Perpetual Inventories 1) Opening: Cash $ 300,000.00; Goods $ 600,000.00; Furniture $ 250,000.00. 2) The entity bought merchandise worth $ 700.00.00 and for the same amount gave merchandise with a cost of $ 450,000.00. 3) He sold merchandise for $ 875,000.00 and for that same amount they issued a bill of exchange in his favor, including 12% interest. The cost of the sale is $ 525,000.00. 4) He bought merchandise for $ 300,000.00, of which he paid half by check and for the rest he issued a bill of exchange at his expense, including 10% interest. 5) Returned merchandise for $ 50,000.00 paid by check. 6) They returned merchandise worth $ 75,000.00 and for the same amount he gave merchandise. The cost of the return is $ 65,000.00 and the merchandise you gave is $ 60,000.00 7) When selling merchandise worth $ 80,000.00 on credit, they granted a discount of 10% on said value; the cost of the sale is $ 60,000.00. 8) Make the adjustment entry to determine the gross profit or loss and then make the corresponding transfer
Perpetual Inventories 1) Opening: Cash $ 300,000.00; Goods $ 600,000.00; Furniture $ 250,000.00. 2) The entity bought merchandise worth $ 700.00.00 and for the same amount gave merchandise with a cost of $ 450,000.00. 3) He sold merchandise for $ 875,000.00 and for that same amount they issued a bill of exchange in his favor, including 12% interest. The cost of the sale is $ 525,000.00. 4) He bought merchandise for $ 300,000.00, of which he paid half by check and for the rest he issued a bill of exchange at his expense, including 10% interest. 5) Returned merchandise for $ 50,000.00 paid by check. 6) They returned merchandise worth $ 75,000.00 and for the same amount he gave merchandise. The cost of the return is $ 65,000.00 and the merchandise you gave is $ 60,000.00 7) When selling merchandise worth $ 80,000.00 on credit, they granted a discount of 10% on said value; the cost of the sale is $ 60,000.00. 8) Make the adjustment entry to determine the gross profit or loss and then make the corresponding transfer
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Perpetual Inventories
1) Opening: Cash $ 300,000.00; Goods $ 600,000.00; Furniture $ 250,000.00.
2) The entity bought merchandise worth $ 700.00.00 and for the same amount gave merchandise with a cost of $ 450,000.00.
3) He sold merchandise for $ 875,000.00 and for that same amount they issued a bill of exchange in his favor, including 12% interest. The cost of the sale is $ 525,000.00.
4) He bought merchandise for $ 300,000.00, of which he paid half by check and for the rest he issued a bill of exchange at his expense, including 10% interest.
5) Returned merchandise for $ 50,000.00 paid by check.
6) They returned merchandise worth $ 75,000.00 and for the same amount he gave merchandise. The cost of the return is $ 65,000.00 and the merchandise you gave is $ 60,000.00
7) When selling merchandise worth $ 80,000.00 on credit, they granted a discount of 10% on said value; the cost of the sale is $ 60,000.00.
8) Make the adjustment entry to determine the gross profit or loss and then make the corresponding transfer.
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