6:263A5262F%2Iwres.rriheduIcetion.com%252Fmghmiddl.YouTubeO MapsTraducirSa eSanta Fe Iniciar s.Sistema TAL-De...Other BookomarksDEHelpSave & ExitSubrstarted the year with...O of merchandise inventory on hand. During the year, $440,000 in merchandise was purchased onnts were taken. Northwest paid freight-in charges of $7,00O. Merchandise with an invoice amount ofd for the year was $372,000. What is ending inventory? MapsTraducirSe eSantaFe Iniciar 5.dTerm, Chapters 1-7TB MC Qu. 6-179 Northwest Fur Co. started the year with...Northwest Fur Co. started the year with $97,000 of merchandise inventory on hand. During taccount with credit terms of 1/15, n/45. All discounts were taken. Northwest paid freight-in cb$4,300 was returned for credit. Cost of goods sold for the year was $372,000. What is endMultiple Cholce$68,000.$164,338

The question is based on the concept of Cost Accounting.

tarted the year with... fmerchandise inventory on hand. During the year, $440,000 in merchandise was purchased on 5 were taken. Northwest paid freight-in charges of $7,000. Merchandise with an invoice amount for the year was $372,000. What is ending inventory?

tarted the year with... fmerchandise inventory on hand. During the year, $440,000 in merchandise was purchased on 5 were taken. Northwest paid freight-in charges of $7,000. Merchandise with an invoice amount for the year was $372,000. What is ending inventory?

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.2P: Sales-related transactions The- following selected transactions were completed by Affordable...

