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Bold Interiors reported the following transactions in October 2020: A (Click on the icon to view the transactions.) Requirements 1. Record the transactions for the month of October assuming the periodic inventory system is used. 2. Prepare a partial income statement through gross profit for the month ending October 31, 2020. 3. Assume it is the company's year-end. Prepare the end-of-period entries to update inventory and record cost of goods sold. 4. Assume last month's gross profit percentage was 34%. Has this improved or declined in October? What likely accounts for this change? Requirement 1. Record the transactions for the month of November assuming the periodic inventory system is used. (Record debits first, then credits. Enter explanations on the last line.) Oct. 3: Sold merchandise on account to Erica Button, $2,000, terms 5/10, n/30. Transactions Oct. 3 Sold merchandise on account to Erica Button, S2,000, terms 5/10, n/30. 5 Sold merchandise on account to Alyson O'Malley, $2,600, terms 2/10, n/30. 8 Bought $1,425 of merchandise inventory on account. Paid $140 for the freight fee on the inventory. 10 Collected payment from Erica Button for the October 3 sale. 13 Alyson O'Malley returned $2,100 of the merchandise bought on October 5. 14 Collected payment from Alyson O'Malley for the balance of the October 5 sale 15 Returned $65 of inventory that was defective from the October 8 purchase. 26 Paid the account payable from the October 8 purchase. 31 Physical count indicated that Bold Interiors had $300 in ending inventory. The balance in beginning inventory is $450. Print Done

Bold Interiors reported the following transactions in October 2020: A (Click on the icon to view the transactions.) Requirements 1. Record the transactions for the month of October assuming the periodic inventory system is used. 2. Prepare a partial income statement through gross profit for the month ending October 31, 2020. 3. Assume it is the company's year-end. Prepare the end-of-period entries to update inventory and record cost of goods sold. 4. Assume last month's gross profit percentage was 34%. Has this improved or declined in October? What likely accounts for this change? Requirement 1. Record the transactions for the month of November assuming the periodic inventory system is used. (Record debits first, then credits. Enter explanations on the last line.) Oct. 3: Sold merchandise on account to Erica Button, $2,000, terms 5/10, n/30. Transactions Oct. 3 Sold merchandise on account to Erica Button, S2,000, terms 5/10, n/30. 5 Sold merchandise on account to Alyson O'Malley, $2,600, terms 2/10, n/30. 8 Bought $1,425 of merchandise inventory on account. Paid $140 for the freight fee on the inventory. 10 Collected payment from Erica Button for the October 3 sale. 13 Alyson O'Malley returned $2,100 of the merchandise bought on October 5. 14 Collected payment from Alyson O'Malley for the balance of the October 5 sale 15 Returned $65 of inventory that was defective from the October 8 purchase. 26 Paid the account payable from the October 8 purchase. 31 Physical count indicated that Bold Interiors had $300 in ending inventory. The balance in beginning inventory is $450. Print Done

Century 21 Accounting General Journal
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 3AP
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Bold Interiors reported the following transactions in October 2020: (Click on the icon to view the transactions.) Requirements 1. Record the transactions for the month of October assuming the periodic inventory system is used. 2. Prepare a partial income statement through gross profit for the month ending October 31 , 2020. 3. Assume it is the company's year-end. Prepare the end-of-period entries to update inventory and record cost of goods sold. 4. Assume last month's gross profit percentage was 34%. Has this improved or declined in October? What likely accounts for this change? Requirement 1. Record the transactions for the month of November assuming the periodic inventory system is used. (Record debits first, then credits. Enter explanations on the last line.) Oct. 3: Sold merchandise on account to Erica Button, $2,000, terms 5/10, n/30. Transactions Oct. 3 Sold merchandise on account to Erica Button, $2,000, terms 5/10, n/30. 5 Sold merchandise on account to Alyson O'Malley, $2,600, terms 2/10, n/30. 8 Bought $1,425 of merchandise inventory on account. Paid $140 for the freight fee on the inventory. 10 Collected payment from Erica Button for the October 3 sale. 13 Alyson O'Malley returned $2,100 of the merchandise bought on October 5. 14 Collected payment from Alyson O'Malley for the balance of the October 5 sale Returned $65 of inventory that was defective from the October 8 purchase. 15 Paid the account payable from the October 8 purchase. 31 Physical count indicated that Bold Interiors had $300 in ending inventory. The balance in beginning inventory is $450. 26 Print Done Choose from any list or enter any number in the input fields and then click Check Answer. Clear All 14 parts remaining Canon U PD.. TPNG Canon U Sca... File Explorer W Word Google Chro... Type here to search ASUS
Transcribed Image Text:Bold Interiors reported the following transactions in October 2020: (Click on the icon to view the transactions.) Requirements 1. Record the transactions for the month of October assuming the periodic inventory system is used. 2. Prepare a partial income statement through gross profit for the month ending October 31 , 2020. 3. Assume it is the company's year-end. Prepare the end-of-period entries to update inventory and record cost of goods sold. 4. Assume last month's gross profit percentage was 34%. Has this improved or declined in October? What likely accounts for this change? Requirement 1. Record the transactions for the month of November assuming the periodic inventory system is used. (Record debits first, then credits. Enter explanations on the last line.) Oct. 3: Sold merchandise on account to Erica Button, $2,000, terms 5/10, n/30. Transactions Oct. 3 Sold merchandise on account to Erica Button, $2,000, terms 5/10, n/30. 5 Sold merchandise on account to Alyson O'Malley, $2,600, terms 2/10, n/30. 8 Bought $1,425 of merchandise inventory on account. Paid $140 for the freight fee on the inventory. 10 Collected payment from Erica Button for the October 3 sale. 13 Alyson O'Malley returned $2,100 of the merchandise bought on October 5. 14 Collected payment from Alyson O'Malley for the balance of the October 5 sale Returned $65 of inventory that was defective from the October 8 purchase. 15 Paid the account payable from the October 8 purchase. 31 Physical count indicated that Bold Interiors had $300 in ending inventory. The balance in beginning inventory is $450. 26 Print Done Choose from any list or enter any number in the input fields and then click Check Answer. Clear All 14 parts remaining Canon U PD.. TPNG Canon U Sca... File Explorer W Word Google Chro... Type here to search ASUS
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