Problem 3 The following accounts were taken from Joel's General Merchandise's adjusted trial balance on December 31, 2022: Account Advertising expense Depreciation expense Doubtful accounts expense Freight in Freight out Insurance expense Interest expense Inventory, Jan. 1 Purchase discount Purchase returns and allowances Purchases Rent expense Repairs and maintenance expense Representation expense Salary expense Sales Sales discount Sales returns and allowances Amount 360,000 800,000 95,000 300,000 220,000 480,000 230,000 140,000 60,000 200,000 4,000,000 1,500,000 75,000 90,000 2,000,000 12,000,000 80,000 100,000 400,000 1,320,000 Supplier expense Utilities expense Inventory as of December 31, 2022, is P130,000. Required: Prepare Joel's General Merchandise's profit or loss statement for the year ended December 31, 20 Follow the conventions and rules discussed in class.

Problem 3 The following accounts were taken from Joel's General Merchandise's adjusted trial balance on December 31, 2022: Account Advertising expense Depreciation expense Doubtful accounts expense Freight in Freight out Insurance expense Interest expense Inventory, Jan. 1 Purchase discount Purchase returns and allowances Purchases Rent expense Repairs and maintenance expense Representation expense Salary expense Sales Sales discount Sales returns and allowances Amount 360,000 800,000 95,000 300,000 220,000 480,000 230,000 140,000 60,000 200,000 4,000,000 1,500,000 75,000 90,000 2,000,000 12,000,000 80,000 100,000 400,000 1,320,000 Supplier expense Utilities expense Inventory as of December 31, 2022, is P130,000. Required: Prepare Joel's General Merchandise's profit or loss statement for the year ended December 31, 20 Follow the conventions and rules discussed in class.

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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Problem 12: Miss Paki Poot, the bookkeeper of "Mura Lang Bavad Enterprises" has reported the balances of the following accounts on December 31, 2020 at the end of its accounting period. (Gross profit rate is 15% base on sales) Sales Purchases 634,000 478,000 339,000 P Merchandise Inventory, end (physical count) Accounts Receivable 150,000 During your conduct of the cut-off test, you gathered the following information: Transactions related to Sales Date Items 1. Shipped Received Jan. 1, 2021 Jan. 1, 2021 Remarks Terms F.O.B Shipping Point F.O.B Destination F.O.B Shipping Point F.O.B Destination Dec. 31, 2020 Dec. 25, 2020 Dec. 30, 2020 Dec. 30, 2020 Amount 6,000 Recorded as sales in January 15,000 Recorded as sales in December 10,000 20,000 Not recorded as sales in December 25,000 Recorded as sales in December 9,000 Recorded as sales in January 2. 3. Dec. 31, 2020 Recorded as sales in December 4. Jan. 2, 2021 Jan. 4, 2021 Jan. 1, 2021 Transactions related to Purchases 5. F.O.B…
2.17) Find the average daily balance (new purchases included) Payment End of Day Balance Dates 12/1-12/9 12/10 12/11-12/17 12/18 12/19-12/31 Average $840.00 Purchase $230.00 X Number of Days $975.00 x $1,205.00 x $1,205.00 x $365.00 X $365.00 x Total → 9 1 7 1 13. 31 Sum of Balances
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Ceries Merchandising Unadjusted Trial Balance June 30, 2015 Account Title Debit Credit Cash 155,929.00 28,433.00 Accounts Receivable Merchandise Inventory Transportation Equipment (Purchase on June 2, 2015) Accounts Payable 150,000.00 231,190.00 500,000.00 Celestine, Capital Sales 83,562.00 1,410.00 459,750.00 Sales Discount Purchase Purchase Discount 8,560.00 Salaries Expense Supplies Expense Advertising Expense Rents Expense (Expense on June 3, 2015) 7,500.00 5,490.00 4,800.00 10,000.00 Total 823.312.00 823.312.00 Additional Information: 1. The delivery vehicle with no salvage value has useful life Of 10 years. 2. The 10,000 rental payment is applicable for the months of June and July 2015. (Expense Method) 3. Celestine received a statement of account from Star Oil Çenter on June 30, 2015 reflecting a total bill of 2,180 which represents an unpaid fuel purchases on June 2015. Required: 1.) Prepare 3- Column Worksheet for Unadjusted Trial Balance to Adjusted Trial Balance 中

question 5 A record of transactions for the month of January was as follows: Purchases Sales Jan 1 (balance) 500 @ $5.00 Jan 3 200 @ $7.00 10 1,300 @ $5.60 18 1,000 @ 8.50 25 800 @ $6.00 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory and cost of goods sold for FIFO, LIFO and moving average.
Instructions The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. Apr. Jun. Jul. Aug. Dec. 1 Purchased merchandise on account from Kirkwood Co., $390,000, terms n/30. 31 Issued a 30-day, 10% note for $390,000 to Kirkwood Co., on account. 30 Paid Kirkwood Co. the amount owed on the note of March 31. 1 Borrowed $156,000 from Triple Creek Bank, issuing a 45-day, 8% note. 1 Purchased tools by issuing a $216,000, 60-day note to Poulin Co., which discounted the note at the rate of 6%. 16 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. 1 Purchased equipment from Greenwood Co. for $500,000, paying $150,000 cash and issuing a series of ten 8% notes for $35,000 each, coming due at 30-day intervals. Settled a product liability lawsuit with a customer for $310,000, payable in January. Accrued the loss in a litigation claims payable account. Paid the amount due…
a company purchased 3300 of merchandise on july 5th with term 3/10 n/30 on july 7th it returned of 900 worth of merchandise on july 12 it paid the full amount due assuming the company uses a perpetual inventory system and records purchases using the gross method the correct journal entry to record the payment on july 12th is debit merchandise inventory 2400 credit cash 2400 debit cash 2400 credit account Pay 2400 debit account Pay 2400 credit merchandise inventory 72 credit cash 2328 debit account pay 3300 credit cash 3300 debit account pay 2400 credit cash 2400