RubyCpaMba. Accounting Wiley Plus Exercise 5-4 5-6 (Part level Submission)

On June 10, Tuzun Company purchased $8,000 of merchandise from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system.

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Prepare separate entries for each transaction on the books of Tuzun Company. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)  

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Prepare separate entries for each transaction for Epps Company. The merchandise purchased by Tuzun on June 10 had cost Epps $4,800. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)  

The adjusted trial balance of Tsai Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2014: Sales Revenue $820,000, Freight-out $16,000, Sales Returns and Allowances $25,000, and Sales Discounts $13,000.

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Prepare the sales revenues section of the income statement.

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Prepare separate closing entries for (1) sales revenue, and (2) the contra accounts to sales revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)  

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