Need All Answer Some of P and Y Electronics' merchandise isgathering dust. It is now December 31, 2012,and the current replacement cost of the endinginventory is $30,000 below the business's costof the goods, which was $95,000. Before anyadjustments at the end of the period, thecompany's Cost of goods sold account has abalance of $415,000.A. Journalize any required entries.B. What amount should the company report forInventory on the balance sheet?

Explanation of Cost of Goods Sold (COGS):Cost of Goods Sold represents the direct costs attributable…

Answered: Some of P and Y Electronics'…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 5EA: On April 5, a customer returns 20 bicycles with a sales price of $250 per bike to Barrio Bikes. Each...

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On April 5, a customer returns 20 bicycles with a sales price of $250 per bike to Barrio Bikes. Each bike cost Barrio Bikes $100. The customer had yet to pay on their account. The bikes are in sellable condition. Prepare the journal entry or entries to recognize this return if the company uses A. the perpetual inventory system B. the periodic inventory system
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Some of E and S Electronics merchandise is gathering dust. It is now December 31, 2024, and the current replacement cost of the ending merchandise inventory is $25,000 below the business's cost of the goods, which was $104,000. Before any adjustments at the end of the period, the company's Cost of Goods Sold account has a balance of $405,000. Read the requirements. Requirement 1. Journalize any required entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. For situations that do not require an entry, make sure to select "No Entry Required" in the first cell in the "Accounts" column and leave all other cells blank.) The required journal entry would be: Date Dec. 31 Accounts and Explanation E and S should report cost of goods sold on the income statement at Requirement 4. Which accounting principle or concept is most relevant to this situation? is the reason to account for merchandise inventory at unrealistically high. COL Debit…
Some of E and S Electronics' merchandise is gathering dust. It is now December 31, 2024, and the current replacement cost of the ending merchandise inventory is $25,000 below the business's cost of the goods, which was $104,000. Before any adjustments at the end of the period, the company's Cost of Goods Sold account has a balance of $405,000 Read the requirements. Requirement 1. Journalize any required entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. For situations that do not require an entry, make sure to select "No Entry Required" in the first cell in the "Accounts" column and leave all other cells blank.) The required journal entry would be: Date Dec. 31 Accounts and Explanation Cost of Goods Sold Merchandise Inventory Debit E and S should report cost of goods sold on the income statement at Requirement 4. Which accounting principle or concept is most relevant to this situation? is the reason to account for…
Some of J and B Electronics' merchandise is gathering dust. It is now December 31, 2024, and the current replacement cost of the ending merchandise inventory is $14,000 below the business's cost of the goods, which was $95,000. Before any adjustments at the end of the period, the company's Cost of Goods Sold account has a balance of $400,000. Read the requirements. Requirement 1. Journalize any required entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. For situations that do not require an entry, make sure to select "No Entry Required" in the first cell in the "Accounts" column and leave all other cells blank.) The required journal entry would be: Date Dec. 31 Accounts and Explanation Debit C Credit Requirements 1. Journalize any required entries. 2. At what amount should the company report merchandise inventory on the balance sheet? 3. At what amount should the company report cost of goods sold on the income statement? 4.…
Suppose Wonderland Toys buys $160 000 worth of ConnectABlock toys on credit terms of 2/10, n/60. Some of the goods are damaged in shipment, so Wonderland Toys returns $15 950 of the merchandise to ConnectABlock. The business uses a perpetual inventory system. All amounts are inclusive of GST at the rate of 10%. Requirements 1. Journalise the following transactions: a. Purchase of the goods on 8 January 2016. b. Return of the damaged goods on 12 January 2016. c. Payment on 15 January 2016. 2. What is the final balance of Wonderland Toys inventory account? Question content area bottom Part 1 Requirement 1a. Journalise the purchase of the goods on 8 January 2016. (Record debits first, then credits. Explanations aren't required. Round amounts to the nearest dollar.) Journal Entry Date Accounts Debit Credit Jan 8…
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