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- Purchase-related transactions Journalize entries for the following related transactions of Lilly Heating Air Company: A. Purchased 36,000 of merchandise from Schell Co. on account, terms 1/10, n/30. B. Paid the amount owed on the invoice within the discount period. C. Discovered that 9,000 of the merchandise purchased in (A) was defective and returned items, receiving credit. D. Purchased 5,000 of merchandise from Schell Co. on account, terms n/30. E. Received a refund from Schell Co. for return in (C) less the purchase in (D).Merchandise purchased for resale.. • Freight In.. • Freight Out. • Purchased returns. Interest on inventory loan. What is the inventoriable cost of the purchase? Gamma Company provided the following information for the current year: .P 4,000,000 100,000 50,000 20,000 200,000 A. P4,280,000 В. Р4,030,000 С. Р4,080,000 D. P4,130,0006.2. Company pay VAT by the tax deduction method, accounting for inventories by perpetual inventory system, determination of price of inventories by FIFO method. Beginning balance: Acc 152: 10.000.000 VND (1000 units of A) Acc 153: 2.000.000 VND (100 units of T) During the period the following transactions occur: Requirement: Record transaction 1. Purchase 5.000 units of A on account, the price (excluded VAT) is 52 million VND, VAT rate at 10%. 2. Purchase 1.500 units of tool T with an invoiced price (with VAT) of 35.200.000 VND, VAT rate at 10%, pay by cash in bank. When checking before receiving, company find out some goods in bad quality. Company complain and ask for a purchase allowance. Three days later, seller accepted a 5% allowance of invoice price (with VAT) paid by cash on hand. 3. Issue 500 units of T from warehouse to be used for administrative purpose. They are estimated to be used up in 3 accounting periods. 4. Issue from warehouse 200 units of A for manufacturing. 5. A…
- 5-Ch 5 i Feb. 1 Purchased $16,900 of merchandise inventory; terms 3/10, n/30. 5 Purchased for cash $8,100 of merchandise inventory. 6 Purchased $21,900 of merchandise inventory; terms 1/15, n/45. Journalize each of the following transactions assuming a perpetual inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 11 Paid for the merchandise purchased on February 1. 24 Paid for the office supplies purchased on February 9. Mar.23 Paid for the February 6 purchase. 9 Purchased $1,850 of office supplies; terms n/15. 10 Contacted a major supplier to place an order for $190,000 of merchandise in exchange for a 20% trade discount to be shipped on April 1 FOB destination. View transaction list Journal entry worksheet < 1 2 3 Date Feb 011 Note: Enter debts before credits 4 5 Record purchase of merchandise for $16,000; terms 1/10, r/30. 6 General Journal 7 8 Saved Debit Inmiddleware Credituo 11:.0 A itc.birzeit.edu Z9. 1 0 * JAWWAL I. Question 14 Not yet answered Marked out of 1.0 P Flag question The following information is available from Carron Company's 2019 accounting records: Purchases $530,000 Purchase discounts .10,000 Freight-out ..40,000 Beginning inventory 160,000 Ending inventory 215,000 Freight- in .7,000 Purchases returns and allowances...7,000 Requirement: Calculate the cost of goods sold for the year 2019. (When writing your answer do not use commas or sign of the dollar. For example, if your answer is $1,500, write it as 1500) Answer: IITHRALL SUAVE Company made the following erron Denumber 31 Pox1 inventory was understated by P100,000 December 31, 20. mventory was overslated by P160.000 Purchases on account in Pox1 wewe understated by P400,000 (not included in physical no Nuvances to suppliers in 202 totalno 1*520 000 were inappropriately charged as purchas Dekabr 201 prepadansurance was overstated by P20,000 December 31, 20x1 unlesumed rent income was overstated by P104 000 December Box interest receivable was understated by 88,000 December 31, 20x2 accrued salaries payable was understated by P120,000 Ndvances from customers in 20x2 totaling 4240,000 were inappropnately recognized as Sales but the goods were delivered in 20x3 Depreciation expense in 20x1 was overstated by 128,800 lo Pox the acquisition cost of a delivery truck amounting to P360,000 was inappropriately charged as expenses . The delivery truck has a useful life of five years. THRALL'S policy is to provide a full years straight line depreciation in the…
- 2021 TRANSACTIONS August 1 Phil Trading purchased merchandise from Webb Inc., P5,000; terms: 2/20, n/30; FOB SP, freight collect. 3 Merchandise was purchased from Heaven Co., P10,000; terms:5-5, 2/10 EOM; FOB destination, freight prepaid; freight cost, P80. Phil Trading paid freight on shipment from Webb Inc., P120. 5 5 Merchandise was sold to Brian Inc., P7,000 cash. 6 Phil Trading paid freight on shipment to Brian Inc., P250. 8 Phil Trading returned P500 defective goods purchased August 1 from Webb Inc. 10 Cash of P1,000 was refunded to Brian Inc., for allowances granted due to defective goods sold. 12 Merchandise with list price of P8,500 was sold to Bambi Co.,; terms: 10-10, 2/10, n/30; FOB SP, freight collect; freight cost of P180. 15 Phil Trading sold merchandise sold to Sulu Co., P12,000; terms: 10 EOM; FOB SP, freight prepaid; freight cost P360. 18 Merchandise was sold to Pan Co., P15,000; terms: 1/15, n/60; FOB destination, freight collect; freight cost P505. 20 Phil Trading…sh16 Abbey Co. sold merchandise to Gomez Co. on account, $34,000, terms 2/15, n/45. The cost of the goods sold was $14,693. Abbey Co. issued a credit memo for $4,100 for merchandise returned that originally cost $1,189. What is the amount of gross profit earned by Abbey Co. on these transactions? a.$13,504 b.$19,816 c.$16,396 d.$4,100Module 3 MI Assessment.doc Prepare journal entries to record the transactions using gross method and net method: compute for change inventory, beginning inventory, cost of sales and net purchases under each method Autumn Company provided the following transactions for the current year, the first year of operations. Purchase of merchandise at an invoice price of 4,750,000 excluding freight. Terms are 2/10, n/30. b. Freight paid, 250,000. The freight is allocated to each purchase. c. Cash payment on purchases 3,717,000 of which 1,617,000 was paid within the discount period. d. It is expected that all discounts on unpaid accounts payable will be lost. On December 31, one fifth of the merchandise remains on hand. f. Assuming at the end of the accounting period no payment was made, what is the corresponding journal I. а. е. entry. Using the information of Autumn Company: prepare journal entries to record the transactions using gross method and net method: compute for accounts receivable and…
- Adjustments for a Merchandising Business: Perpetual Inventory System with Sales Returns and Allowances A partial Trial Balance for Curless Company as of December 31, 20-- is shown. Curless Company Partial Trial Balance For Year Ended December 31, 20-- ACCOUNT TITLE DEBIT BALANCE CREDIT BALANCE Merchandise Inventory 150,000.00 Estimated Returns Inventory 500.00 Customer Refunds Payable 650.00 Sales 425,000.00 Sales Returns and Allowances 18,000.00 Cost of Goods Sold 288,000.00 Curless has made the following estimates for next year: • Sales made this year of $7,800 will be returned next year and customers will be granted full refunds. • The estimated cost of the inventory sold this year and expected to be returned by customers next year is $5,900. Open T accounts and enter the balances for the above accounts. Make appropriate adjustments to the T accounts. For grading purposes use the labels shown. TB Trial balance (beginning balance) ATB Adjusted trial balance (ending balance) (1)…Requlred Information [The following informetion applies to the questions dlisplayed below) Grant Enterprises and Lee Corporation report the following smounts for the year Grant $ 38,800 24,0 355,280 21,8ae Lee $ 56,00 Inventory (beginning) Inventory (ending) Purchases 185,8aa Purchase returns Requlred: 1. Calculate cost of goods sold for esch compeny Grant Lee Boginning inventory Cost of goods available for sale Cost of goods soldd ing Enabled: Chapter 7 Required Homewor... i Albany International Corporation, originally the Albany Felt Company, is an industrial-goods company based in Rochester, New Hampshire. On June 30, Year 1, Albany International sold merchandise to its good customer ABC Inc. and accepted a noninterest- bearing note in exchange. The note requires payment of $35,000 on March 31, Year 2. The fair value of the merchandise exchanged is $33,950. Albany International views the financing component of this contract as significant. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required: 1. Please prepare journal entries for Albany International to record the sale of merchandise (please omit any entry that might be required for the cost of the goods sold), any December 31, Year 1 interest accrual, and the March 31, Year 2 collection. 2. What is the effective interest rate on the note? Prepare journal entries to record the sale of merchandise (omit any entry…