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.

Name: Module 3 MI Assessment.docPrepare journal entries to record the trans
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
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

See similar textbooks

Similar questions

The following selected transactions were completed by Capers Company during October of the current year:Oct. 1. Purchased merchandise from UK Imports Co., $14,448, terms FOB destination, n/30.3. Purchased merchandise from Hoagie Co., $9,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $220 was added to the invoice.4. Purchased merchandise from Taco Co., $13,650, terms FOB destination, 2/10, n/30.6. Issued debit memo to Taco Co. for $4,550 of merchandise returned frompurchase on October 4.Oct. 13. Paid Hoagie Co. for invoice of October 3.14. Paid Taco Co. for invoice of October 4 less debit memo of October 6.19. Purchased merchandise from Veggie Co., $27,300, terms FOB shipping point, n/eom.19. Paid freight of $400 on October 19 purchase from Veggie Co.20. Purchased merchandise from Caesar Salad Co., $22,000, terms FOB destination, 1/10, n/30.30. Paid Caesar Salad Co. for invoice of October 20.31. Paid UK Imports Co. for invoice of October 1.31. Paid Veggie Co. for invoice…
SCC Company reported the following for the current year: Net sales Cost of goods sold Beginning balance in inventory Ending balance in inventory Compute (a) Inventory turnover and (b) days' sales In Inventory. Hint Inventory turnover uses average Inventory and days' sales in Inventory uses the ending balance in Inventory. $ 52,000 45,900 2,489 8,400 Complete this question by entering your answers in the tabs below. Inventory Days Sales In Turnover Inventory Compute the days' sales in inventory. Numerator: Days' Sales In Inventory Denominator: =
For the current period, the following data were taken from the ledger: Purchases Purchases Returns and Allowances Purchases Discounts Freight-in Select one: a. $9,600 b. $39,300 40,000 c. $47,300 d. $34,600 e. None of the above 600 Beginning inventory was $8,000 and ending inventory was $13,000. What was cost of goods sold? 300 200
The following information is available for a company: Beginning inventory $ 33,000 Inventory purchases (on account) 163,000 Freight charges on purchases (paid in cash) 18,000 Inventory returned to suppliers (for credit) 20,000 Ending inventory 38,000 Sales (on account) 258,000 Cost of inventory sold 156,000 Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. Record merchandise purchased on account for $163,000. Record the payment of $18,000 in cash for freight charges. Record merchandise returned to supplier for credit of $20,000. Record sales on account of $258,000. Record cost of merchandise sold of $156,000.
Based upon the following data for a business with a periodic inventory system, determine the cost of goods sold for August. Inventory, August 1 Inventory, August 31 Purchases Purchases returns and allowances Purchases discounts Freight in Schedule of the Cost of Goods Sold For the Month Ended August 31 Line Item Description Cost of merchandise purchased: Net purchases Total cost of merchandise purchased $ 71,130 90,820 368,870 16,360 12,190 3,540 Amount Amount 1000 $
Please help me
The following selected transactions were completed by Betz Company during July of the current year. Betz Company uses the net method under a perpetual inventory system. July 1 Purchased merchandise from Sabol Imports Co., $13,322, terms FOB destination, n/30. 3 Purchased merchandise from Saxon Co., $10,650, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $240 was added to the invoice. 5 Purchased merchandise from Schnee Co., $13,700, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Schnee Co. for merchandise with an invoice amount of $4,850 returned from purchase on July 5. 13 Paid Saxon Co. for invoice of July 3. 14 Paid Schnee Co. for invoice of July 5, less debit memo of July 6. 19 Purchased merchandise from Southmont Co., $29,840, terms FOB shipping point, n/eom. 19 Paid freight of $410 on July 19 purchase from Southmont Co. 20 Purchased merchandise from Stevens Co., $22,200, terms FOB destination, 1/10, n/30. 30 Paid…
Sales and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions were completed during April between Swan Company and Bird Company. Both companies use the net method under a perpetual inventory system. Ap 2. Swan Company sold merchandise on account to Bird Company, $54,800, terms FOB shipping point, 2/10, n/30. Swan paid freight of $1,620, which was added to the invoice. The cost ef the goods sold was $33,180. 8. Swan Company sold merchandise on account to Bird Company, $48,300, terms FOB destination, 1/15, n/eom. The cost of the goods sold was $25,920. 8. Swan Company paid freight of $1,205 for delivery of merchandise sold to Bird Company on April 8. 12. Bird Company paid Swan Company for purchase of April 2. 23. Bird Company paid Swan Company for purchase of April 24. Swan Company sold merchandise on account to Bird Company, $66,060, terms FOB shipping point, n/eom. The cost of the goods sold was $37,140. 25. Swan…