Crane Electronics uses a perpetual inventory system which, at the company's year-end December 31, 2023, indicated an inventory alue of $1,035,750. A physical inventory count was conducted and it was determined that the inventory value was $995,675. Prepare the journal entry to record the difference between the perpetual inventory record and the physical inventory count. (Credit account titles are automatically indented when the amount is entered. De not indent manually. If no entry is required, select "No Entry for the count titles and enter O for the amounts. List debit entry before credit entry) Account Titles and Explanation Debit Credit inv

Crane Electronics uses a perpetual inventory system which, at the company's year-end December 31, 2023, indicated an inventory alue of $1,035,750. A physical inventory count was conducted and it was determined that the inventory value was $995,675. Prepare the journal entry to record the difference between the perpetual inventory record and the physical inventory count. (Credit account titles are automatically indented when the amount is entered. De not indent manually. If no entry is required, select "No Entry for the count titles and enter O for the amounts. List debit entry before credit entry) Account Titles and Explanation Debit Credit inv

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Description: Current Attempt in ProgressCrane Electronics uses a perpetual inventory system which, at the company's year-end December 31, 2023, indicated an inventoryvalue of $1,035,750. A physical inventory count was conducted and it was determined that the inv

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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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.)
At year-end, the perpetual inventory records of Marigold Company showed merchandise inventory of $100,600. The company determined, however, that its actual inventory on hand was $96,900.Record the necessary adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit eTextbook and Media
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Waterway Inc. uses a perpetual inventory system. At January 1, 2020, inventory was $211,257,900 at both cost and realizable value. At December 31, 2020, the inventory was $286,249,300 at cost and $262,969,900 at realizable value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method (b) Loss method.
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Ayayai Company had the following account balances at year-end: Cost of Goods Sold $63,840; Inventory $14,610; Operating Expenses $30,650; Sales Revenue $121,130; Sales Discounts $1,130; and Sales Returns and Allowances $1,850. A physical count of inventory determines that merchandise inventory on hand is $13,080.
SPD Company ("SPD") asks you to review its inventory values at 31 December 2021, and prepare the necessary adjustments to the books. The following information is given to you. (1) SPD uses the periodic method of recording inventory. A physical count reveals $78,819 of inventory on hand at 31 December 2021. (2) Not included in the physical count of inventory is $11,690 of merchandise purchased on 13 December from MILL. This merchandise was shipped f.a.b shipping point on 22 December and arived in January. The invoice arrived and was recorded on 31 December. (3) Included in inventory is merchandise sold to DES on 17 December, f.o.b destination. This merchandise was shipped after it was counted. The invoice was prepared and recorded as a sale on account for $13,298 on 31 December. The merchandise cost $10,210, and DES received it on 4 January. (4) Included in inventory was merchandise received from BCC on 31 December with an invoice price of S16,625. The merchandise was shipped f.o.b.…
On March 1, 2021 Lane Tech Merchandising (LTM) purchased the following inventory in the amount of $12,500 paying $4,500 cash and the rest on account. On March 5, 2021 LTM paid the balance of the transaction of March 1, 2021. On March 10, LTM sold merchandise for $10,000 cash. The cost of merchandise sold was $7,590. Record the journal entries to record the ongoing transactions under perpetual inventory system
You have been assigned to examine the financial statements of PC corp. for the year ended December 31, 2021, as prepared following IFRS. You discover the following situations: 1. Physical inventory count on Dec 31, 2021, improperly included merchandise costing $3,800 that had been sold but not delivered until Jan 5, 2022. PC uses a periodic inventory system. 2. Depreciation of $1,700 for 2021 on delivery vehicles was not recorded. 3. A collection of $4,600 on account from a customer received on Dec 31, 2021, was not recorded. 4. At the beginning of 2020, the company purchased equipment for $225,000 (residual value $22,500) and had a useful life of 6 years. The accountant used straight-line amortization but failed to deduct the residual value in the calculation of the depreciation for 2020 and 2021. Instructions: Prepare the required journal entries (if any) to correct PC accounts, assuming each transaction is independent and assuming 2021 books are not closed.