Question

1. Carter Company purchases and resells various electronics to consumers. Listed below are the transactions for the month of September. Carter has a beginning inventory balance of $5,900 at September 1. Sep 1 Purchased $11,000 of merchandise inventory; terms 1/15, n/30. 7 Purchased for cash $9,900 of merchandise inventory. 9 Contacted a major supplier to place an order for $55,000 to be shipped on October 31. 10 Purchased $16,500 of merchandise inventory; terms 2/15, n/45. 11 Purchased $2,700 of office supplies; terms n/15. 15 Paid for the merchandise purchased on September 1. 18 Paid for the office supplies purchased on September 11. Oct 20 Paid for the September 10 purchase. Instructions a) Journalize transactions using the perpetual inventory system. b) Determine the balance of the Inventory account at September 30. 2. The adjusted trial balance of Cochrane Company includes the following accounts: Debit Credit Sales $595,000 Sales Returns and Allowances $ 47,000 Cost of Goods Sold 371,400 Salaries Expense 47,000 Advertising Expense 10,000 Rent Expense 18,000 Freight-out 7,000 Utilities Expense 12,000 Depreciation Expense 12,500 Interest Revenue 4,000 Loss Due to Vandalism 3,000 The company uses a perpetual inventory system. Instructions Prepare a multiple-step income statement for the year ended December 31, 2017.

Answer 1

**************************************************************Please Upvote......Its really usefull to us...If any querry comment below...I will resolve ASAP....Thank You....