• 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.
• 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.
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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Question is attached, Please solve number 7 and 8. thanks
Transcribed Image Text:• 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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