Claypools personnel counted the inventory on hand and

Reference no: EM13571951

Clay pooll Hardwares is only hardware store in a remote area of northern Minnesota. Some of Claypools tranactions during the current year are as followed:

Nov 5th Sold Lumber on account to Bemmidji Construction for $13,390. The inventory subsidary ledger shows the cost of the this merchandise was $9,105.
Nov 9th Purchased Tools on account from Owatonna Tool Company, $3,800.
Dec 5th Collected in cash the $13,390 account recivable from Bemidji Construction.
Dec 9th Paid the $3,800 owed to Owatonna Tool Company.

Claypools personnel counted the inventory on hand and determined its cost to be $182,080. The accounting records however, indicate inventory of 183,790 and a cost of goods sold of $695,222. The physcial count of inventory was observed by the company's auditors and is considered correct.

<2 Part question>

A.Prepare joural entries to record theses transactions and events in the accounting records of Claypool Hardware.

B.Prepare a partial income statement showing the companies Gross profit for the year. (Net Sales for the year amount to $1,024,900.

Reference no: EM13571951

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