Homework Help: college

Posted by Ronnie on Wednesday, December 30, 2009 at 10:32am.

I need help to journalize these transactions for accounting. Samantha purchased inventory costing 125,000 and sold 70% of the goods for 162,500 all purchases and sales were on account She later collected 25% of the accounts receivable

Which is the perpetual inventory system inventory, revenues and expenses on financial statements, report gross profits on the appropriate statement.

needs accounting help - Damon, Wednesday, December 30, 2009 at 10:36am
This is a business problem. Please say that in your subject line so we Physics and History teachers do not waste time.
college - shawn, Saturday, January 2, 2010 at 12:31am
closing inventory (under perpetual system): 125,000 x 30% = $37,500 (Income statement and bal sheet)
Sales Revenue : $162,500 (Income Statement)
Cost of goods sold (expense):
125,000 x 70% = $87,500 (Income Statement)
Gross profit: 162,500 - 87,500= $75,000 (Income statement)
A/c Payable: $125,000 (Bal Sheet)
A/c receivable: 162,500 x 75%= $121,875 (bal Sheet)

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