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question lle cycle em perpetual system at the beginning of 20 d enterprises had the 4293955

Question

lle cycle em: Perpetual system At the beginning of 20 D Enterprises had the following balances in its accounts LO 1, 2 CHECK FIGU Cash d. Net Income $16 Total Asset Common stock 12.000 Retained earnings 10,800 During 2013, P&DEnterprises; experienced the following events I. Purchased inventory costing on account from Stone Company under terms 2/10, m/30. The merchandise was delivered FoB shipping point. Freight costs of S800 were paid in cash 2. Returned $600 of the inventory that it had purchased because the inventory was damaged in 3. transit. The seller agreed to pay the return freight cost. Paid the amount due on its account payable to one Company within the cash discount 4. Sold inventory that had cost S8,000 for $13.50 The sale as on account under terms 0, n/45. 5. Received merchandise returned from a customer. merchandise had originally cost The S1.200 and had been sold to the customer for s2.100 cash. The customer was paid cash for returned merchandise. 6. Delivered goods in Event 4 FoB destination. Freight costs of S800 were paid in cash. Taccoun 7. Collected the amount due on accounts receivable within the discount period 8, Sold the land for S3.500 9. Recognized S500 of accrued interest revenue. 10. Took a physical count indicating that $6.500 of inventory was on hand at the end of the accounting period. Required a. each of these events as asset source (AS), asset use (AU), asset (AE) or claims exchange (CE). Also explain how each event affects the financial statements by place ing for increase, for decrease, or NA for not affected under each of the components in the following statements model. Assume that the perpetual inventory is The first an event has more than one part, use letters to distinguish the of each event is recorded as an example. Event Event Stk Rev. Exp Net Inc. Cash Flow No. Type Assets Liab Equity NA NA NA NA. NA AS NA 0A NA NA 1b c. Record the events in general journal format. balances and the events to the accounts. Open ledger T-accounts and post the beginning of changes in stockholders' equity, balance d. Prepare a multistep income statement statement, sheet, and statement of cash flows. Ind mil Ihrdming and prepare a post-closing trial balance.

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