BE7.4 (LO 2) Roeher Company sold $9,000 of its specialty shelving to Elkins Office Supply Co. on account. Prepare the entries when (a) Roeher makes the sale, (b) Roeher grants an allowance of $70o when some of the shelving does not meet exact specifications but still could be sold by Elkins, and (c) at year-end; Roeher estimates that an additional S200 in allowances will be granted to Elkins.

BE7.4 (LO 2) Roeher Company sold $9,000 of its specialty shelving to Elkins Office Supply Co. on account. Prepare the entries when (a) Roeher makes the sale, (b) Roeher grants an allowance of $70o when some of the shelving does not meet exact specifications but still could be sold by Elkins, and (c) at year-end; Roeher estimates that an additional S200 in allowances will be granted to Elkins.

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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Roeher Company sold $9,000 of its specialty shelving to Elkins Office Supply Co. on account. Prepare the entries when (a) Roeher makes the sale, (b) Roeher grants an allowance of $700 when some of the shelving does not meet exact specifications but still could be sold by Elkins, and (c) at year-end; Roeher estimates that an additional $200 in allowances will be granted to Elkins.
Viserys Corporation, a dealer of cars, sold its old warehouse with carryingamount of P600,000 for P1,000,000. Initial payments of P300,000 wascollected as of December 31, 2018. Compute for the gross profit to be reportedfor the year 2018. a. 60,000b. 120,000c. 133,333d. 400,000e. Answer not given
On Jan 1,2020, Kim Co. supplies amounted to P2,500. During the year, thecompany purchased P1,200 worth of supplies. Because of some defects, theyreturned P300 to the suppliers. At year end, the supplies amounted to P1,800.What is the amount of supplies expense?
Marin Inc. sold $18,000 of its designer tables to Santos Furniture and Design Studios on account. Marin estimates that $1,700 of these sales will either be returned or an allowance will be granted. Prepare the entries when (a) Marin makes the sale (use the gross method), and (b) Marin grants an allowance of $800 when some of the tables do not meet exact specifications but still could be sold by Santos. (Credit account titles are automatically indented when the 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.) No. Account Titles and Explanation Debit Credit (a) (b)
10. Serene Company purchases fountains for its inventory from Kirkland Inc. The following transactions take place during the current year. A. On July 3, the company purchases thirty fountains for $3114 per fountain, on credit. Terms of the purchase are 2/10, n/30, invoice dated July 3. B. On August 3, Serene does not pay the amount due and renegotiates with Kirkland. Kirkland agrees to convert the debt owed into a short-term note, with an 8% annual interest rate, payable in two months from August 3. C. On October 3, Serene Company pays its account in full. Record the journal entries to recognize the initial purchase, the conversion, and the payment.
1) the 456 company purchased office supplies from A-One supplies worth P44,000 on May 29, 2021. A-one supplies gave the buyer trade discount of 10% and 5%. the buyer agreed with the term 2/10, n/45. How much will be paid by 456 company on June 8? a) 36867 b) 37630 c) 44000 d) 39600 2. below are some data of the income statement accounts of wishing well company for the year dec 31, 2021: inventory,beginning 430,800 inventory,end 399,500 freight - in 36,780 purchase discount 22,500 merchandise available for sale 1,230,500 how much is the cost of goods sold? a) 777,200 b) 799, 700 c) 740,420 d) 831,000 3) the 456 company purchased office supplies from a-one supplies worth 80,000 on april 4, 2021 A- one supplies gave the buyer trade discount of 5% and 2% the buyer and supplier agreed with the term 5/15, n/30. How much will be paid by 456 company on april 18? a) 80,000 b) 76,000 c) 70,756 d) 74480
Larkspur Inc. sold $24,000 of its designer tables to Santos Furniture and Design Studios on account. Larkspur estimates that $2,900 of these sales will either be returned or an allowance will be granted. Prepare the entries when (a) Larkspur makes the sale (use the gross method), and (b) Larkspur grants an allowance of $950 when some of the tables do not meet exact specifications but still could be sold by Santos. (Credit account titles are automatically indented when the 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.) No. Account Titles and Explanation Debit Credit (a) (b)
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On January 01, 2020 Kit Company, Inc. establishes a branch in Bauang. During the year, Kit Inc. transfers cash and merchandise to the branch worth P15,000 and P45,000 respectively. Freight was paid by the home office worth P1,500 included in the cost of merchandise. The home office also incurred P5,700 expenses of which 30 percent was allocated to the branch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office books. Present solution in good accounting form.
On January 01, 2020 Kit Company, Inc. establishes a branch in Bauang. During the year, Kit Inc. transfers cash and merchandise to the branch worth P15,000 and P45,000 respectively. Freight was paid by the home office worth P1,500 included in the cost of merchandise. The home office also incurred P5,700 expenses of which 30 percent was allocated to the branch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office books