During the Current Year,the Following Transactions Occurred for Marjorie's Jewelry

question 117

Essay

During the current year,the following transactions occurred for Marjorie's Jewelry Store:
A.On May 1,the business purchased 10 rings on account at $6,000 each.Credit terms were 2/10,net/30.
B.On May 2,the business returned one ring because of a defect.
C.On May 3,three of the rings were sold on account at $8,000 each,to one customer.Credit terms were n/30.No sales returns were expected.
D.On May 9,the accounts payable was paid in full.
E.On May 10,the customer paid for one ring sold on May 3.
F.On May 31,the business paid rent of $4,000 for the month of May and wages of $5,000.
Required:
1.Journalize the above transactions for Marjorie's Jewelry Store.The store uses the perpetual inventory system.Explanations are not required.
2.Prepare the income statement for the month ending May 31 of the current year.Use the multistep format and ignore taxes.

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Definitions:

Moral Theory

A system of principles and values concerning the distinction between right and wrong or good and bad behavior.

Teleology

A philosophical approach that explains phenomena by their ends or purposes rather than by their causes.

Deontology

A theory of ethics that espouses duty, rules, and obligation as the foundation of moral behavior.

Values Transmission

The process by which beliefs, morals, and values are passed down from one generation to another, often within families or through cultural teaching.