Problem 2A physical inventory was taken as of the close of business on October 31, 2019. All customers arewithin three-day delivery area of the company's plant. The unadjusted balance of Sales andInventories are P5,000,000 and P240,000, respectively.InvoiceDateFOB termsDate ShippedCostSalesNumberRecordedOct. 31P6,00015,00010,80011151991DestinationОOcт. 20P5,40012,0007,20018,60048,00030,60034,80012,00011151992Shipping pointShipping pointОcт. 31Nov. 2Oct. 25Oct. 3111151993Oct. 311115199411151995DestinationOct. 2825,20055,20039,00045,00023, д0051,60030,000Nov. 2Oct. 23DestinationОcт. 3111151996Shipping pointShipping pointNov. 2Nov. 5Oct. 25Nov. 4Nov. 511151997Nov. 611151998DestinationNov. 311151999Shipping pointOct. 3149,20024,00011152000DestinationNov. 2What is the adjusted balance of Sales and Inventories?

Adjusted Balance of Sales: $49,25,600 Adjusted Balance of Inventories: $3,17,400

Answered: What is the adjusted balance of Sales…

Business

Accounting

What is the adjusted balance of Sales and Invenfories?

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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Question

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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