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15. How much sales for the month of December 2005 were erroneously recorded in January 2006? c. P7,500 P12,500 b. P18,500 d. P20,000 а.

15. How much sales for the month of December 2005 were erroneously recorded in January 2006? c. P7,500 P12,500 b. P18,500 d. P20,000 а.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Please answer no.15 correctly and provide computation. Thank you;)

15. How much sales for the month of December 2005 were erroneously recorded in January 2006? P7,500 a. P12,500 b. P18,500 C. d. P20,000
Transcribed Image Text:15. How much sales for the month of December 2005 were erroneously recorded in January 2006? P7,500 a. P12,500 b. P18,500 C. d. P20,000
Items 15 to 17 are based on the following information: You are engaged to perform an audit of the accounts of the Durian Corporation for the year ended December 31, 2005, and have observed the taking of the physical inventory of the company on December 27, 2005. Only merchandise shipped by the Durian Corporation to customers up to and including December 27, 2005 have been removed or excluded from inventory. The inventory as determined by physical inventory count has been recorded on the books by the company's controller. No perpetual inventory records are maintained. All sales are made on an FOB shipping point basis. The following lists of sales invoices are entered in the sales books for the manths of December 2005 and January 2006, respectively. Sales Invoice Date Amount Date Shipped December 2005 12/23/05 25,000 12/31/05 (b 12/27/05 18,000 12/27/05 30,000 01/05/06 (d 12,000 01/08/06 (e 16,000 12/29/05 (f) (e 8,000 12/05/05 20,000 01/07/06 (h 14,000 12/31/05 January 2006 () 7,500 12/31/05 12/27/05 12/29/05 11,000 01/04/06 Page 24 of 48 01/09/06 12/31/05 (k) 01/08/06 9,000 01/10/06 5.000
Transcribed Image Text:Items 15 to 17 are based on the following information: You are engaged to perform an audit of the accounts of the Durian Corporation for the year ended December 31, 2005, and have observed the taking of the physical inventory of the company on December 27, 2005. Only merchandise shipped by the Durian Corporation to customers up to and including December 27, 2005 have been removed or excluded from inventory. The inventory as determined by physical inventory count has been recorded on the books by the company's controller. No perpetual inventory records are maintained. All sales are made on an FOB shipping point basis. The following lists of sales invoices are entered in the sales books for the manths of December 2005 and January 2006, respectively. Sales Invoice Date Amount Date Shipped December 2005 12/23/05 25,000 12/31/05 (b 12/27/05 18,000 12/27/05 30,000 01/05/06 (d 12,000 01/08/06 (e 16,000 12/29/05 (f) (e 8,000 12/05/05 20,000 01/07/06 (h 14,000 12/31/05 January 2006 () 7,500 12/31/05 12/27/05 12/29/05 11,000 01/04/06 Page 24 of 48 01/09/06 12/31/05 (k) 01/08/06 9,000 01/10/06 5.000
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