Samson Company provided you with the following information: • Items counted in the warehouse.. • Items included in the count specifically segregated per sale contract with a customer. • Items in the receiving department, returned by a customer, in good condition... • Items ordered and in the receiving department. • Items ordered, invoice received but goods not received, freight is on account of seller.. • Items shipped today, invoice mailed to customer, FOB shipping point... • Items shipped today, invoice mailed, FOB destination.. • Items currently being used for window display.. • Items on the counters for sale.... • Damaged items returned, refused by receiving department 180,000 • Items included in the count, damaged and unsalable.. • Items in the shipping department ready for delivery.. What is the correct amount of inventory? .P 4,000,000 100,000 50,000 400,000 300,000 250,000 150,000 200,000 800,000 50,000 250,000 A P5 70o 000 R P6 000 000 C P5 800 000 P5 150 000

Samson Company provided you with the following information: • Items counted in the warehouse.. • Items included in the count specifically segregated per sale contract with a customer. • Items in the receiving department, returned by a customer, in good condition... • Items ordered and in the receiving department. • Items ordered, invoice received but goods not received, freight is on account of seller.. • Items shipped today, invoice mailed to customer, FOB shipping point... • Items shipped today, invoice mailed, FOB destination.. • Items currently being used for window display.. • Items on the counters for sale.... • Damaged items returned, refused by receiving department 180,000 • Items included in the count, damaged and unsalable.. • Items in the shipping department ready for delivery.. What is the correct amount of inventory? .P 4,000,000 100,000 50,000 400,000 300,000 250,000 150,000 200,000 800,000 50,000 250,000 A P5 70o 000 R P6 000 000 C P5 800 000 P5 150 000

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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Instructions In this assignment you will record eight transactions related to the sale and purchase of merchandise. You will record each transaction according to the procedures of a periodic inventory system. You will record each transaction according to the procedures of a perpetual inventory system. Include the date for each transaction. Include a brief explanation for each entry similar to the sample entry example. Please skip a line between each transaction entry. You may use the journals provided or create your own journals. If you create your own journals they must have a date column, description column, a debit column and a credit column. You may hand write the journal entries or type them. Transactions to Record Sample Ace Company issues a $200 Sales Allowance to a customer who received damaged merchandise purchased in Feb from Ace. Mar 1 Ace Company sells merchandise totaling $1,500 on account with terms 2/15, n/30, FOB destination. Cost of goods is…
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___________The account used under periodic system to record returns of purchased goods to the supplier.
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Use the following purchases journal to record the transactions. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero. Abbreviation used: Supp. = Supplies) a (Click the icon to view the transactions.) Purchases Journal Page 6 Other Accounts DR Vendor Post. Accounts Merchandise Office Account Post. Date Account Credited Terms Ref. Payable CR Inventory DR Supp. DR Title Ref. Amount 2024 Oct. More Info Oct. 1 Purchased merchandise inventory on account with credit terms of 2/10, n/30 from Milk Co., $2.700, Oct. 11 Purchased office supplies on account from Book Co., $400. Terms were n/EOM. Oct. 24 Purchased furniture on account with credit terms of 4/10, n/60 from Slip Co., $1,600. Print Done
required:Prepare the preliminary trial balance. Arrange the Accounts in their correct order thank you
When using QBO time tracking, you can record: Multiple Choice Time billable to a specific vendor Time billable to a specific customer How many shipments of inventory items were received Number of purchase orders from each supplier
How does a price list get assigned to a sales order?a. It is copied from the business partner master to the sales order.b. Each warehouse has an associated price list.c. You have to manually assign a price list in the sales order.d. The main price list from the item master record is used in the sales order.
It is a document received by the business when they purchase a stationery items of OMR 5 and paying cash to the seller: a. Credit note b. Credit invoice c. Receipt d. Debit note Ms. Ameena makes the following journal entry in her business: Debit Accounts receivable Credit Sales Which of the following transaction is Correct for the above journal entry? a. Purchased Merchandise inventory under the credit terms of 2/10, n/30 b. Sold Merchandise inventory under the credit terms of 3/10,n/60 c. Paid Cash to Suppliers d. Returned Merchandise inventory to Supplier Which of the following asset will be called as Non-Current Asset of a Merchandise business? a. Accounts receivable b. Machinery c. Cash at Bank Muscat d. Unsold stocks Mr. Rasool bought Merchandise inventory worth OMR 25,000 for cash. Which books of prime entry will record the transaction? a. Sales journal b. Purchase journal c. Cash disbursement journal d. General journal
The Inventory module window has journal icons for Select one: O a. inventory sales and inventory purchases b. item assembly and inventory adjustments O c. inventory sales and inventory adjustments O d. all of the above Show Transcribed Text You should use the adjustments journal to record - Select one: O a. adjustments to inventory purchase prices from the supplier as an allowance for damages O b. adjustments to inventory sale prices to customers as an allowance for damages c. adjustments to inventory in stock for damaged goods O d. all of the above
The revenue account for a merchandising business is typically called ___________. Group of answer choices inventory sales. unearned revenue. fees earned. sales or sales of merchandise.
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