u5ip_accounting

Choose only 1 assignment. You will be graded for only 1 assignment.

Choice 1:

Journalize the following merchandise transactions:

Instructions:

• Use the form provided to prepare the journal entries

Click here to download the Unit 5 Template: Choice 1

Please submit your assignment.

-OR-

Choice 2:

Complete the following data taken from the condensed income statements for merchandising Companies X, Y, and Z.

Instructions:

• Fill in the missing amounts using the form provided. Replace the blanks with the correct amounts.

Click here to download the Unit 5 Template: Choice 2

example:

a) Accounts Receivable         15,000 (dr)

           Sales                                             15,000(cr)

Cost of Merchandise Sold     7.500(dr)

     Merchandise Inventory                        7,500 (cr)

2/10, n/30

15,000*2% = $300

15,00-300=14,700

b) Cash                14,700 (dr)

Sales Discount     300 (dr)

     Accounts Receivable        15,000 (cr)

c) Merchandise Inventory    7,000

   Accounts Payable                         7,000 (cr)

2/10, n/30

d) Accounts Payable         7,000 (dr)

       Cash                                                7,000(cr)