Problem 12:Miss Paki Poot, the bookkeeper of "Mura Lang Bavad Enterprises" has reported the balances of the followingaccounts on December 31, 2020 at the end of its accounting period. (Gross profit rate is 15% base on sales)SalesPurchases634,000478,000339,000PMerchandise Inventory, end (physical count)Accounts Receivable150,000During your conduct of the cut-off test, you gathered the following information:Transactions related to SalesDateItems1.ShippedReceivedJan. 1, 2021Jan. 1, 2021RemarksTermsF.O.B Shipping PointF.O.B DestinationF.O.B Shipping PointF.O.B DestinationDec. 31, 2020Dec. 25, 2020Dec. 30, 2020Dec. 30, 2020Amount6,000 Recorded as sales in January15,000 Recorded as sales in December10,00020,000 Not recorded as sales in December25,000 Recorded as sales in December9,000 Recorded as sales in January2.3.Dec. 31, 2020Recorded as sales in December4.Jan. 2, 2021Jan. 4, 2021Jan. 1, 2021Transactions related to Purchases5.F.O.B DestinationDec. 26, 20206.F.O.B Shipping PointJan. 1, 2021DateShippedDec. 30, 2020Dec. 1, 2020Jan. 1, 2021Dec. 31, 2020Dec. 31, 2020ReceivedDec. 31, 2020Dec. 30, 2020Jan. 1, 2021Remarks12,000 Recorded as purchases in January18,000 Recorded as purchases in December5,000 Recorded as purchases in December15,000 Recorded as purchases in December10,000 Recorded as purchases in January20,000 Not recorded as purchases inItemsAmountTermsF.O.B DestinationF.O.B Shipping PointF.O.B Shipping PointF.O.B DestinationF.O.B Shipping Point7.8.9.Jan. 2, 2021Jan. 1, 202110.11.12.F.O.B DestinationDec. 31, 2020Dec. 31, 2020December35. Compute the CORRECT balances of Sales.36. Compute the CORRECT balances of Purchases.37. Compute the CORRECT balances of Merchandise Inventory, December 31 account.38. Compute the CORRECT balances of Accounts Receivables. |

Name: Problem 12:Miss Paki Poot, the bookkeeper of "Mura Lang Bavad Enterpr
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Description: Problem 12:Miss Paki Poot, the bookkeeper of "Mura Lang Bavad Enterprises" has reported the balances of the followingaccounts on December 31, 2020 at the end of its accounting period. (Gross profit rate is 15% base on sales)SalesPurchases634,000478,

In F.O.B shipping point, sales or purchases are accounted when the goods is shipped by the seller In…

Business

Accounting

35. Compute the CORRECT balances of Sales. 36. Compute the CORRECT balances of Purchases. 37. Compute the CORRECT balances of Merchandise Inventory, December 31 account. 38. Compute the CORRECT balances of Accounts Receivables. |

35. Compute the CORRECT balances of Sales. 36. Compute the CORRECT balances of Purchases. 37. Compute the CORRECT balances of Merchandise Inventory, December 31 account. 38. Compute the CORRECT balances of Accounts Receivables. |

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Options are General Sales Purchases Cash receipts Cash Disbursements
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QUESTION 9 The entry to record the company's cost of selling merchandise under a perpetual inventory system would be a O debit to Cost of Goods Sold and a credit to Inventory O debit to Cost of Goods Sold and a credit to Sales O debit to Accounts Receivable and a credit to Sales O debit to Inventory and a credit to Cost of Goods Sold. QUESTION 10 The general ledger is arranged in the O numerical order of the chart of accounts O order with normal credit balance accounts first O order with nomal debit balance accounts first. alphabetical order of the account names. QUESTION 11 Differences between when a company records a transaction and when the bank records the same transaction are called "timung" differences True False
December 22 - Dec. 22 Sold merchandise on account, $12,900 with terms 2/10, net 30. The cost of the goods sold was $8,385. Dec. 31 Received payment within the discount period. Required: Journalize the above merchandise transactions. The company uses the perpetual inventory system. Refer to the chart of accounts for the exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary REVENUE 410 Sales EXPENSES 510 Cost of Merchandise Sold 521…
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Calculate the missing numbers in the following situations. (Input all amounts as positive values.) [15 a b C Invoice cost of merchandise purchases $ 44,900 $ 69 21,900 $ 17,150 Purchase discounts 2,900 370 Purchase returns and allowances 1,950 840 640 Cost of transportation-in 2,200 2,900 Merchandise inventory (beginning of period) 5,400 4,400 Net cost of merchandise purchases 45.600 20,200 Merchandise inventory (end of period) 2,650 4,200 Cost of goods sold $ 59 21,700 SA $ 17,965
2. Compute the July 31 balances of the inventory accounts.
From the general journal, record to the accounts receivable subsidiary ledger and post to the general ledger accounts as appropriate. Record to the accounts receivable subsidiary ledger. Use transaction dates as posting references. Accounts Receivable Subsidiary Ledger Henry Co. Lincoln Co. Now post to the partial general ledger. Use transaction dates as posting references. Partial General Ledger Accounts Receivable 112 Merchandise Inventory 142 Sales 411 Cost of Goods Sold 505
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On December 7, Smart Touch delivers equipment to a small retailer on consignment. The cost of the equipment was $1,460 and the combined retail selling price is $2,200. If the retail shop sells the equipment, Smart Touch will pay 20% commission. Both companies use a perpetual inventory method. Date Accounts Debit Credit
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $23,950 with terms 2/10, n/30. The cost of the merchandise sold was $14,370. If an amount box does not require an entry, leave it blank. Sale Accounts Receivable Sales Cost Cost of Merchandise Sold Merchandise Inventory b. Received payment less the discount. If an amount box does not require an entry, leave it blank. Cash Accounts Receivable c. Issued a $1,100 credit memo for damaged merchandise. The customer agreed to keep the merchandise. If an amount box does not require an entry, leave it blank. Customer Refunds Payable Accounts Receivable
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