Question number 8, please. thanks • Goods shipped f.o.b. destination on December 20, 2020 from avendor to Dial were received January 2, 2021. The invoice costwas P65,000.At December 31, 2020, what amount should Dial report as totalaccounts payable?PROBLEM 5The balance in Win Co.'s merchandise account at December 31, 2020 wasP400,000 before any necessary year-end adjustments relating to thefollowing:• Goods were in transit to Win from a vendor on December 31, 2020.The invoice cost was P50,000. The goods were shipped f.o.b.shipping point on December 29, 2020 and were received onJanuary 4, 2021.• Goods shipped f.o.b. destination on December 21, 2020 from avendor to Win were received on January 6, 2021. The invoice costwas P25,000.In Win's December 31, 2020 balance sheet, total merchandiseisPROBLEM 7Coco Co. records purchase discounts lost and uses perpetual inventories.Prepare journal entries in general journal form for the following:(a) Purchased merchandise costing P1,200 with terms 2/10, n/30.(b) Payment was made thirty days after the purchase.PROBLEM 8Coal Co. records purchases at net amounts and uses periodic inventories.Prepare entries for the following:June 11Purchased merchandise on account, P9,000, terms 2/10, n/30.15Returned part of June 11 purchase, P1,000, and receivedcredit on account.30Prepared the adjusting entry required for financial statements.

Journal entries Date Accounts and…

Coal Co. records purchases at net amounts and uses periodic inventories. Prepare entries for the following: June 11 Purchased merchandise on account, P9,000, terms 2/10, n/30. 15 Returned part of June 11 purchase, P1,000, and received credit on account. 30 Prepared the adjusting entry required for financial statements.

Coal Co. records purchases at net amounts and uses periodic inventories. Prepare entries for the following: June 11 Purchased merchandise on account, P9,000, terms 2/10, n/30. 15 Returned part of June 11 purchase, P1,000, and received credit on account. 30 Prepared the adjusting entry required for financial statements.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 1MC: The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before...

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Concept explainers

Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.

Question

Question number 8, please. thanks

• Goods shipped f.o.b. destination on December 20, 2020 from a
vendor to Dial were received January 2, 2021. The invoice cost
was P65,000.
At December 31, 2020, what amount should Dial report as total
accounts payable?
PROBLEM 5
The balance in Win Co.'s merchandise account at December 31, 2020 was
P400,000 before any necessary year-end adjustments relating to the
following:
• Goods were in transit to Win from a vendor on December 31, 2020.
The invoice cost was P50,000. The goods were shipped f.o.b.
shipping point on December 29, 2020 and were received on
January 4, 2021.
• Goods shipped f.o.b. destination on December 21, 2020 from a
vendor to Win were received on January 6, 2021. The invoice cost
was P25,000.
In Win's December 31, 2020 balance sheet, total merchandise
is
PROBLEM 7
Coco Co. records purchase discounts lost and uses perpetual inventories.
Prepare journal entries in general journal form for the following:
(a) Purchased merchandise costing P1,200 with terms 2/10, n/30.
(b) Payment was made thirty days after the purchase.
PROBLEM 8
Coal Co. records purchases at net amounts and uses periodic inventories.
Prepare entries for the following:
June 11
Purchased merchandise on account, P9,000, terms 2/10, n/30.
15
Returned part of June 11 purchase, P1,000, and received
credit on account.
30
Prepared the adjusting entry required for financial statements.

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