Reference no: EM132773953
Question - At the beginning of September 2021, Stojanovic Distributing Company ledger showed cash $12,500, Merchandise Inventory $7500, and D. Stojanovic, Capital , $20000. Stojanovic uses the perpetual inventory system and the earnings approach. During the month of September the company had the following selected transactions:
Sep 2. Purchased $13500 of merchandise inventory from moon supply co. Terms 1/5, n/30, FOB destination.
Sep 4. The correct company paid $325 cash for freight charges on the September 2 purchase.
Sep 5. Sold merchandise inventory to Brandon retailers for $18000. The cost of the merchandise was $11310 and the terms were 2/10, n/30, FOB destination.
Sep 6. Issued a $1400 credit for merchandise returned by Brandon retailers. The merchandise orginially cost $890 and was returned to inventory.
Sep 6. The correct company paid $420 freight on the September 5 sale.
Sep 8. Purchased $900 of supplies for cash.
Sep 10. Purchased $6450 of merchandise inventory from Tina Wholesalers, terms 2/10, n/30, FOB shipping point.
Sep 12. Received a $450 credit from Tina wholesalers for returned merchandise.
Sep 15. Paid moon supply Co. the amount due.
Sep 15. Collected the balance owing from Brandon retailers.
Sep 19. Sold merchandise for $10875 cash . The cost of this merchandise was $6855.
Sep 20. Paid Tina wholesaler the balance owing from the September 10 purchase.
Sep 25. Made a $750 cash refund to a cash customer for merchandise returned. The returned merchandise had a cost of $470. The merchandise was damaged and could not be resold.
Sep 30. Sold merchandise to Dragen & company for $6420 , terms n/30, FOB a shipping point. Stojanovic cost for this merchandise was $4050.
Required -
a) Record the transactions assuming Stojanovic uses a perpetual inventory system.
b) Set up general ledger account for Merchandise inventory, sales, sales Return and allowances, sales discount, and cost of goods sold. Enter the beginning merchandise inventory balance, post the transactions and calculate the balance for each account.
c) Prepare partial multiple- step income statement, up to gross profit, for the month of September 2021.
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