Question: this is a format for a partial income statement this is all the information that is given to me can you please type it out

 this is a format for a partial income statement this is

all the information that is given to me can you please type

it out or write neatly Oct. 3 Sold merchandise on account to

Erica Button, $2,000, terms 5/10, n/30. 5 Sold merchandise on account to

Alyson O'Malley, $2,600, terms 2/10, n/30. 8 Bought $1,425 of merchandise inventory

this is a format for a partial income statement this is all the information that is given to me can you please type it out or write neatly

Oct. 3 Sold merchandise on account to Erica Button, $2,000, terms 5/10, n/30. 5 Sold merchandise on account to Alyson O'Malley, $2,600, terms 2/10, n/30. 8 Bought $1,425 of merchandise inventory on account. Paid $140 for the freight fee on the inventory 10 Collected payment from Erica Button for the October 3 sale. 13 Alyson O'Malley returned $2,100 of the merchandise bought on October 5. 14 Collected payment from Alyson O'Malley for the balance of the October 5 sale 15 Returned $65 of inventory that was defective from the October 8 purchase. 26 Paid the account payable from the October 8 purchase. 31 Physical count indicated that Bold Interiors had $300 in ending inventory. The balance in beginning inventory is $450 Requirements 1. Record the transactions for the month of October assuming the periodic inventory system is used. 2. Prepare a partial income statement through gross profit for the month ending October 31, 2020 3. Assume it is the company's year-end. Prepare the end-of-period entries to update inventory and record cost of goods sold. 4. Assume last month's gross profit percentage was 34%. Has this improved or declined in October? What likely accounts for this change? Requirement 1. Record the transactions for the month of November assuming the periodic inventory system is used. (Record debits first, then credits. Enter explanations on the last line.) Oct 3: Sold merchandise on account to Erica Button, $2,000, terms 5/10,n/30 Journal Entry Accounts and Explanation Date Debit Credit Oct 3 3 Accounts payable Accounts Receivable-Alyson O'Malley Accounts Receivable-Erica Button Cash Freight-in Purchases Purchase return Sales discounts Sales returns Sales revenue Selling expense Requirements 1. Record the transactions for the month of October assuming the periodic inventory system is used. 2. Prepare a partial income statement through gross profit for the month ending October 31, 2020 3. Assume it is the company's year-end. Prepare the end-of-period entries to update inventory and record cost of goods sold. 4. Assume last month's gross profit percentage was 34%. Has this improved or declined in October? What likely accounts for this change? Amount($) Amount($) XXX Partial Income Statement Cost of Goods Sold Particulars Sales Cost of goods sold Beginning Inventory Purchase-Net Ending Inventory Cost of goods sold Gross Profit XXX XXX XXX XXX

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!