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
Related questions
Question
100%
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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 4 images
Knowledge Booster
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
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education