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Q1 Record the following transactions for Turnbull Company. 1. On August 4, Turnbull sold merchandise on account to Tabor Company for $750, terms 2/10, n/30. 2. On August 7, Turnbull granted Tabor a sales allowance and reduced the cost of the merchandise by $50 because some of the goods were slightly damaged. 3. On August 12, Tabor paid the account in full. Q2 In the first month of operations, Santos Company made three purchases of merchandise in the following sequence: (1) 200 units at $6, (2) 300 units at $7, and (3) 400 units at $8. Assuming there are 300 units on hand. Compute the cost of the ending inventory under (1) the FIFO method and (2) the average- cost method. Santos uses a periodic inventory system. Q3 E4.14 (LO 4), AP Writing Financial Statement The adjusted trial balance for Carter Bowling Alley at December 31, 2022, contains the following accounts. Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense Interest Expense Debit $128,800 14,520 4,680 18,040 62,400 65,000 780 7,360 3,800 $305,380 Owner's Capital Accumulated Depreciation-Buildings Accounts Payable Notes Payable Accumulated Depreciation-Equipment Interest Payable Service Revenue Credit $113,000 42,600 12,300 97,780 18,720 3,800 17,180 $305,380 Instructions a. Prepare a classified balance sheet; assume that $30,000 of the note payable will be paid in 2023.

Q1 Record the following transactions for Turnbull Company. 1. On August 4, Turnbull sold merchandise on account to Tabor Company for $750, terms 2/10,n/30. 2. On August 7, Turnbull granted Tabor a sales allowance and reduced the cost of the merchandise by $50 because some of the goods were slightly damaged. 3. On August 12, Tabor paid the account in full. Q2 In the first month of operations, Santos Company made three purchases of merchandise in the following sequence: (1) 200 units at \$6, (2) 300 units at \$7, and (3) 400 units at \$8. Assuming there are 300 units on hand. Compute the cost of the ending inventory under (1) the FIFO method and (2) the averagecost method. Santos uses a periodic inventory system. Q3 E4.14(LO4),AP The adjusted trial balance for Carter Bowling Alley at December 31, 2022, contains the following accounts. Instructions a. Prepare a classified balance sheet; assume that $30,000 of the note payable will be paid in 2023

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