Splish Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $905,300. On December 31, 2020, the raw materials to be purchased have a market value of $854,700. In 2021, Splish paid $905,300 to obtain the raw materials which were worth $854,700. Splish uses a periodic inventory system. Prepare the entry to record the purchase.
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Splish Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $905,300. On December 31, 2020, the raw materials to be purchased have a market value of $854,700. In 2021, Splish paid $905,300 to obtain the raw materials which were worth $854,700. Splish uses a periodic inventory system.
Prepare the entry to record the purchase.
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- On December 28, 2018, Videotech Corporation (VTC) purchased 10 units of a new satellite uplink system fromTristar Communications for $25,000 each. The terms of each sale were 1/10, n/30. VTC uses the gross method toaccount for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2019. Prepare the journal entries on December 28 and January 6 to record the purchase and payment.At December 31, 2020, Grouper Company has outstanding noncancelable purchase commitments for 39.500 gallons, at $4.02 per gallon, of raw material to be used in its manufacturing process. The company prices its raw material inventory at cost or market. whichever is lower. Your answer is partially correct. Assuming that the market price as of December 31, 2020, is $3.62, record the journal entry. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter O for the aniounts. Round answers to 0 decimal places, eg. 6,225) Date Account Titles and Explanation Debit Credit Dec. 31 Unrealized Holding Gain or Loss-Income Estimated Liability on Purchase CommitmentsOn December 28, 2021, Videotech Corporation (VIC) purchased 10 units of a new satellite uplink system from Iristar Communications for $29,000 each. The terms of each sale were 2/10, n/30. VTC uses the gross method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2022. Prepare the journal entries on December 28 and January 6 to record the purchase and payment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Videotech Corporation (VTC) purchased 10 units of a new satellite uplink system from Tristar Communications for $29,000 each. The terms of each sale were 2/10, n/30. Record the purchase on December 28, 2021. Note: Enter debits before credits. Date December 28, 2021 General Journal Inventory Accounts payable Debit Credit >
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- Slinky Company purchased inventory on June 10, 2024, at a price of $20,000, subject to credit terms of 2/10, 1/30. Slinky uses the net method for recording purchases and uses a perpetual inventory system. Required: 1. Prepare the journal entry to record the purchase. 2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2024 and July 8, 2024. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3. Prepare the journal entry to record the purchase. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 Record the purchase of merchandise subject to credit terms 2/10, n/30. Note: Enter debits before credits. Date June 10, 2024 Record entry General Journal Clear entry Debit Credit View general journalColin Davis Machine Company maintains a general ledger account for each class of inventory, debiting such accounts for increases during the period and crediting them for decreases. The transactions below relate to the Raw Materials inventory account, which is debited for materials purchased and credited for materials requisitioned for use. 1. An invoice for $8,100, terms f.o.b. destination, was received and entered January 2, 2020. The receiving report shows that the materials were received December 28, 2019. 2. Materials costing $28,000, shipped f.o.b. destination, were not entered by December 31, 2019, “because they were in a railroad car on the company's siding on that date and had not been unloaded.” 3. Materials costing $7,300 were returned to the supplier on December 29, 2019, and were shipped f.o.b. shipping point. The return was entered on that date, even though the materials are not expected to reach the supplier's place of business until January 6, 2020. 4. An…Sundown Company is preparing the 2020 year-end financial statements. Prior to any adjustments, inventory is valued at P7,600,000.· Goods costing P250,000 were received from a vendor on January 5, 2021. The related invoice was received and recorded on January 12, 2021. The goods were shipped December 31, 202 FOB shipping point.· Goods costing P850,000 were shipped on December 31, 2020 to a customer FOB shipping point. The goods were included in ending inventory for 2020 even though the sale was recorded in 2020.· A P350,000 shipment of goods to a customer on December 31, 2020 FOB destination was not included in the year-end inventory. The goods cost P260,000 and were delivered to the customer on January 15, 2021. The sale was properly recorded in 2021.· An invoice for goods costing P350,000 was received and recorded as purchase on December 31, 2020. The related goods shipped FAS were in transit on December 31, 2020 and received on January 5, 2021 and were…
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