Exercise 5-4 (Part level Submission) On June 10, Tuzun Company purchased $8,000 of merchandise from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system. Warning Don't show me this message again for the assignment Ok Cancel (a) Your answer is correct. Prepare separate entries for each transaction on the books of Tuzun Company. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit res_EAT_1356326717214_0_008152485672270005_002 Inventory 8000 Accounts Payable 8000 res_EAT_1356326717214_0_008152485672270005_020 Inventory 400 Cash 400 res_EAT_1356326717214_0_008152485672270005_038 Accounts Payable 300 Inventory 300 res_EAT_1356326717214_0_008152485672270005_056 Accounts Payable 7700 Inventory 154 Cash 7546 Warning Don't show me this message again for the assignment Ok Cancel Click if you would like to Show Work for this question: Open Show Work Show List of Accounts Show Solution Show Answer Link to Text Attempts: 2 of 3 used (b) Prepare separate entries for each transaction for Epps Company. The merchandise purchased by Tuzun on June 10 had cost Epps $4,800. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 10 (To record credit sale.) (To record cost of merchandise sold.) June 12 (To record merchandise returned.) (To record cost of merchandise returned.) June 19 Warning Don't show me this message again for the assignment Ok Cancel Click if you would like to Show Work for this question: Open Show Work Modify Show Work Exercise 5-6 (Part level Submission) The adjusted trial balance of Tsai Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2014: Sales Revenue $820,000, Freight-out $16,000, Sales Returns and Allowances $25,000, and Sales Discounts $13,000. Warning Don't show me this message again for the assignment Ok Cancel (a) Your answer is correct. Prepare the sales revenues section of the income statement. Tsai COMPANY Income Statement (Partial) For the Year Ended October 31, 2014 res_EAT_1356326719183_0_13752846772701122_007 Sales Revenue $820000 res_EAT_1356326719183_0_13752846772701122_016: Sales Returns and Allowances $25000 Sales Discounts 13000 38000 res_EAT_1356326719183_0_13752846772701122_037 $782000 Warning Don't show me this message again for the assignment Ok Cancel Click if you would ...