Professional Documents
Culture Documents
Merchsample 2
Merchsample 2
Merchsample 2
oods is 21,000
tion, 100,000
PERPETUAL
Date Transaction Debit Credit
April 2 Prepaid rent 5,000
Cash 5,000
2 Paid rent for April, 5,000
3 Inventory 72,000
Purchased merchandise on cash Cash 72,000
3 basis, Catalog price of 100,000,
10%, 20% Catalog Price 100,000
Trade disc. (10%) (10,000)
Total 90,000
Trade disc. (20%) (18,000)
Invoice price 72,000
7 Cash 200,000
Loan payable 200,000
7 Obtain a loan to X bank, 200,000
10 Inventory 120,000
Cash 20,000
Account payable 100,000
Purchase merchandise from Z
Company, paying 20,000 and the 11 Invetory 5,000
10 balance on account., terms 5/10, Cash 5,000
2/15, n/30, FOB shipping point,
120000
15 Account receivable 100,000
Sales 100,000
Paid freight on purchase of April 10,
11
5,000 Cost of goods sold 70,000
Inventory 70,000
16 Freight-out 10,000
Sold merchandise on account to G., Cash 10,000
term 10/10, 5/15, 2/20, n/30. FOB
15
destination, 100,000. Cost of goods
sold is 70,000
27 Inventory 5,000
30 Paid salary for the month, 20,000 Cash 5,000
30 Cash 95,000
Sales discount 5,000
Account recivable 100,000
A/R 100,000
Cash discount (5%) (5,000)
Cash collection 95,000
PERIODIC
Date Transaction Debit Credit
2 Prepaid rent 5,000
Cash 5,000
3 Purchase 72,000
Cash 72,000
5 Cash 30,000
Sales 30,000
no entry
7 Cash 200,000
Loan payable 200,000
10 Purchase 120,000
Cash 20,000
Account payable 100,000
11 Freigh-in 5,000
Cash 5,000
No entry
16 Freight-out 10,000
Cash 10,000
18 Account payable 10,000
Purchase return and allow 10,000
No entry
26 Purchase 50,000
Account payable 50,000
27 Freight-in 5,000
Cash 5,000
30 Cash 95,000
Sales discount 5,000
Account recivable 100,000
PERPETUAL PERIODIC
Date Transaction Debit Credit Date Transaction Debit
2 Prepaid rent 5,000 2 Prepaid rent 5,000
Cash 5,000 Cash
21 Sales return and allowan 20,000 21 Sales return and allowan 20,000
Cash 20,000 Cash
Inventory 14,000 No entry
COGS 14,000
479,000 479,000
20,000
100,000
5,000
100,000
10,000
10,000
85,500
4,500
20,000
15,000
50,000
5,000
20,000
100,000
purchase return and allowance
Purchase discount
PERPETUAL
TRIAL BALANCE
Accounts Debit Credit
Cash 166,500
Prepaid rent 5,000
Inventory 160,500
Account payable 50,000
Loan payable 200,000
Capital 99,000
Sales 130,000
Cost of goods sold 77,000
Freight-out 10,000
Sales return and allowance 20,000
Advertising expense 15,000
Sales discount 5,000
Salaries expense 20,000
Total 479,000 479,000
Sales 130,000
Less: Sales return and allowance (20,000)
Sales Discount (5,000)
Net sales 105,000 105,000
Cost of goods sold (77,000)
Gross profit 28,000
Operating expenses
Advertising expense (15,000)
Salaries expense (20,000)
Freight-out (10,000)
Total OPEX (45,000) (45,000)
Net loss (17,000)
PERIODIC
TRIAL BALANCE
Accounts Debit Credit
Cash 166,500
Prepaid rent 5,000
Account payable 50,000
Loan payable 200,000
Capital 99,000
Sales 130,000
Freight-out 10,000
Sales return and allowance 20,000
Advertising expense 15,000
Sales discount 5,000
Salaries expense 20,000
purchase 242,000
freight-in 10,000
purchase return and allowance 10,000
Purchase discount 4,500
Total 493,500 493,500
Sales 130,000
Less: Sales return and allowance (20,000)
Sales Discount (5,000)
Net sales 105,000 105,000