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Sales-related transactions The- following selected transactions were completed by Affordable Supplies Co., which sells supplies primarily to wholesalers and occasionally to retail customers. Jan. 6. Sold merchandise on account, $14,000. terms FOB shipping point, n/com. The cost of merchandise sold was $8,400. 8. Sold merchandise on account. $20,000. terms FOB destination. 1/10. n/30. The cost of merchandise sold was $14,000. 16. Sold merchandise on account, $19-500. terms FOB shipping point, n/30. The cost of merchandise sold was $11,700. 18. Received check for amount due for sale on January 8. 19. Issued credit memorandum for $4,500 for merchandise returned from sale on January 16. The cost of the merchandise returned was $2,700. 26. Received check for amount due for sale on January 16 less credit memorandum of January 19. 31. Paid Cashell Delivery Service $3,000 for merchandise delivered during January to customers under shipping terms of FOB destination. 31. Received cheek for amount due for sale of January 6. Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Affordable Supplies Co. Identify each transaction by date.
2. Prepare a single step SCI. See atached image as reference. Make sure your work is transferrable to excel.
Mar. 1. Purchased merchandise from Haas Co., $14,500, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $400 was added to the invoice. 5. Purchased merchandise from Whitman Co., $14,600, terms FOB destination, n/30. 10. Paid Haas Co. for invoice of March 1. 13. Purchased merchandise from Jost Co., $5,500, terms FOB destination, 1/10, n/30. 14. Issued debit memo to Jost Co. for $1,000 of merchandise returned from purchase on March 13. 18. Purchased merchandise from Fairhurst Company, $12,000, terms FOB shipping point, ryeom. 18. Paid freight of $300 on March 18 purchase from Fairhurst Company. 19. Purchased merchandise from Bickle Co., $11,800, tems FOB destination, 2/10, n/30. 23. Paid Jost Co. for invoice of March 13, less debit memo of March 14. 29. Paid Bickle Co. for invoice of March 19. 31. Paid Fairhurst Company for invoice of March 18. 31. Paid Whitman Co. for invoice of March 5. Required: Journalize the entries to record the transactions of Britt Co. for March. Mar. 1…
Bookmoto Marketing has the following transactions for the month of March, 200x: Mar 2 - Sold merchandise on account, P700,000; terms 10; 5/15, n/30. FOB destination, freight collect, P15,000 Mar 10 - Received sales returns, P25,000 from March 2 sales Mar 15 - Collected sales on March 2 Mar 26 - Sold goods on account, P560,000. FOB, shipping point, freight collect, P36,000 Required: Journalize the above transactions using PERPETUAL METHOD (Assume that cost of sales is 60% of the invoice price)
Bookmoto Marketing has the following transactions for the month of March, 200x: Mar 2 - Sold merchandise on account, P700,000; terms 10; 5/15, n/30. FOB destination, freight collect, P15,000 Mar 10 - Received sales returns, P25,000 from March 2 sales Mar 15 - Collected sales on March 2 Mar 26 - Sold goods on account, P560,000. FOB, shipping point, freight collect, P36,000 Required: Journalize the above transactions using PERIODIC МЕТHOD
Problem C- Use the following information to answer questions below: Account Name Debit Credit Sales 750,000 Sales Returns and Allowances 15,000 Sales Discounts 10,000 Purchases 170,000 Purchases Returns and Allowances 20,000 Freight In 30,000 Operating Expenses 350,000 In Addition, beginning merchandise inventory was P55,000 and ending merchandise inventory was P35,000. 1. Cost of goods sold for the period was а. Р235,000 с. Р200,000 b. P160,000 d. P170,000 2. Profit for the period was a. P525,000 C. P250,000 b. P450,000 d. P175,000
3. Accounting For Merchandise Business The Following transactions were completed by KarenMilen Company during June of the current year. This company uses perpetual inventory system. Date June 3 Purchased Merchandise on Account from Flower Co. $5,000. terms FOB Shiping point, 2/10n/30, with Transactions prepaid freight $180 added to the invoice. Puurchased merchandise on account form Carmen Co. $9,500 terms FOB destinations 1/10 n/30 5 6. Sold Merchandise on account to Howard Co. List Price $5,000, trade discount 30%, terms 2/10, n/30. The cost of the merchandise sold was $1,500 Purchased office supplies for cash $ 350 Returned merchandise purchased from Carmen Co. $1,250 Paid Flower Co. on account for purchased on June 3, less discount Purchased merchandise for cash $10,500 Paid Carmen Co. on account for purchase of June 5. less return of June 10 and discount Received cash on account from sale of June 6 to Howard Co, less discount 19 8 10 13 14 15 16 Sold merchandise on Visa credit…
Bookmoto Marketing has the following transactions for the month of March, 200x: Mar 2 - Purchases on account, P800,000; terms: 5; 2/20; n/30. FOB shipping point, freight prepaid, P5,000. Mar 15 - Returned merchandise from Mar 2 purchases amounting to P20,000 Mar 20 - Paid purchases made on March 2 Mar 31 - Purchased goods on account P180,000. FOB destination, freight prepaid P14,000 Required: Journalize the above transactions using PERIODIC МЕТНOD
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Required: • JOURNAL ENTRIES
Journal the entries. Record the following transactions on page 21 of the journal. May 20 Sold merchandise on account to Crescent Co., terms 1/10, n/30, FOB shipping point, $110,000. The cost of the merchandise sold was $70,000. 21 For the convenience of Crescent Co., paid freight on sale of May 20, $2,300. 21 Received $42,900 cash from Gee Co. on account. 21 Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000. 24 Returned damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000. 26 Refunded cash on sales made for cash, $800. The defective merchandise was not returned by the customer. 28 Paid sales salaries of $56,000 and office salaries of $29,000. 29 Purchased store supplies for cash, $2,400. 30 Sold merchandise on account to Turner Co., terms 2/10, n/30, FOB shipping point, $78,750. The cost of the merchandise sold was $47,000. 30 Received cash from sale of May 20…
Jackson's Clothing Store has provided the following details: Jan. 10 Inventory purchased on account Jan. 11 Freight in Jan. 15 Purchase returns Jan. 16 Allowances from vendor Jan. 20 Payment made to vendor for purchases on Jan. 10 OA. $668,400 B. $664,320 O C. $664,560 OD. $664,000 $700,000 6,000 10.000 4,000 Credit terms are: 4/15, n/45, FOB shipping point. Calculate the net cost of inventory purchased assuming that there are no other inventory-related transactions during the month. Assume that the perpetual inventory system is used. *** ?