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Clipboard font A1 H M 11 KL F G AB D NAME: Inventory 31,500 BB NON COO) Beginning Inventory: 10 Leather Couches costing $1800 each.... 18,000.00 15 Cloth Couches costing $900 each 13,500.00 Total beginning Inventory............ 31,500.00 Transactions: a) Sold two leather couches for $2500 each and one cloth couch on account for $1200. Terms 2/10, 1/30 - Mr Smith b) Sold 1 cloth couch for $1250 cash. c) Purchased 4 cloth couches for $900 each from X Co. on account, terms 1/10, 1/30. d) Paid freight costs on the purchase order in (c).. $150. e) Returned a damaged cloth couch to X Company for credit. f) The cash customer in (b) above returned the couch for a cash refund. 8) Pald X Company the amount due after deducting the appropriate discount. h) Collected payment from Mr Smith in (a) within the discount period, 0) Paid employee wages $400 EB 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Cost of Goods Sold EB Sales General Journal NNNNNNN O NANOCO a) ) EB Sales Returns & Allow 26 Sheet1 Sheet2 Sheet . Ready o search - perpetual entry problem 2(1) - Compatibility Mode - Excel Save Review View Help Formulas Data Draw Page Layout Wap Text General Insert Dele Na 10 ' ' - A - Merge Center - $ - %. Conditional Format as Cell Formatting Lable Styles Styles Number 15 Copy om inte Clobeard Alligent Font N K L M H G F D ABC E General Journal EB Sales Returns & Allow b) Sales Discounts c) EB Accts Receivable - Smith d) EB Acets Payable-X Co. UN EB Sheet1 Sheet Sheet O Alt 3 Type here to search LU NO Accts Payable - X Co. EB Wages Expense EB 1 f) 2 3 14 25 16 g) 47 48 49 50 h) 51 52 53 54 1) 55 56 57 58 59 60 DI 62 63 Cash BE 20,000 What is Gross Profit for the period? ...... What is Net Income for the period? EB perpetual problem 65

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