Name: CINDY C.

CRAUS

1.Journal Entries

Nov. Working Fund – Bohol Agency 9,000

Cash 9,000
Sample Inventory – Bohol Agency 24,000
Shipments to agency 24,000
Accounts Receivable 210,000
Sales – Bohol Agency 210,000
Cost of Sales – Bohol Agency 150,000
Shipments to agency 150,000
Cash 120,000
Accounts Receivable 120,000
Various Expenses Accounts – Bohol Agency 2,800
Cash 2,800
Nov. 30 Various Expenses Accounts – Bohol Agency 6,000
Sample Inventory – Bohol Agency 6,000
Sales – Bohol Agency 210,000
Cost of Sales – Bohol Agency 150,000
Various Expenses Accounts – Bohol Agency 8,8000
Bohol Agency Income 51,200
Bohol Agency Income 51,200
Income Summary 51,200

2. Sales = 210,000

Gross Profit = 40%

210,000 / 140% = 150,000 cost of sales

3. Sales 210,000

Less: Cost of sales 150,000

Gross Profit 60,000

Less: OPEX 8,800

Net Profit 51,200