ACCT 101 SEU Accounting Questions

Q1. In this
question, you need to provide an amount for each transaction.1- A
merchandising company purchases merchandise inventory on credit, the credit
terms are 2/10,n/30.2- The company
pays the amount due within the purchase discount period.Required:A. Record the
journal entries for both transactions: issuance of the invoice, payment.B. Prepare the
T-Accounts for: Accounts Payable and Merchandise Inventory.Q2- On your own
words, talk briefly about two of the inventory costing methods, give one
example of each method.Q3.A- Explain how
to calculate the net income for merchandising companies, why is it different
than calculating the net income for service companies.B- Prepare the
income Statement for Yazeed merchandising company for December 2018 that has
the followings:Sales:
1,000,000Sales discount:
expenses: 100,000Advertising
expenses: 100,000Sales returns
and allowances: 50,000Insurance
expenses: 10,000Costs of Goods
Sold: 450,000

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