What is the adjusted balance of Sales and Invenfories?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem 2
A physical inventory was taken as of the close of business on October 31, 2019. All customers are
within three-day delivery area of the company's plant. The unadjusted balance of Sales and
Inventories are P5,000,000 and P240,000, respectively.
Invoice
Date
FOB terms
Date Shipped
Cost
Sales
Number
Recorded
Oct. 31
P6,000
15,000
10,800
11151991
Destination
ОOcт. 20
P5,400
12,000
7,200
18,600
48,000
30,600
34,800
12,000
11151992
Shipping point
Shipping point
Оcт. 31
Nov. 2
Oct. 25
Oct. 31
11151993
Oct. 31
11151994
11151995
Destination
Oct. 28
25,200
55,200
39,000
45,000
23, д00
51,600
30,000
Nov. 2
Oct. 23
Destination
Оcт. 31
11151996
Shipping point
Shipping point
Nov. 2
Nov. 5
Oct. 25
Nov. 4
Nov. 5
11151997
Nov. 6
11151998
Destination
Nov. 3
11151999
Shipping point
Oct. 31
49,200
24,000
11152000
Destination
Nov. 2
What is the adjusted balance of Sales and Inventories?
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