ Merchandising Company Income Statement For the Year Ended 12/31/20 77 78 79 80 81 82 83 % 0 0 0 0 84 Sheet