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    Chapter 5 Assignment Introductory Accounting Name: Nguyen Mai Phuong

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    Mai Phương Nguyễn
    This document contains information about an accounting assignment for a student named Nguyen Mai Phuong. It includes journal entries recording various transactions such as sales, returns, purchases and payments. It also contains income statements, balance sheets and calculations of financial ratios for different companies. The assignment requires the student to journalize transactions, prepare ledger accounts and financial statements, and calculate profit margins and gross profit rates.

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    Chapter 5 Assignment Introductory Accounting Name: Nguyen Mai Phuong

    Uploaded by

    Mai Phương Nguyễn
    52 views12 pages
    This document contains information about an accounting assignment for a student named Nguyen Mai Phuong. It includes journal entries recording various transactions such as sales, returns, purchases and payments. It also contains income statements, balance sheets and calculations of financial ratios for different companies. The assignment requires the student to journalize transactions, prepare ledger accounts and financial statements, and calculate profit margins and gross profit rates.

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    Accounting_5

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    This document contains information about an accounting assignment for a student named Nguyen Mai Phuong. It includes journal entries recording various transactions such as sales, returns, purchases and payments. It also contains income statements, balance sheets and calculations of financial ratios for different companies. The assignment requires the student to journalize transactions, prepare ledger accounts and financial statements, and calculate profit margins and gross profit rates.

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    © All Rights Reserved
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    Download as doc, pdf, or txt
    52 views12 pages

    Chapter 5 Assignment Introductory Accounting Name: Nguyen Mai Phuong

    Uploaded by

    Mai Phương Nguyễn
    This document contains information about an accounting assignment for a student named Nguyen Mai Phuong. It includes journal entries recording various transactions such as sales, returns, purchases and payments. It also contains income statements, balance sheets and calculations of financial ratios for different companies. The assignment requires the student to journalize transactions, prepare ledger accounts and financial statements, and calculate profit margins and gross profit rates.

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    Chapter 5 Assignment

    Introductory Accounting

    Name: Nguyen Mai Phuong

    BE5-3:

    GENERAL JOURAL
    Date Account Titles and Explanation Debit Credit
    March. 2 Accounts receivable 800,000

    Sales revenue 800,000


    2 Cost of goods sold 540,000

    Merchandise inventory 540,000


    March. 6 Sales returns and allowances 140,000

    Accounts receivable 140,000


    6 Merchandise inventory 94,000

    Cost of goods sold 94,000


    March. 12 Cash 646,800

    Sales dicounts 13,200

    Accounts receivable 660,000

    (($800,000 – $140,000) x 2%)


    BE5-7:

    (a) Net income = Total revenues – Total expenses

    = $62,500 – ($28,000 + $1,800 + $10,400 + $3,100)

    = $19,200

    (b) Prepare a comprehensive income statement

    KAREN WEIGEL INC.

    Comprehensive Income Statement

    For the Year Ended December 31, 2017


    Net Income $19,200
    Other comprehensive income
    Unrealized holding gain on investment securities (net of tax) 400
    Comprehensive income $19,600
    E5-2:

    GENERAL JOURAL
    Date Account Titles and Explanation Debit Credit
    Sept. 6 Merchandise inventory 1,560

    Accounts payable 1,560

    (Purchased calculators on account)


    Sept. 9 Merchandise nvenntoy 50

    Cash 50

    (Paid freight on calculators purchased)


    Sept. 10 Accounts payable 66

    Merchandise inventory 66

    (Returned calculators)
    Sept. 12 Accounts receivable 690

    Sales revenue 690

    (Sold calculators)
    12 Cost of goods sold 520

    Merchandise inventory 520

    (Sold calculators)
    Sept. 14 Sales returns and allowances 45

    Accounts receivable 45

    (Granted credit for calculators returned)


    14 Merchandise inventory 34
    Cost of goods sold 34

    (Granted credit for calculators returned)


    Sept. 20 Accounts receivable 760

    Sales revenue 760


    20 Cost of goods sold 570

    Merchandise inventory 570


    E5-6:

    (a) Prepare an income statement

    LIEU CO.

    Income Statement

    For the Month Ended January 31, 2017


    Sales
    Sales revenue $370,000
    Less: Sales returns and allowances $20,000
    Sales discounts 8,000 28,000
    Net sales 342,000
    Cost of goods sold 212,000
    Gross profit 130,000
    Operating expenses
    Salaries and Wages Expense 60,000
    Insurance Expense 12,000
    Rent Expense 32,000
    Freight-out 7,000
    Total operating expenses 111,000
    Income from operation 19,000
    Income tax expense 5,000
    Net income $14,000
    (b) Prepare a comprehensive income statement
    LIEU CO.

