A reconciliation between physical count and the balance of the company’s share card which ties up already with the balance of the inventories per company’s general ledger is as follows: Per count P 280,000.00 Items held by client as consignment from consignor ( 18,000.00) Items returned by a customer. The mark-up based on cost is 20%. The client issued a credit memo to the customer in 2022 ( 12,000.00) Per share card P 250,000.00 Required: Adjusting Entries
A reconciliation between physical count and the balance of the company’s share card which ties up already with the balance of the inventories per company’s general ledger is as follows:
Per count P 280,000.00
Items held by client as consignment from consignor ( 18,000.00)
Items returned by a customer. The mark-up based
on cost is 20%. The client issued a credit
memo to the customer in 2022 ( 12,000.00)
Per share card P 250,000.00
Required:
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