I1. Journalized the following transaction. PERPECTUAL INVENTORY SYSTEM Nov 1 Mr. Tom invested P40, 000 in the name of the company, YoCo. Purchased Equipment for 1,500 Purchased office supplies on cash 300 Purchased merchandise on account to Fuma, 18,000 term 2/10 n/30 Sold merchandise on account from Gina. Amounting to 8,000,FOB Destination term 2 3. 4. 2/10 n/30 (cost of merchandise 6,000) 6. Paid freight charges on Nov 7 sales, 300 Received credit from Fuma worth 1,000 from merchandise return Paid Fuma in full 12 14 Received payment from Gina in Full Purchased merchandise on cash for 10,000 17 18 19 Paid salaries 400 20 Issue promissory note for the barrowed money amounting to 5,000 from CHINA BANK Received cash return from the purchased supplies of Nov 18, P300 Purchased merchandise on COLLINS worth 5,000 terms 2.10 n/30. FOB Shipping 21 22 point

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Q: The general ledger clerk receives summary data from which departments?what form of summary data?

A:

Q: APA FORMAT-

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Q: Define Sales revenue.

A:

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A: Every entity before accepting the order from the customer needs to check the master data. It…

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A: In the context of management accounting, intermediate goods are products that are not quite finished…

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A: Introduction: Trend analysis is a method utilized in technical analysis that tries to forecast the…

Q: CAFR

A: CAFR stands for Comprehensive Annual Financial Report. This report contains sets of US financial…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.