Prepare the journal entries to record the following transactions on Kwang Company's books using a perpetual inventory system.

a. On March 2, Kwang Company sold $900,000 of merchandise to Sensat Company, terms 2/10, n/30. The cost of the merchandise sold was $620,000.
b. On March 6, Sensat Company returned $90,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $62,000.
c. On March 12, Kwang Company received the balance due from Sensat Company. From the information in BE5-4, prepare the journal entries to record these transactions on Sensat Company's books under a perpetual inventory system.

Answer:

Solution BE5-4

                              Journal Entries

      Date      Particulars                            Debit         Credit

(a)  02-Mar   Accounts Receivable      $900,000

                             Sales Revenue                           $900,000

     02-Mar    Cost of goods sold         $620,000

                              Inventory                                    $620,000

(b)  06-Mar    Sales Return & allowances  $90,000

                             Accounts receivable                  $90,000

     06-Mar      Inventory                         $62,000

                             Cost of goods sold                      $62,000

(c)   12-Mar      Cash                                 $793,800

                       Sales Discount                 $16,200

                       ($810,000*2%)  

                              Accounts receivable                   $810,000

                              ($900000- $90000)

Solution BE5-5:

                              Journal Entries

       Date     Particulars            Debit            Credit

(a)  02-Mar   Inventory          $900,000

                          Accounts payable              $900,000

(b)  06-Mar Accounts payable  $90,000

                           Inventory                         $90,000

(c)   12-Mar  Accounts Payable $810,000

                   ($900000- $90000)

                             Inventory ($810000*2%)   $16,200

                             Cash                                   $793,800

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Required:
Prepare the journal entries to record interest on June 30, 2021 (the first interest payment), on December 31, 2021 (the second interest payment) and to adjust the bonds to their fair value for presentation in the December 31, 2021, balance sheet.

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Monday
Tuesday
Wednesday
Thursday
Friday

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Fixed Cost per Month Cost per Course Cost per Student
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Utilities $1,220 $65
Campus rent $4,800
Insurance $2,300
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Actual
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Instructor wages $11,120
Classroom supplies $17,830
Utilities $1,840
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Administrative expenses $3,734

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True of False

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E. None of the above please continue on the next page

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Look up a field in nutrition and wellness that interests you.

Part A
Choose any two job titles and give a brief description of the job.