    Comprehensive Income Statement

    For the Month Ended January 31, 2017


    Net Income $14,000
    Other comprehensive income
    Unrealized holding gain on investment securities (net of
    1,600
    $400 tax)
    Comprehensive income $15,600

    (c) Calculate the profit margin and the gross profit rate

    Profit margin ratio (%) = Net income ÷ Net sales

    = $14,000 ÷ $342,000

    = 4.09 %

    Gross profit rate (%) = Gross profit ÷ Net sales

    = $130,000 ÷ $342,000

    = 38.0 %
    P5-3A:

    (a) Journalize the transactions

    GENERAL JOURAL
    Date Account Titles and Explanation Debit Credit
    Apr. 5 Inventory 1,500

    Accounts payable 1,500

    (To record golf bags, clubs and balls


    purchased on account from Arnie.Co, terms
    3/10, n/60)
    Apr. 7 Inventory 80

    Cash 80

    (To record payment of freight on golf


    bags, clubs and balls purchased)
    Apr. 9 Accounts payable 200

    Inventory 200

    (To record return of goods purchased


    from Arnie.Co)
    Apr. 10 Accounts receivable 1,340

    Sales revenue 1,340

    (To record credit sale to members)


    10 Cost of goods sold 820

    Inventory 820

    (To record cost of goods sold to


    members)
    Apr. 12 Inventory 830
    Accounts payable 830

    (To record golf shoes, sweaters and other


    accessories purchased on account from
    Woods sportswear, terms 1/10, n/30)
    Apr. 14 Accounts payable 1,300

    Inventory 39

    Cash 1,261

    (To record payment within discount


    period)
    Apr. 17 Accounts payable 30

    Inventory 30

    (To record return of goods purchased


    from Wood Sportswear)
    Apr. 20 Accounts receivable 810

    Sales revenue 810

    (To record credit sale to members)


    20 Cost of goods sold 550

    Inventory 550

    (To record cost of goods sold to


    members)
    Apr. 21 Accounts payable 800

    Inventory 8

    Cash 792

    (To record payment to WS within


    discount period)
    Apr. 27 Sales returns and allowances 80

    Accounts receivable 80

    (Granted allowances to members)


    Apr. 30 Cash 1,220

    Accounts receivable 1,220

    (Received payments from members)

    (b) Prepare ledger accounts

    GENERAL LEDGER

    Cash
    Apr.1 2,500 Apr.7 80
    Apr.14 1,261
    Apr.30 1,220 Apr. 21 792
    Bal. 1,587

    Inventory
    Apr.1 3,500 Apr. 9 200
    Apr.5 1,500 Apr. 10 820
    Apr.7 80 Apr.14 39
    Apr. 12 830 Apr.17 30
    Apr.20 550
    Apr.21 8
    Bal. 4,263

    Common Stock
    Apr.1 6,000
    Bal. 6,000

    Sales Returns and Allowances


    Apr.27 80
    Bal. 80

    Accounts Payable
    Apr.9 200 Apr.5 1,500
    Apr.14 1,300 Apr.12 830
    Apr.17 30
    Apr.21 800
    Bal. 0

    Sales Revenue
    Apr.10 1,340
    Apr.20 810
    Bal. 2,150
    Cost of Goods Sold
    Apr.10 820
    Apr.20 550
    Bal. 1,370

    Accounts Receivable
    Apr.10 1,340 Apr.27 80
    Apr.20 810 Apr.30 1,220
    Bal. 850

    (d) Prepare a trial balance

    GRANITE HILLS PRO SHOP

    Trial Balance

    April 30, 2017


    Debit Credit
    Cash $1,587
    Inventory 4,263
    Accounts Receivable 850
    Sales Returns and Allowances 80
    Cost of Goods Sold 1,370
    Common Stock 6,000
    Accounts Payable 0
    Sales Revenue 2,150
    $8,150 $8,150

    (e) Prepare an income statement

    GRANITE HILLS PRO SHOP

    Income Statement

    For the Month Ended April 30, 2017


    Sales
    Sales revenue $2,150
    Less: Sales returns and allowances $80
    Net sales 2,070
    Cost of goods sold 1,370
    Gross profits $700

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