Prepare journal entries to record the transactions using gross method and net method: compute for change inventory, beginning inventory, cost of sales and net purchases under each method Autumn Company provided the following transactions for the current year, the first year of operations. Purchase of merchandise at an invoice price of 4,750,000 excluding freight. Terms are 2/10, n/30. b. Freight paid, 250,000. The freight is allocated to each purchase. c. Cash payment on purchases 3,717,000 of which 1,617,000 was paid within the discount period. d. It is expected that all discounts on unpaid accounts payable will be lost. On December 31, one fifth of the merchandise remains on hand. f. Assuming at the end of the accounting period no payment was made, what is the corresponding journal I. а. е. entry.

Prepare journal entries to record the transactions using gross method and net method: compute for change inventory, beginning inventory, cost of sales and net purchases under each method Autumn Company provided the following transactions for the current year, the first year of operations. Purchase of merchandise at an invoice price of 4,750,000 excluding freight. Terms are 2/10, n/30. b. Freight paid, 250,000. The freight is allocated to each purchase. c. Cash payment on purchases 3,717,000 of which 1,617,000 was paid within the discount period. d. It is expected that all discounts on unpaid accounts payable will be lost. On December 31, one fifth of the merchandise remains on hand. f. Assuming at the end of the accounting period no payment was made, what is the corresponding journal I. а. е. entry.

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Description: Module 3 MI Assessment.docPrepare journal entries to record the transactions using gross method and net method: compute forchange inventory, beginning inventory, cost of sales and net purchases under each methodAutumn Company provided the following

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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