Reference no: EM132380447
Question
1. Alpha Company provided the following data concerning its income statement: sales, $1,010,000; purchases, $476,000; beginning inventory, $275,000; ending inventory, $232,000; operating expenses, $114,000; freight-in, $5,000; sales discounts, $25,000; purchases discounts, $15,000; sales returns & allowances, $131,000; and purchases returns & allowances, $38,000. The data provides the basis for the preparation of an income statement. How much is net income?
2. Alpha Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10, n30 and the gross method is used.
Alpha Company sold on account $2,500 of merchandise to Bravo Company on May 2, 2016. Selling price was $4,000. Freight charges related to this transaction of $150 were paid by Alpha Company.
Bravo Company returned, to Alpha Company, $250 of this merchandise on May 3, 2016. Merchandise was sold for $400
What are the Alpha Company's General Journal entries (without explanation) for May 2 & May 3? If no entry is required then write "No Entry Required."
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