Question

1 . On September 1, Samardo Office Supply sells office supplies, including calculators. The company uses a perpetual inventory system. During September, the following transactions occurred.

1. Sept 6 – Purchased 80 calculators at $21 each from Samuels’s co. on account.
2. Sept. 10 – Purchase return of 3 calculators to Samuels for $63 credit on account because they did not meet specifications.
3. Sept. 12 – Sold 26 calculators to Trent bookstore for a sales price of $31 each, costing $21 each. Terms n/30 (on account)
4. Sept. 14 – Sales return of $31 to Trent Book Store for the return on one calculator that cost $21.
5. Sept. 20 – Sold 30 calculators costing $21 for $32 each to Peterson Card Shop, terms 2n/30.
6. Sept. 25 – Received payment from Peterson Card Shop less discount.

REQUIRED:

Journalize the September transactions for Samardo Office Supply.

Date	Account Titles and Explanation	Ref	Debit	Credit

1. Multiple-step Income Statement, Closing entries, and Gross Profit Rate

1. Prepare a multiple-step income statement in good format for Prosen Distributing Company for the month ended December 31, 2017. Use the balances in the adjusted trial balance shown below.
2. Prepare the closing entries to Income Summary for revenue and expenses for this merchandising company.
3. Calculate the gross profit rate for 2017.

Answer 1