ness On January 3, 2022, Crown Co. purchased goods on account for P2,240,000, VAT-inclusive. On January 23, 2022, Crown Co. sold goods to customers on account for 5,000,000, VAT-exclus On January 31, 2022, Crown Co. determine its VAT payable. On February 20, 2022, Crown Co. paid its VAT liability. Require: Prepare the journal entries for above transactions. Both the employee's and the employer's shares for contributions are required in the journal entries.

ness On January 3, 2022, Crown Co. purchased goods on account for P2,240,000, VAT-inclusive. On January 23, 2022, Crown Co. sold goods to customers on account for 5,000,000, VAT-exclus On January 31, 2022, Crown Co. determine its VAT payable. On February 20, 2022, Crown Co. paid its VAT liability. Require: Prepare the journal entries for above transactions. Both the employee's and the employer's shares for contributions are required in the journal entries.

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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Tauros Company’s usual sales terms are net 60 days, FOB Shipping point. Sales, net of returns and allowances, totaled P2,300,000 for the year ended December 31, 2022, before year-end adjustments. Additional data are as follows: · On December 27, 2022, Taurus authorized a customer to return, for full credit, goods shipped and billed at P50,000 on December 15, 2022. The returned goods were received by Taurus on January 4, 2023, and a P50,000 credit memo was issued and recorded on the same date. · Goods with an invoice amount of P80,000 were billed and recorded on January 3, 2023. The goods were shipped on December 30, 2022. · Goods with an invoice amount of P100,000 were billed and recorded on December 30, 2022. The goods were shipped on January 3, 2023. The adjusted net sales for 2022 should be? a. 2,300,000b. 2,250,000c. 2,230,000d. 2,070,000
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