Additional information: Merchandise inventory, ₱50,400 Shipments to the branch are billed at 140% of cost. The overstatement of the branch inventory at December 31, 2020 was:
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The Jake Branch of Charice Company submitted the following
December 31, 2020 after its first year of operations:
Cash ₱ 10,400
Shipments from home office 168,000
Expenses 10,800
Sales ₱ 134,400
Home office current 118,000
Additional information: Merchandise inventory, ₱50,400 Shipments to the branch
are billed at 140% of cost. The overstatement of the branch inventory at
December 31, 2020 was:
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- (ADOPTED) Newton General Merchandise had the following transactions in March 2021:March 2Purchased merchandise amounting to Php 36,000. Terms: 2/10, n/30 FOB shipping point. Paid the freight bill amounting to Php 4,000.March 5Returned Php 3,000 of the merchandise purchased on March 2 because they were defective.March 8Sold merchandise on account for Php 10,000. Terms 3/15, n/30. The cost of the merchandise sold was Php 6,000.March 10Paid the purchase made on March 2 less the return and the discount.March 12Received Php 2,000 of the merchandise sold on March 8. The cost of the merchandise returned was Php 1,200.March 22Received cash from the March 8 customer in full settlement of his account less the return and the discount.REQUIRED:Prepare the appropriate journal entries for both periodic and perpetual inventory systems.Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District 45 on April 12 of the current year with terms 1/10,n/30. Oswego uses the gross method of accounting for sales discounts. What entry would Oswego make on April 18, assuming the customer made the correct payment on that date? Account Title Debit Credit Cash Sales 45,540 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Accounts receivable Sales 45,540 460 Account Title Debit Credit Cash 45,540 Sales discounts 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Sales discounts 460 Accounts receivable 46,000 Sales discounts forfeited 460BioWare's year-end unadjusted trial balance shows accounts receivable of $26,000 and sales of $370,000. Uncollectibles are estimated to be 2% of sales. Prepare the December 31 year-end adjusting entry for uncollectibles using the percent of sales method. View transaction list Journal entry worksheet
- Bonita Company’s unadjusted trial balance at December 31, 2020, included the following accounts. Debit Credit Accounts receivable $55,000 Allowance for doubtful accounts 6,980 Net sales $1,217,400 Bonita Company estimates uncollectible accounts will be 8% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense for 2020StickUps Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following transactions occurred during the month of September 2020: Sept. 3 Purchased merchandise on credit for $6,200 from Pacer Co. 7 Sold merchandise on credit to J. Namal for $1,800, subject to a 2% sales discount if paid by the end of the month. Cost, $1,000. 9 Borrowed $5,500 by giving a note to the bank. 13 The owner, Dale Trent, invested an additional $7,000 cash into the business. 18 Sold merchandise to B. Baird for $460 cash. Cost, $280. 22 Paid Pacer Co. $6,200 for the merchandise purchased on September 3. 27 Received $1,764 from J. Namal in payment of the September 7 purchase. 30 Paid salaries of $3,200. Journalize the September transactions that should be recorded in the Cash Receipts Journal, assuming the perpetual inventory system. (Enter transactions in order) Image attached…During 2021, your company completed the following summarized transactions. Prepare journal entries for the following events. 1. Your company sold $60,000 of merchandise to various customers for $150,000 on account, terms 2/10, n/30. Assume your company uses a PERIODIC inventory system and the GROSS method of discounts. 2. Accounts from transaction “#1." above for which the original amount was $70,000 were collected within the 10 day period. 3. Accounts from transaction "#1." above for which the original amount was $40,000 were collected 27 days after the sale. 4. One customer from transaction “#1" above returned a product which cost $410 and had been sold for $1,000. This customer had NOT paid his account so you credited his account. On December 1, 2021, you loaned $80,000 to another company and received a nine- month, 6% note. 5. 6. Your company wrote off $2,100 of past due accounts receivable. 7. At the end of the year, your company estimated bad debts would be 1% of GROSS sales for…
- Brightstone Company sold P1,800 of merchandise on account to Light Saver, Inc. on September 1 with credit terms of 2/10, n/30. Light Saver returned P500 of the merchandise due to poor quality on September 3. If Oscar pays for the purchase on September 11, what entry does Brightstone make to record receipt of the payment? a. Debit Cash, P1,800; credit Sales Returns and allowances, P500; credit Accounts Receivable, P1,300 b. Debit Cash, P1,274; debit Sales Discounts P26; credit Accounts Receivable, P1,300 c. Debit Cash, P1,764; credit Accounts Receivable, P1,764 d. Debit Cash, P1,800; credit Sales Discounts P36; credit Accounts Receivable, P1,764On January 10, 2022, Cullumber Co. sold merchandise on account to Robertsen Co. for $16,600, n/30, On February 9, Robertsen Co. gave Cullumber Co.a 11% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the account receivable. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation) Date Jan 10 4 Feb. 9 # Debit Credit 1000On December 29 of the current year, Sabre Company sold merchandise for $4, 000 on credit terms, 3/10, n/60. Its accounting period ends December 31. Required Provide the following entries under the gross method. a. To record the merchandise sale. Omit the cost of goods sold entry. b. To record collection of the account, assuming collection took place on January 5 of next year. c. To record collection of the account, assuming collection took place on February 15 of next year. Note: If a line in a journal entry isn't required for a transaction, select "N/A" as the account name and leave the Dr. or Cr. answer blank (zero). 0
- During August 2024, Lima Company recorded the following: Requirements • Sales of $133,300 ($122,000 on account; $11,300 for cash). Ignore Cost of 1. Journalize Lima's transactions during August 2024, assuming Lima uses the direct write-off method. Goods Sold. • Collections on account, $106,400. 2. Journalize Lima's transactions during August 2024, assuming Lima uses the allowance method. • Write-offs of uncollectible receivables, $990. • Recovery of receivable previously written off, $800. Requirement 1. Journalize Lima's transactions during August 2024, assuming Lima uses the direct write-off method. Sales of $133,300 ($122,000 on account, $11,300 for cash). Ignore Cost of Goods Sold. (Record debits first, then credits. Select the explanation on the last line of the journal entratable. Prepare a single compound journal entry.) Accounts and Explanation Debit Credit Date AugPrepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. (a) On March 2, Ivanhoe Company sold $840,000 of merchandise on account to Sarasota Company, terms 3/10, n/30. The cost of the merchandise sold was $603,000. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (To record credit sale) (To record cost of merchandise sold) Debit CreditThe following data were selected from the records of Sykes Company for the year ended December 31, current year. Balances January 1, current year Accounts receivable (various customers) Allowance for doubtful accounts $121,000 5,000 In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 5/10, n/30 (assume a unit sales price of $600 in all transactions). Transactions during current year: a. Sold merchandise for cash, $260,000. b. Sold merchandise to R. Smith; invoice price, $8,500. c. Sold merchandise to K. Miller; invoice price, $40,000. d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. e. Sold merchandise to B. Sears; invoice price, $22,000. f. R. Smith paid his account in full within the discount period. g. Collected $90,000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the invoice in (c) within the discount…
