Carbonandum universe produces card board and has the below mentioneddetails for March 31, 2021:ParticularsAmountOpening inventoryP300,000PurchasesP2,016,000Carriage inwardsWagesSalesP90,000P150,000P3,300,000Returns inwardsP300,000Return outwardsClosing inventoryP216,000P600,000Pass necessary adjusting closing entries in the year end.

Name: Carbonandum universe produces card board and has the below mentionedd
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Description: Carbonandum universe produces card board and has the below mentioneddetails for March 31, 2021:ParticularsAmountOpening inventoryP300,000PurchasesP2,016,000Carriage inwardsWagesSalesP90,000P150,000P3,300,000Returns inwardsP300,000Return outwardsClos

Transactions of an entity will be initially recorded through various journal entries in the books of…

Business

Accounting

Carbonandum universe produces card board and has the below mentioned details for March 31, 2021: Particulars Opening inventory Amount P300,000 Purchases P2,016,000 Carriage inwards Wages Sales Returns inwards Return outwards | Closing inventory Pass necessary adjusting closing entries in the year end. P90,000 P150,000 P3,300,000 P300,000 P216.000 P600,000

Carbonandum universe produces card board and has the below mentioned details for March 31, 2021: Particulars Opening inventory Amount P300,000 Purchases P2,016,000 Carriage inwards Wages Sales Returns inwards Return outwards | Closing inventory Pass necessary adjusting closing entries in the year end. P90,000 P150,000 P3,300,000 P300,000 P216.000 P600,000

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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The trial balance os Skysong Company at the end of its fiscal year, August 31, 2022 includes these accounts: Inventory $20,500; Purchases $174,200; Sales Revenue $225,000; Freight-In $5,500; Sales Discount $3,700; Sales Returns and Allowances $4,300; Freight-Out $2,000; Purchase Discounts $3,400; Purchase Returns and Allowances $2,900. The ending Inventory is $27,478. Do not give answer in image
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Current Attempt in Progress The trial balance of Crane Company at the end of its fiscal year, August 31, 2022, includes these accounts: Inventory $35,000; Purchases $154,900; Sales Revenue $191,000; Freight-In $9,200; Sales Returns and Allowances $4,400; Freight-Out $1,900; and Purchases Returns and Allowances $6,900. The ending inventory is $28,000. Prepare a cost of goods sold section for the year ending August 31.
During 2021, a company sells 280 units of inventory for $86 each. The company has the following inventory purchase transactions for 2021: Date Transaction Numberof Units UnitCost Total Cost Jan. 1 Beginning inventory 68 $ 68 $ 4,624 May 5 Purchase 166 69 11,454 Nov. 3 Purchase 190 71 13,490 424 $ 29,568 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO. Ending inventory: __________ Cost of goods sold: ___________
Freedman Company estimates that sales this year of $12,000 will be returned next year and customers will be granted a full refund. Which of the following journal entries would Freedman Company record as part of its year-end adjustments assuming it uses the perpetual inventory system? a.Debit Estimated Returns Inventory for $12,000 and credit Income Summary for $12,000 b.Debit Sales Returns and Allowances for $12,000 and credit Cost of Goods Sold for $12,000 c.Debit Inventory Short and Over for $12,000 and credit Merchandise Inventory for $12,000 d.Debit Sales Returns and Allowances for $12,000 and credit Customer Refunds Payable for $12,000
On January 15, 2021, Marimar Company shipped 100 cellphone units to Sergio Company. The related data: The list price per unit P5,200 Trade discount per unit 200 Freight charges paid in cash 3,500 FOB destination Tem of payments 2/10, n/30 The invoice price is 60% based on sales. On January 25, 2021, Sergio Company paid 50% of the total shipment. The entity uses the perpetual inventory system. Requirements: What are the related journal entries under the gross method and the net method? At month-end, how much is the entity's accounts receivable under the gross method? At month-end, how much is the entity's accounts receivable under the net method?
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?
On February 15, 2021 Parker Company sells 1,000 books at $10 each on account to Nobes Companywith terms 4/10, n/60. Nobes applies net cost method for purchases and pays this amount March 1, 2021.Make journal entries for Nobes, February 15, and March 1 st .
prepare journal entries for the ransaction listed above and adjusting entries(including for cost of goods sold using the perpetual system)
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Muscat Business Solution (MBS) follows perpetual inventory method. MBS purchase Merchandise 200 units of the HP Laser Printers at a cost of RO 120 each on credit on 10th June 2019. Terms of purchase are 5/10, n/60. MBS discovers that 50 units of HP Laser Printer returns to the supplier for a full refund on 12th June 2019. Which of the following is correct entry for Merchandise Return on 12th June 2019 in the books of MBS? a. Dr. Accounts Payable RO 6,000 Cr. Purchase return RO 6,000 b. Dr. Merchandise inventory RO 24,000 Cr. Accounts payable RO 24,000 c. Dr. Accounts payable RO 6,000 Cr. Merchandise Inventory RO 6,000 d. Dr. Accounts payable RO 24,000 Cr. Merchandise Inventory RO 24,000