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pt 3 pliz

8 Part II - Journal Entries (20 points) For each situation given below prepare the October General Journal for Border Company Border uses a perpetual inventory system. Oct. 5 Paid $26,000 cash for operating expenses that were incurred and properly recorded in the previous period. Purchased merchandise for $20,000 on account. Credit terms: 2/10, 1/30. 10 Paid freight bill of $340 for merchandise purchased on October 8. 15 Paid for merchandise purchased on October 8. The company takes all discounts to which it is entitled Sold merchandise for $30,000 to Ted Ford on account. The cost of the merchandise sold was $19.500. Credit torms: 2/10, 1/30. 23 Issued a credit memo to Ted Ford for $2,000 for merchandise returned by him from the sale on October 20. The cost of the merchandise returned was $1,300 Part III - Multiple-Step Income Statement (15 points) Below is a partial listing of the adjusted account balances of Sewell Department Store at year- end on December 31, 2019, 20 Notes Payable $ 17,000 Supplies 60,000 Cost of Goods Sold 254,000 Selling Expenses (includes depreciation) 37,000 Interest Expense 2,000 Accumulated Depreciation - Building 10,000 Sales Discounts 23,000 Merchandise Inventory 45,000 Administrative Expenses (includes depreciation) 15,000 Sales 550,000 Accounts Payable 14,000 Interest Revenue 5,000 Allowance for doubtful account 3.000 Instructions: Using whatever data you believe appropriate, prepare a multiple-step income statement for Sewell Department Store for the year ended December 31, 2019. Part IV - (15 points) Matlock Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 2019. 6

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