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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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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• Goods shipped f.o.b. destination on December 20, 2020 from a vendor to Dial were received January 2, 2021. The invoice cost was P65,000. At December 31, 2020, what amount should Dial report as total accounts payable? 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 7 Coco 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 8 Coal Co. records purchases at net amounts and uses periodic inventories. Prepare entries for the following: June 11 Purchased merchandise on account, P9,000, terms 2/10, n/30. 15 Returned part of June 11 purchase, P1,000, and received credit on account. 30 Prepared the adjusting entry required for financial statements.
Transcribed Image Text:• Goods shipped f.o.b. destination on December 20, 2020 from a vendor to Dial were received January 2, 2021. The invoice cost was P65,000. At December 31, 2020, what amount should Dial report as total accounts payable? 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 7 Coco 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 8 Coal Co. records purchases at net amounts and uses periodic inventories. Prepare entries for the following: June 11 Purchased merchandise on account, P9,000, terms 2/10, n/30. 15 Returned part of June 11 purchase, P1,000, and received credit on account. 30 Prepared the adjusting entry required for financial statements.
PROBLEM 1 The following were taken from the accounts of Delta Hardware, a small retail business: Sales P253,000 8,000 134,000 Sales Returns and Allowances Merchandise inventory, January 1 Purchases 126,000 Purchase returns and allowances 4,000 3,000 8,500 10,000 Merchandise inventory, December 31 Purchase discounts Freight In Sales discount 80,000 Compute for a. Net Sales b. Net Purchases c. Gross profit PROBLEM 2 Tysen Retailers purchased merchandise with a list price of P90,000, subject to trade discounts of 20% and another 10%, with no cash discounts allowable. Tysen should record the cost of this merchandise as? PROBLEM 3 On June 1, 2020, Univ Corp. sold merchandise with a list price of P30,000 to 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. shipping point. Univ prepaid P600 of delivery costs for University as an accommodation. On June 12, 2020, Univ received from University a remittance in full payment amounting to? PROBLEM 4 Dial Corp.'s accounts payable at December 31, 2020, totaled P800,000 before any necessary year-end adjustments relating to the following transactions: • On December 28, 2020, Dial purchased and received goods for P200,000, terms 2/10, n/30. Dial records purchases and accounts payable at gross amounts. The invoice was recorded and paid January 3, 2021.
Transcribed Image Text:PROBLEM 1 The following were taken from the accounts of Delta Hardware, a small retail business: Sales P253,000 8,000 134,000 Sales Returns and Allowances Merchandise inventory, January 1 Purchases 126,000 Purchase returns and allowances 4,000 3,000 8,500 10,000 Merchandise inventory, December 31 Purchase discounts Freight In Sales discount 80,000 Compute for a. Net Sales b. Net Purchases c. Gross profit PROBLEM 2 Tysen Retailers purchased merchandise with a list price of P90,000, subject to trade discounts of 20% and another 10%, with no cash discounts allowable. Tysen should record the cost of this merchandise as? PROBLEM 3 On June 1, 2020, Univ Corp. sold merchandise with a list price of P30,000 to 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. shipping point. Univ prepaid P600 of delivery costs for University as an accommodation. On June 12, 2020, Univ received from University a remittance in full payment amounting to? PROBLEM 4 Dial Corp.'s accounts payable at December 31, 2020, totaled P800,000 before any necessary year-end adjustments relating to the following transactions: • On December 28, 2020, Dial purchased and received goods for P200,000, terms 2/10, n/30. Dial records purchases and accounts payable at gross amounts. The invoice was recorded and paid January 3, 2021.
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