On February 3, Smart Company sold merchandise in the amount of $4,500 to Kennedy Company, with credit terms of 1/10, n/30. The cost of the items sold is $3,100. Smart uses the perpetual inventory system and the gross method. Kennedy pays the invoice on February 8 and takes the appropriate discount. The journal entry that Smart makes on February 8 is:Multiple ChoiceAccount Title Debit CreditCash 3,100  Accounts Receivable   3,100Account Title Debit CreditCash 4,500  Accounts Receivable   4,500Account Title Debit CreditCash 4,420  Sales discounts 31  Accounts Receivable   4,451Account Title Debit CreditCash 3,020  Accounts Receivable   3,020Account Title Debit CreditCash 4,455  Sales discounts 45  Accounts Receivable   4,500

Select all that applySally Beauty Warehouse uses the perpetual inventory system to account for its merchandise. On Nov 2, it sold $700 of merchandise on credit with terms of 2/15,n/30. Demonstrate the required journal entry to record the receipt of payment from the customer on Nov 13, by selecting all of the correct actions below.Multiple select question.Credit Accounts Receivable $700.Credit Sales Discounts $14.Debit Accounts Receivable $700.Debit Cash $686.Debit Cash $700.Debit Sales Discounts $14.

Sally Beauty Warehouse uses the perpetual inventory system to account for its merchandise. On Nov 2, it sold $700 of merchandise on credit with terms of 2/15,n/30. Demonstrate the required journal entry to record the receipt of payment from the customer on Nov 13, by selecting all of the correct actions below.Multiple select question.Debit Cash $700.Debit Sales Discounts $14.Credit Sales Discounts $14.Debit Accounts Receivable $700.Debit Cash $686.Credit Accounts Receivable $700.

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.)

7. LO 7.3 Record the following transactions in the sales journal:Jan. 15 Invoice # 325, sold goods on credit for $2,400, to Maroon 4, account # 4501Jan. 22 Invoice #326, sold goods on credit for $3,500 to BTS, account # 5032Jan. 27 Invoice #327, sold goods on credit for $1,250 to Imagine Fireflies, account # 38968. LO 7.3 Record the following transactions in the cash receipts journal.Jun. 12 Your company received payment in full from Jolie Inc. in the amount of $1,225 formerchandise purchased on June 4 for $1,250, invoice number #1032. Jolie Inc. wasoffered terms of 2/10, n/30. Record the payment.Jun. 15 Portman Inc. mailed you a check for $2500. The company paid for invoice #1027,dated June 1, in the amount of $2,500, terms offered 3/10, n/30.Jun. 17 Your company received a refund check (its check #12440) from the State PowerCompany because you overpaid your electric bill. The check was in the amount of$72. The Utility Expense account number is #450. Record receipt of the refund.9. LO 7.1 Why does a student need to understand how to use a manual, paper-basedaccounting information system since everyone uses computerized systems?10. LO 7.5 Forensic means “suitable for use in a court of law.” How does that have anythingto do with accounting?

1-(A) Journalise the following business transactions in general journal form. 1 Jun Borrowed $40,000 from ANZ Bank. 5 Jun Purchased inventory for $85,000, paying $10,000 in cash and the remainder is due in 30 days. 8 Jun Credit sales made for $30,000. The inventory had cost of $17,000. 10 Jun Received $7,500 in advance from a customer for merchandise that will be delivered in September. 17 Jun Received an inquiry about a product worth $4,000 from an old customer. 21 Jun Paid $10,000 of salary expenses Notes: (i) The firm has adopted the perpetual inventory recording method; (ii) If you believe no journal is required, explain the reason(s); (iii) Ignore the effects of GST; (iv) Account numbers and narrations are not required.