• PLEASE DO IT IN EXCEL THAT WAY I CAN BETTER UNDERSTAND THE EXPLANATION

HELP 1: Purchases, discounts and returns

PLEASE USE THE PERPETUAL SYSTEM FOR ALL PARTS OF HELP 1 EXERCISE !!

Part 1. Perform the following exercises of different transactions.

1.CALCULATE GROSS PROFIT / USE ACCOUNTS IN THE PERPETUAL SYSTEM

Librera Nuevo Amanecer sold 650 books on credit at $ 20.00 each with a sales term of 2/10 n / 30. The cost of the books sold is $ 7,500. After selling the books, the customer returned 40 books because they were damaged. The customer then paid the balance due on the fifth day after purchasing the books. Jornalize the sale, the return and the payment made by the customer. Indicate the gross profit that Librera Nuevo Amanecer obtained from this sale.

2.CALCULATE DISCOUNTS / Jornaliza the purchase, the return and the payment made by Princess Jewelry. USE ACCOUNTS IN THE PERPETUAL SYSTEM

Princess Jewelry purchased inventory for $ 7,000 on credit to Wholesale Jewelry on February 2. The term of sale they offered was 3/10 n / 30. When they received the merchandise there were some broken pieces for a total value of $ 800.00, which they returned to Wholesale Jewelery. On February 8, Princesa Jewelry paid the balance owed. Make the purchase, the return and the payment made.

Part 2. Journalize the following purchases, sales and returns entries.

Ferretera Amigos carried out the following transactions during the month of March:

Date Transaction

MARCH 2 $ 12,000 in inventory was purchased on credit with a term of 2/13 n / 30 and FOB shipping point of $ 250 (FOB shipping point).

4 Merchandise was returned for $ 400 from the purchase made on March 2 because it was defective.

6 hipping for the purchase of inventory purchased on March 2 was paid.

11 Inventory was sold on credit to a customer for $ 5,000 with a sell term of 2/10 n / 30. Cost $ 2,500

12 The amount owed for the purchase of March 2 was paid.

15 Customer was offered an allowance on the March 11 purchase for $ 1,000.

20 The customer who made the purchase on the 11th paid in full with the corresponding discounts.

HELP 2 : Inventory accounting

Exercise 1. Cost of goods sold

Msica y Ms had an inventory of guitars and other musical instruments. Using the FIFO method and the perpetual inventory system, the company recorded initial inventory, purchases, and sales.

• Determine the cost of merchandise sold and the value of the inventory.

Date Detail Quantity Unit cost

May 1 Starting Inventory 15 $ 91

6 Sale 6

8 Buy 15 95

13 Sale 4

30 Sale 5

Exercise 2. Perpetual inventory record (USE PERPETUAL SYSTEM)

Electronic Equipment and Much More had an inventory of computers. Using the LIFO method and the perpetual inventory system the company recorded the initial inventory, purchases and sales.

• Determine the cost of merchandise sold and the value of the inventory.

Date Detail Quantity Unit cost

May 1 Starting Inventory 15 $ 125

6 Sale 5

8 Buy 10 110

13 Sale 4

30 Sale 2

Exercise 3. Perpetual inventory record (USE PERPETUAL SYSTEM)

Msica y Ms had an inventory of guitars and other musical instruments. Using the average inventory method and perpetual inventory system, the company recorded beginning inventory, purchases, and sales.

• Determine the cost per unit and the cost of merchandise sold.

Date Detail Quantity Unit cost

May 1 Starting Inventory 10 $ 82

6 Sale 5

8 Buy 15 83

13 Sale 3

30 Sale 6

• PLEASE DO IT IN EXCEL THAT WAY I CAN BETTER UNDERSTAND THE EXPLANATION