A credit sale is made on July 10 for $900,terms 2/10,n/30. On July 12, $100 of goods are returned for credit. Give the journal entry on July 19 to record the receipt of the balance due within the discount period.

BE5-3 Prepare the journal entries to record the following transactions on Monroe Company’s books using a perpetual inventory system.
(a) On March 2,Monroe Company sold $900,000 of merchandise to Churchill Company,terms 2/10,n/30.The cost of the merchandise sold was $620,000.
(b) On March 6,Churchill Company returned $120,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $90,000.
(c)On March 12,Monroe Company received the balance due from Churchill Company.

BE5-1 Presented below are the components in Waegelain Company’s income statement. Determine the missing amounts.
Cost of Gross Operating Net sales Goods Sold Profit Expenses Income
(a) $75,000 ? $30,000 ? $10,800
(b)$108,000 $70,000 ? ? $29,500
(c) ? $71,900 $79,600 $39,500 ?

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BE5-4 From the information in BE5-3,prepare the journal entries to record these transactions on Churchill Company’s books under a perpetual inventory system.

BE5-9 Assume Baja Company has the following reported amounts: Sales $510,000, Sales returns and allowances $15,000, Cost of goods sold $350,000, Operating expenses $110,000. Compute the following:(a)net sales,(b)gross profit,(c)incomefrom operations,and (d)gross profit rate.(Round to one decimal place.)

E5-5 Presented below are transactions related to Wheeler Company.
1. On December 3,Wheeler Company sold $500,000 of merchandise to Hashmi Co. terms 2/10,n/30,FOB shipping point.The cost of the merchandise sold was $350,000.
2. On December 8,Hashmi Co.was granted an allowance of $27,000 for merchandise purchased on December 3.
3. On December 13,Wheeler Company received the balance due from Hashmi Co.
Instructions
(a) Prepare the journal entries to record these transactions on the books of Wheeler Company using a perpetual inventory system.
(b)Assume that Wheeler Company received the balance due from Hashmi Co.on January 2 of the following year instead of December 13.Prepare the journal entry to record the receipt of payment on January 2.

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BE5-9 Assume Baja Company has the following reported amounts: Sales $510,000, Sales returns and allowances $15,000, Cost of goods sold $350,000, Operating expenses $110,000. Compute the following:(a)net sales,(b)gross profit,(c)incomefrom operations,and (d)gross profit rate.(Round to one decimal place.)

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