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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.
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Don't show me this message again for the assignment
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(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
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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
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Ok
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(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
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Open Show Work
Show List of Accounts
Show Answer
Link to Text
Attempts: 1 of 3 used
(b)
Prepare separate closing entries for (1) sales revenue, and (2)
the contra accounts to sales revenue. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually.)
No.
Date
Account Titles and Explanation
Debit
Credit
1.
Oct. 31
2.
Oct. 31
Warning
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Ok
Cancel
Click if you would like to Show Work for this question:
Open Show Work
Modify Show Work
res_EAT_135632
res_EAT_135632
Sales Revenues
Sales Revenu
820000
June 10
res_EAT_135632
Less
Sales Returns
25000
Sales Discoun
13000
38000
res_EAT_135632
Net Sales
782000
Inventory
8000
Accounts P
8000
res_EAT_135632
June 11
Inventory
400
Cash
400
res_EAT_135632
June 12
Accounts P
300
Inventory
300
res_EAT_135632
June 19
Accounts P
7700
Inventory
154
Cash
7546

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Exercise 5-4 (Part level Submission)On June 10, Tuzun Company .docx

  • 1. 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.
  • 2. 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
  • 3. 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
  • 4. 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
  • 5. amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 10 (To record credit sale.)
  • 6. (To record cost of merchandise sold.) June 12 (To record merchandise returned.)
  • 7. (To record cost of merchandise returned.) June 19 Warning Don't show me this message again for the assignment Ok Cancel
  • 8. 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
  • 9. (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
  • 11. 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 like to Show Work for this question: Open Show Work Show List of Accounts Show Answer Link to Text
  • 12. Attempts: 1 of 3 used (b) Prepare separate closing entries for (1) sales revenue, and (2) the contra accounts to sales revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit
  • 14. 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 res_EAT_135632 res_EAT_135632 Sales Revenues Sales Revenu
  • 15. 820000 June 10 res_EAT_135632 Less Sales Returns 25000 Sales Discoun 13000 38000 res_EAT_135632 Net Sales
  • 17. June 12 Accounts P 300 Inventory 300 res_EAT_135632 June 19 Accounts P 7700 Inventory 154 Cash
  • 18. 7546