Exercise 8-1 (algo) perpetual inventory system; journal entries [lo8-1] john’s specialty store uses a perpetual inventory system. the following are some inventory transactions for the month of may: john’s purchased merchandise on account for $5,300. freight charges of $450 were paid in cash. john’s returned some of the merchandise purchased in (1). the cost of the merchandise was $750 and john’s account was credited by the supplier. merchandise costing $2,950 was sold for $5,500 in cash. required: prepare the necessary journal entries to record these transactions. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

Identify which of the twelve basic functions listed below fit the description given.

Benton company (bc), a calendar year entity, has one owner, who is in the 37% federal income tax bracket (any net capital gains or dividends would be taxed at a 20% rate). bc's gross income is $395,000, and its ordinary trade or business deductions are $245,000. ignore the standard deduction (or itemized deductions) and the deduction for qualified business income. if required, round computations to the nearest dollar. a. bc is operated as a proprietorship, and the owner withdraws $100,000 for personal use. bc's taxable income for the current year is $ , and the tax liability associated with the income from the sole proprietorship is $ . b. bc is operated as a c corporation, pays out $100,000 as salary, and pays no dividends to its shareholder. bc's taxable income for the current year is $ , and bc's tax liability is $ . the shareholder's tax liability is $ . c. bc is operated as a c corporation and pays out no salary or dividends to its shareholder. bc's taxable income for the current year is $ , and bc's tax liability is $ . d. bc is operated as a c corporation, pays out $100,000 as salary, and pays out the remainder of its earnings as dividends. bc's taxable income for the current year is $ , and bc's tax liability is $ .

What is used by accountant to analyze transactions ?