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Assigment 9

The document contains sample journal entries for a retail store and merchandising company for the months of April and May, including entries to record purchases, sales, returns, payments, and adjustments to inventory and cost of goods sold accounts. It also includes explanations of calculations for cost of goods sold and identifies the chronological order of activities in a merchandiser's operating cycle.

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97 views

Assigment 9

The document contains sample journal entries for a retail store and merchandising company for the months of April and May, including entries to record purchases, sales, returns, payments, and adjustments to inventory and cost of goods sold accounts. It also includes explanations of calculations for cost of goods sold and identifies the chronological order of activities in a merchandiser's operating cycle.

Uploaded by

Wina
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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NAME : KADEK WINA DWI HAPSARI

NIM : 2207531080
ABSENT NUMBER : 06

Exercise 4-1

Particulars A B C D E
Sales $ 62,000 $ 43,500 $ 46,000 79,000 $ 25,600
Cost of goods sold
Merchandise inventory (beginning) 8,000 17,050 7,500 8,000 4,560
Total cost of merchandise purchases 38,000 1,950 43,750 32,000 6,600
Merchandise inventory (ending) 11,950 -3,000 -9,000 -6,600 4,160
Cost of goods sold 34,050 16,000 42,250 33,400 7,000
Gross profit 27,950 27,500 3,750 45,600 18,600
Expenses 10,000 10,650 12,150 3,600 6,000
Net income 17,950 16,850 -8,400 42,000 12,600

Explanation
A. Cost of goods sold = beginning inventory+ purchase -
ending inventory

34,050= 8,000 + 38,000- ending inventory


Ending Inventory = 46,000 - 34,050 = 11,950

Gross Profit = Sales - Cost of Good Sales


Gross Profit = 62,000 -34,050
Gross Profit = 27,950

Net Income = Gross Profit - Expense


Net Income = 27,950- 10,000
Net Income = 17,950

B. Cost of goods sold = beginning inventory+ purchase -


ending inventory
16,000 = 17,050 + purchase inventory- 3000
16,000= 14,050 + purchase inventory
purchase inventory = 1,950

Gross Profit = Sales - Cost of Good Sales


Gross Profit = 43,500- 16,000
Gross Profit = 27,500
C. Gross profit = sales - cost of good sold
3,750= 46,000- cost of goods sold
Cost of goods sold = 42,250

Cost of goods sold = beginning inventory+ purchase -


ending inventory
42,250= 7,500 + Purchase - 9,000
42,250 = purchase-1500
purchase = 43,750

D. Cost of goods sold = beginning inventory+ purchase -


ending inventory
cost of goods sold = 8,000+ 32,000 - 6,600
cost of goods sold = 33,400

Gross Profit = sales -cost of good sold


45,600 = sales - 33,400
Sales = 79,000

E. Cost of goods sold = beginning inventory+ purchase -


ending inventory
7,000 = 4,560 +6,600- ending inventory
7,000 = 11,160 - ending inventory
ending inventory = 4,160

Gross Profit = sales - cost of goods sold


Gross Profit = 25,600 - 7,000
Gross Profit = 18,600

Net Income = Gross Profit - Expense


Net Income = 18,600- 6,000
Net Income = 12,600
EXERCISE 4-2

The operating cycle of a merchandiser with credit sales includes the following five activities.
Starting with merchandise acquisition, identify the chronological order of these five activities

d. Purchase merchandise. 1
a. Prepare merchandise for sal 2
c. Make credit sales to customers. 3
e. Monitor and service accounts receivable 4
b. Collect cash from customers on account 5
Exercise 4-3
Retail Store
Journal Entries
The Ended of April
Date Account and Explanation Debit Credit
2-Apr Merchendise Inventory $4,600
Account Payable -Lyon $4,600
[to record the purchase of goods ]
3-Apr Shipping $300
Cash $300

[ to record the shipping payment for goods ]


4-Apr Account Payable-Lyon $600
Inventory $600
[ record the return to lyon ]
17-Apr Account payable -Lyon $4,000
Discount received $80
Cash $3,920
[ to record payment for good purchase ]
18-Apr Merchendise Inventory $8,500
Account Payable-First Corp $8,500
[to record the purchase of goods ]
21-Apr Account payable $500
Allowance inventory $500

[ to record allowence from the purchase ]


28-Apr Account payable – Frist Corp $8,000
Discount received [ 8000x1 %] $80
Cash $7,920

Balance $26,500 $26,500


Exercise 4-4
Allied Merchandisers
Journal Enteries
The Ended of May
Date General Journal Debit Credit
03 May Merchandise inventory $20,000
Cash $20,000
(To record merchandise inventory purchased]
05 May Accounts receivable $21,000
Sales $21,000
(To record sales of goods ]
05 May Cost of goods sold $15,000
Merchandise inventory $15,000
[ to update the cost of the goods sold and inventory
account ]
07 May Sales returns and allowances 125 units x $14 $1,750
Accounts receivable $1,750
(To record sales returns]
07 May Merchandise inventory 125 units x $10 $1,250
Cost of goods sold $1,250
(To record cost of goods returned
08 May Compansate for Macy $300
Accounts receivable $300
(To record the compansate for macy ]
15 May Cash [ 21,000- 1,750 - 300 ] $18,950
Sales discounts (2% x $18,950 ) $379
Accounts receivable $19,329
[ to record cash collections from credit consumers]

BALANCE $78,629 $78,629

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