Question is attached as an image. Thanks • Goods shipped f.o.b. destination on December 20, 2020 from avendor to Dial were received January 2, 2021. The invoice costwas P65,000.At December 31, 2020, what amount should Dial report as totalaccounts payable?PROBLEM 5The balance in Win Co.'s merchandise account at December 31, 2020 wasP400,000 before any necessary year-end adjustments relating to thefollowing:• Goods were in transit to Win from a vendor on December 31, 2020.The invoice cost was P50,000. The goods were shipped f.o.b.shipping point on December 29, 2020 and were received onJanuary 4, 2021.• Goods shipped f.o.b. destination on December 21, 2020 from avendor to Win were received on January 6, 2021. The invoice costwas P25,000.In Win's December 31, 2020 balance sheet, total merchandiseisPROBLEM 7Coco Co. records purchase discounts lost and uses perpetual inventories.Prepare journal entries in general journal form for the following:(a) Purchased merchandise costing P1,200 with terms 2/10, n/30.(b) Payment was made thirty days after the purchase.PROBLEM 8Coal Co. records purchases at net amounts and uses periodic inventories.Prepare entries for the following:June 11Purchased merchandise on account, P9,000, terms 2/10, n/30.15Returned part of June 11 purchase, P1,000, and receivedcredit on account.30Prepared the adjusting entry required for financial statements. PROBLEM 1The following were taken from the accounts of Delta Hardware, a smallretail business:SalesP253,0008,000134,000Sales Returns and AllowancesMerchandise inventory, January 1Purchases126,000Purchase returns and allowances4,0003,0008,50010,000Merchandise inventory, December 31Purchase discountsFreight InSales discount80,000Compute fora. Net Salesb. Net Purchasesc. Gross profitPROBLEM 2Tysen Retailers purchased merchandise with a list price of P90,000, subjectto trade discounts of 20% and another 10%, with no cash discountsallowable. Tysen should record the cost of this merchandise as?PROBLEM 3On June 1, 2020, Univ Corp. sold merchandise with a list price of P30,000to University on account. Univ allowed trade discounts of 30% and 20%.Credit terms were 2/15, n/40 and the sale was made f.o.b. shippingpoint. Univ prepaid P600 of delivery costs for University as anaccommodation. On June 12, 2020, Univ received from University aremittance in full payment amounting to?PROBLEM 4Dial Corp.'s accounts payable at December 31, 2020, totaled P800,000before any necessary year-end adjustments relating to the followingtransactions:• On December 28, 2020, Dial purchased and received goods forP200,000, terms 2/10, n/30. Dial records purchases and accountspayable at gross amounts. The invoice was recorded and paidJanuary 3, 2021.

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PROBLEM 5 The balance in Win Co.'s merchandise account at December 31, 2020 was P400,000 before any necessary year-end adjustments relating to the following: • Goods were in transit to Win from a vendor on December 31, 2020. The invoice cost was P50,000. The goods were shipped f.o.b. shipping point on December 29, 2020 and were received on January 4, 2021. • Goods shipped f.o.b. destination on December 21, 2020 from a vendor to Win were received on January 6, 2021. The invoice cost was P25,000. In Win's December 31, 2020 balance sheet, total merchandise is

PROBLEM 5 The balance in Win Co.'s merchandise account at December 31, 2020 was P400,000 before any necessary year-end adjustments relating to the following: • Goods were in transit to Win from a vendor on December 31, 2020. The invoice cost was P50,000. The goods were shipped f.o.b. shipping point on December 29, 2020 and were received on January 4, 2021. • Goods shipped f.o.b. destination on December 21, 2020 from a vendor to Win were received on January 6, 2021. The invoice cost was P25,000. In Win's December 31, 2020 balance sheet, total merchandise is

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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