At December 31, 2020, Grouper Company has outstanding noncancelable purchase commitments for 39.500 gallons, at $4.02 pergallon, of raw material to be used in its manufacturing process. The company prices its raw material inventory at cost or market.whichever is lower.Your answer is partially correct.Assuming that the market price as of December 31, 2020, is $3.62, record the journal entry. (Credit account titles are automaticallyIndented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter O for theaniounts. Round answers to 0 decimal places, eg. 6,225)Date Account Titles and ExplanationDebitCreditDec. 31Unrealized Holding Gain or Loss-IncomeEstimated Liability on Purchase Commitments Give the entry in January 2021, when the 39,500-gallon shipment is received, assuming that the situation given in (b2) aboveexisted at December 31, 2020, and that the market price in January 2021 was $3.62 per gallon. Prepare the journal entry forwhen the materials are received in January 2021. (Credit account titles are automatically indented when amount is entered. Do notIndent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to O decimalplaces, eg. 6,225)DateAccount Titles and ExplanationDebitCreditJan, 2021Raw MaterialsEstimated Liability on Purchase CommitmentsAccounts Payable

Journal Entry Account titles Debit Credit Loss on Purchase Commitment 15800 Purchase…

At December 31, 2020, Grouper Company has outstanding noncancelable purchase commitments for 39.500 gallons, at $4.02 per gallon, of raw material to be used in its manufacturing process. The company prices its raw material inventory at cost or market. whichever is lower. Your answer is partially correct. Assuming that the market price as of December 31, 2020, is $3.62, record the journal entry. (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 aniounts. Round answers to 0 decimal places, eg. 6,225) Date Account Titles and Explanation Debit Credit Dec. 31 shoot Commitments

At December 31, 2020, Grouper Company has outstanding noncancelable purchase commitments for 39.500 gallons, at $4.02 per gallon, of raw material to be used in its manufacturing process. The company prices its raw material inventory at cost or market. whichever is lower. Your answer is partially correct. Assuming that the market price as of December 31, 2020, is $3.62, record the journal entry. (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 aniounts. Round answers to 0 decimal places, eg. 6,225) Date Account Titles and Explanation Debit Credit Dec. 31 shoot Commitments

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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mes) Simtech, Inc. started business on January 1, 2020. During the year, they purchased $180,000 of inventory on account. If the company uses a periodic inventory system, which of the following would be included in the entry to record the purchase of inventory? (AC 13) A O Credit to cash O Debit to Purchases O Debit to Accounts Payable O Debit to inventory
A company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 9, 2021, for $50,000 and then sells this inventory on account on March 7, 2021, for $70,000. Record the transactions for the purchase and sale of the inventory. (If no entry is required for a particular transaction/event select "No Journal Entry Required" in the first account field.)
. The Cherry Company's physical inventory on December 31, 2021 showed that merchandise with a cost of P364,000 was on hand at that date. Excluded from this amount are the following items: Merchandise costing P30,000 held by Cherry Company on consignment. Merchandise costing P45,000 shipped FOB shipping point to a customer on December 29, 2021. The goods are expected to be received by the customer on January 4, 2022. Merchandise costing P62,000 shipped FOB destination to a customer on December 31, 2021. The goods were expected to be received by the customer on January 6, 2022. Merchandise costing P78,000 shipped by a vendor FOB destination on December 30, 2021 and received by Cherry Company on January 5, 2022. Merchandise costing P54,000 shipped by a vendor FOB seller on December 31, 2021 and received by Cherry Company on January 3, 2022. What is the correct inventory that should appear in Cherry Company's statement of financial position at December 31, 2021?
Vala
I also need the journal entry for december 31 2025
On December 31, 2019, Ana Inc. sold merchandise for P750,000 to Ysa Inc. The terms of the sales were net 30, FOB shipping point. The merchandise was shipped on December 31, 2019, and arrived at Ysa Inc. on January 5, 2020. Due to a clerical error, the sale was not recorded until January 2020 and the merchandise sold at a 25% markup on cost was included in inventory on December 31, 2019. What was the net effect of the errors on retained earnings? A no effect B understated by 1,350,000 C) understated by 150,000 overstated by 150,000
Pearl Commodities Company signed a long-term noncancelable purchase commitment with a major vegetable supplier to purchase produce in 2021 at a cost of $637,000. At December 31, 2020, the produce to be purchased has a market value of $573,300. Prepare any necessary December 31, 2020 entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31
HI, may i know why didn't record cost , $5000?
Quimby Sports Authority purchased inventory costing $30,000 by signing a 6% short-term, one-year note payable. The purchase occurred on July 31, 2021. Quimby pays annual interest each year on July 31. Read the requirements. First, journalize the company's (a) purchase of inventory. (Record debits first, then credits Exclude explanations from journal entries.) Journal Entry Jul Date 2021 31 Accounts Print Debit Requirements Joutnalize the company's (a) purchase of inventory; (b) accrual of interest expense on April 30, 2022, which is the company's fiscal year-end; and (c) payment of the note plus interest on July 31, 2022. (Round your answers to the nearest whole number) (d) Show what the company would report for liabilities on its balance sheet at April 30, 2022, and on its income statement for the year ended on that date Done - X Credit Clear all Check answer
Morton Company uses a perpetual inventory system. On December 1, 2019, the company purchased inventory on account for $9,000. The credit terms are 2/10, n/30. If Morton pays the bill on Decermber 29, 2019, what amount of discount will be taken?
! Required information [The following information applies to the questions displayed below.] On July 15, 2024, the Niche Car Company purchased 3,000 tires from the Treadwell Company for $30 each. The terms of the sale were 2/10, n/30. Niche uses a perpetual inventory system and the net method of accounting for purchase discounts. Required: 1. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2024. 2. Prepare the journal entry for the payment, assuming instead that it was made on August 15, 2024. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No Date 1 July 15, 2024 Inventory Accounts payable 2 July 23, 2024 Accounts payable Interest expense Cash General Journal Debit 88,200 1,800…
Give the entry in January 2026, when the 37,500-gallon shipment is received, assuming that the situation given in (b2) above existed at December 31, 2025, and that the market price in January 2026 was $3.35 per gallon. Prepare the journal entry for when the materials are received in January 2026. (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.) Date Account Titles and Explanation Jan. 2026 Inventory Estimated Liability on Purchase Commitments Accounts Payable Debit 125625 13125 Credit 138750