Homework Help is Here – Start Your Trial Now!
Business
Accounting
Give the necessary journal entries under the periodic inventory system.

Give the necessary journal entries under the periodic inventory system.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Show computations. 

Problem 1: Write your complete solution, used extra bond paper for computation. No solution is wrong. Wong Co. bought merchandise from Kunat Co. Given the following information, determine the amount of purchase to be recorded and the amount of payment. Terms: 5/10, n/30. Invoice Date List Price Trade Discount Date Paid Purchases Payment Jan. 12 P 240,000 5-10 Jan. 22 16 180,000 10-5 Jan. 27 21 350,000 5-10-5 Jan. 31 Problem 2: Use current journal entries answer sheet. Bum Supplies purchases P150,000 worth of merchandise from Clumsy Traders on account, terms 1/10, n/30 on August 15, P20,000 worth of damage goods were returned to Clumsy Traders the following day. Full payment was made on August 25. Give the necessary journal entries under the periodic inventory system.
Transcribed Image Text:Problem 1: Write your complete solution, used extra bond paper for computation. No solution is wrong. Wong Co. bought merchandise from Kunat Co. Given the following information, determine the amount of purchase to be recorded and the amount of payment. Terms: 5/10, n/30. Invoice Date List Price Trade Discount Date Paid Purchases Payment Jan. 12 P 240,000 5-10 Jan. 22 16 180,000 10-5 Jan. 27 21 350,000 5-10-5 Jan. 31 Problem 2: Use current journal entries answer sheet. Bum Supplies purchases P150,000 worth of merchandise from Clumsy Traders on account, terms 1/10, n/30 on August 15, P20,000 worth of damage goods were returned to Clumsy Traders the following day. Full payment was made on August 25. Give the necessary journal entries under the periodic inventory system.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Database management system (DBMS)
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS