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Category > Accounting Posted 22 Jul 2017 My Price 13.00

John’s Hobby Shop

Effect of purchase returns and allowances and purchase discounts on the financial statements: perpetual system (gross method)

The following events were completed by John’s Hobby Shop in September 2012.

Sept. 1 Acquired $40,000 cash from the issue of common stock.

1 Purchased $28,000 of merchandise on account with terms 2/10, n/30.

5 Paid $600 cash for freight to obtain merchandise purchased on September 1.

8 Sold merchandise that cost $9,000 to customers for $17,000 on account, with terms 1/10, n/30.

8 Returned $900 of defective merchandise from the September 1 purchase to the supplier.

10 Paid cash for the balance due on the merchandise purchased on September 1.

20 Received cash from customers of September 8 sale in settlement of the account balances, but not within the discount period.

30 Paid $3,250 cash for selling expenses.

Required

a. Record each event in a statements model like the following one. The first event is recorded as an example.

Assets

Liab.

Equity

Rev.

Exp.

Net inc.

Cash Flow

Cash

Accts. Rec.

Inv.

Accts. Pay.

Com. Stk.

Ret. Earn.

30,000

b. Prepare an income statement for the month ending September 30.

c. Prepare a statement of cash flows for the month ending September 30.

d. Explain why there is a difference between net income and cash flow from operating activities.

Answers

Maurice Tutor

(5)

Status NEW Posted 22 Jul 2017 09:07 PM My Price 13.00

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