Question

Assignment Material 161 Required 0 Prepare the 20x8 balance sheet and statement of profit and loss. Problem 4.4 Completing Worksheet * Adjusted Trial Statement of Account Balance Profit and Loss Balance Sheet Debit Credit Debit Credit Debit Credit Merchandise inventory ? Sales 64,100 Sales returns and allowances 1,200 Purchases 43,290 Purchase returns and allowances 370 Purchase discounts 410 Freight in 3,280 Sales discounts. 560 Income tax expense. 4,500 Income tax payable 900 The beginning and ending merchandise inventories were 33,900 and 34,200, respectively. Required Extend the account balances to their proper columns after entering the inventory amounts in the worksheet. Chen Company had the following transactions with Chang Company: Problem 4.5 Recording Purchases an Apr. 3 Purchased 32,000 of merchandise; terms 2/10, n/30. Sales + 9 Purchased 39,000 of merchandise; terms 2/10, n/30. the April 3 purchase. 14 Paid

Answer 1

	Adjusted Trial Balance		Statement of Profit and Loss		Balance Sheet
	Debit	Credit	Debit	Credit	Debit	Credit
Merchandise inventory	4200				4200
Sales		64100		64100
Sales returns and allowances	1200		1200
Purchases	43290		43290
Purchase returns and allowances		370		370
Purchase discounts		410		410
Freight in	3280		3280
Sales discounts	560		560
Income tax expense	4500		4500
Income tax payable		900				900