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Question - JP Company (JP) is engaged in the purchases and sales of dashboard cameras. The company adopts perpetual inventory system and records purchases of goods at gross invoice price. The company closes its account annually on 31 December. The following information was extracted from the unadjusted trial balance dated on 30 November 2016:
Debit $
Credit $
Sales
4.250.000
Sales returns and allowances
120.000
Cost of goods sold
2.800.000
Sales discounts
16.000
Inventory
740.000
Purchase discounts taken
32,000
The following transactions occurred in December 2016:
1 Dec
JP purchased $180.000 inventory from Rachel Company with credit term of 1/15 n/30.
3 Dec
JP sold goods to Chris Company at S80.000. offering credit term of 1/10, n/40, Gross profit rate is 30%.
7 Dec
JP sold goods to Martina Company at S150.000. offering credit term of 3115. n/30. Gross profit rate is 40%.
11 Dec
JP returned $20.000 inventory to Rachel Company due to incorrect model.
12 Dec
Martina returned S30.000 cameras to JP due to incorrect brand.
13 Dec
JP paid to Rachel Company in full regarding to purchase in December.
18 Dec
JP received check from Martina Company for full settlement regarding to sales in December.
31 Dec
JP conducted physical count of inventory and revealed 8748.000 inventory was on hand.
Required:
a) Prepare journal entries for JP Company for the above transactions in December 2016.
b) Prepare partial Income Statement of JP Company for the year ended 31 December 2016 to show gross profit of the year.
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