Run, Inc. conducted a physical count on December 31, 2020, showing merchandise costing P463,000 was on hand at that date. Your examination reveals the following items were excluded from the inventory per count: 1. Merchandise of P20,000 which is being held on consignment 2. Goods costing P39,500 that were shipped FOB shipping point on December 31, 2020. These goods were delivered to the customer on January 6, 2021. 3. Goods costing P16,800 that were shipped FOB destination to a customer on December 29, 2020. The customer received these goods on January 2 2021
Run, Inc. conducted a physical count on December 31, 2020, showing merchandise costing P463,000 was on hand at that date. Your examination reveals the following items were excluded from the inventory per count: 1. Merchandise of P20,000 which is being held on consignment 2. Goods costing P39,500 that were shipped FOB shipping point on December 31, 2020. These goods were delivered to the customer on January 6, 2021. 3. Goods costing P16,800 that were shipped FOB destination to a customer on December 29, 2020. The customer received these goods on January 2 2021
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 9PB: On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as...
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