The following adjusted account information, in alphabetical order, was taken from the worksheet of John’s Electronics for the month ended April 30, 2023. A physical count on April 30, 2023, revealed a merchandise inventory balance actually on hand of $2,540. John’s ElectronicsUnadjusted Trial BalanceFor Month Ended April 30, 2023No. Account Debit   Credit  201 Accounts payable       $ 2,198  154 Accumulated depreciation, trucks         16,400  101 Cash $ 2,000        611 Depreciation expense, delivery trucks   720        633 Interest expense   110        301 John Yu, capital         27,176  302 John Yu, withdrawals   9,600        119 Merchandise inventory   6,500        507 Purchase discounts         36  506 Purchase returns and allowances         100  505 Purchases   16,940        413 Sales         37,700  414 Sales returns and allowances   1,820        688 Telephone expense, office   140        689 Telephone expense, store   420        508 Transportation-in   460        153 Trucks   30,400        623 Wages expense, office   5,700        624 Wages expense, selling   8,800          Totals $ 83,610   $ 83,610  Required:a. Calculate net sales.b. Calculate cost of goods sold. c. Prepare a classified multiple-step income statement for the month ended April 30, 2023. (Input all amounts as positive values.)

A company purchased $3,200 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $900 worth of merchandise. On July 12, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 12 is:Multiple ChoiceDebit Merchandise Inventory $2,300; credit Cash $2,300.Debit Cash $2,300; credit Accounts Payable $2,300.Debit Accounts Payable $2,300; credit Merchandise Inventory $46; credit Cash $2,254.Debit Accounts Payable $3,200; credit Cash $3,200.Debit Accounts Payable $2,300; credit Cash $2,300.

Q-mart uses the periodic inventory system. A physical count of inventory revealed it had $6,000 of inventory remaining at year end. Given the partial list of accounts below, the entry to close the temporary credit balance accounts and update the Merchandise Inventory account would include all of the following.  AccountDebitCreditSales $20,000Purchase Discounts $ 1,000Merchandise Inventory (Beg. Balance)$5,000 Owner, Capital $10,000Multiple select question.Debit Merchandise Inventory (ending balance) $6,000.Credit Merchandise Inventory (ending balance) $6,000.Credit Purchases Discounts for $1,000.Credit Sales for $20,000.Debit Purchase Discounts $1,000.Debit Sales $20,000.

Select all that applyXYZ Company uses the periodic inventory system to account for its merchandise purchases. A physical count of inventory at year end revealed that $6,000 of inventory was on hand. Given the partial list of accounts below, show your understanding of the entry to close the temporary debit balance accounts and update the Merchandise Inventory account by selecting all of the correct answers below.  AccountDebitCreditSales Returns and Allowances$ 1,000 Sales Discounts$ 500 Wages Expense$ 300 Purchases$36,000 Merchandise Inventory (Beg. Balance)$5,000 Multiple select question.Debit Merchandise Inventory for the beginning balance of $5,000Credit Merchandise Inventory for the beginning balance $5,000.Debit Sales Discounts $500.Credit Sales Discounts $500.Credit Purchases $36,000.Debit Purchases $36,000.

On September 1, the balance of the Accounts Receivable control account in the general ledger of John’s Produce, Inc., was K11,960. The customers’ subsidiary ledger contained account balances as follows: Jana Seafood K2,440; Bingston Bakery K2,640; Cavanaugh Pancakes K2,060; Bickford Grille K4,820. At the end of September, the various journals contained the following information: Sales journal: Sales to Bickford Grille K800; to Jana Seafood K1,260; to Iman Groceries K1,030; to Cavanaugh Pancakes K1,100. Cash receipts journal: Cash received from Cavanaugh Pancakes K1,310; from Bickford Grille K2,300; from Iman Groceries K380; from Kingston Bakery K1,800; from Jana Seafood K1,240. General journal: An allowance is granted to Bickford Grille K220. Instructions (a) Set up control and subsidiary accounts, and enter the beginning balances. Do not construct the journals. (b) Post the various journal information given in the question above onto the Ledger Accounts. (c) Prepare a list of customers, and prove the agreement of the controlling account with the subsidiary ledger at September 30, 2008.

$54,000 is owed to suppliers for inventory purchases at the beginning of the year and $44,000 is owed at the end of the year. If annual credit purchases of inventory are $160,000, the cash paid to suppliers for the year is: