Selected information from the income measurement process for a service company and a merchandising company...
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Selected information from the income measurement process for a service company and a merchandising company is shown below. Determine the missing amounts. Sales or Operating Service Cost of GoodsGross Income before Income Tax Company Revenue Sold Profit Income Tax Expense s0 $102 $102 $74 $9 102 58 37 eTextbook and Media Prepare the journal entries to record the following purchase transactions in Ayayai Inc's books.Ayayai uses a perpetual inventory system.(Credit account titles are automatically indented when the amount is entered. Do not indent manually.If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to the nearest whole dollar,e-g. 5,275) Ayayai purchased goods for $48,400 from Fundy Corp, terms 2/10, n/45, FOB destination. Jan. 2 5 The appropriate company paid freight costs of $1,100. 6 Ayayai returned $6,600 of the goods purchased on January 2, because they were not needed 11 Ayayai paid the balance owed to Fundy. Date Account Titles and Explanation Debit Credit Jan. 2
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