Question
In: Accounting
1.) What, if any, month end adjustments are required related to the sale of merchandise inventory...
1.) What, if any, month end adjustments are required related to the sale of merchandise inventory using the periodic method of accounting?
2.) What is the entry to record the payment of a customer on account for merchandise inventory for 5,000 if the payment terms are 2/10, net/30 and they pay in 8 days?
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Work Sheet Extensions for Merchandise Inventory Adjustments: Periodic Inventory System 1. Complete the Adjustments columns for...
Work Sheet Extensions for Merchandise Inventory Adjustments:
Periodic Inventory System
1. Complete the Adjustments columns for the
merchandise inventory.
2. Extend the merchandise inventory to the
Adjusted Trial Balance and Balance Sheet columns.
3. Extend the remaining accounts to the
Adjusted Trial Balance and Income Statement columns.
4. Prepare a cost of goods sold section from
the partial work sheet.
The following partial work sheet is taken from Kevin's Gift Shop
for the year ended December 31, 20--. The ending...
Boston Computers has the following transactions in August related to the sale of merchandise inventory. (...
Boston Computers has the following transactions in August
related to the sale of merchandise inventory.
( transactions are at the end.) Journalize the sales
transactions for Boston Computers assuming the company uses the
perpetual inventory system. (Record debits first, then credits.
Select the explanation on the last line of the journal entry table.
Assume the company records sales at the net amount.)
Aug. 12 Sold computers on account for $9,500 to a customer,
terms 2/15, n/45. The cost of the...
Bailey Corporation, prepares the following adjustments required at the end of the month on July 31:...
Bailey Corporation, prepares the following adjustments required
at the end of the month on July 31: Before these adjustments,
Bailey had assets of $70,000, Liabilities of $50,000 and
Stockholders’ equity of $20,000. Here are the adjustments made: a.
Sent a $680 bill to a customer for services for services provided.
The customer will paid in August. b. Owed wages to 2 employees who
worked five days at $113 each per day at the end of July. The
company will pay...
MERCHANDISE INVENTORY ADJUSTMENTS: PERIODIC INVENTORY SYSTEM WITH SALES RETURNS AND ALLOWANCES
MERCHANDISE INVENTORY ADJUSTMENTS: PERIODIC INVENTORY SYSTEM WITH SALES RETURNS AND ALLOWANCES
Use the information provided below to prepare a partial end-of-period spreadsheet for Karen’s Gift Shop for the year ended December 31, 20--. The ending merchandise inventory is $60,000. Karen estimates that customers will be granted $15,000 in refunds next year for merchandise sold this year. The estimated cost of the returned inventory is $10,000.
1. Complete the Adjustments columns for merchandise Inventory and related accounts.
2. Extend all accounts...
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
Altira Corporation provides the following information related to
its merchandise inventory during the month of August 2021:
Aug.1
Inventory on hand—2,000 units; cost $5.30 each.
8
Purchased 8,000 units for $5.50 each.
14
Sold 6,000 units for $12.00 each.
18
Purchased 6,000 units for $5.60 each.
25
Sold 7,000 units for $11.00 each.
28
Purchased 4,000 units for $5.80 each.
31
Inventory on hand—7,000 units.
Required:
Using calculations based on a periodic inventory system, determine
the inventory balance Altira would...
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
Altira Corporation provides the following information related to
its merchandise inventory during the month of August
2021:
Aug.1
Inventory on hand—3,600 units; cost $6.90 each.
8
Purchased 18,000 units for $7.10 each.
14
Sold 14,400 units for $13.60 each.
18
Purchased 10,800 units for $7.20 each.
25
Sold 13,400 units for $12.60 each.
28
Purchased 5,600 units for $5.80 each.
31
Inventory on hand—10,200 units.
Required:
Using calculations based on a periodic inventory system, determine
the inventory balance Altira would...
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
Altira Corporation provides the following information related to
its merchandise inventory during the month of August
2021:
Aug.1
Inventory on hand—3,800 units; cost $7.10 each.
8
Purchased 19,000 units for $7.30 each.
14
Sold 15,200 units for $13.80 each.
18
Purchased 11,400 units for $7.40 each.
25
Sold 14,200 units for $12.80 each.
28
Purchased 5,800 units for $5.80 each.
31
Inventory on hand—10,600 units.
Required:
Using calculations based on a periodic inventory system, determine
the inventory balance Altira would...
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
Altira Corporation provides the following information related to
its merchandise inventory during the month of August 2021:
Aug.1
Inventory on hand—2,600 units; cost $5.90 each.
8
Purchased 13,000 units for $6.10 each.
14
Sold 10,400 units for $12.60 each.
18
Purchased 7,800 units for $6.20 each.
25
Sold 9,400 units for $11.60 each.
28
Purchased 4,600 units for $5.80 each.
31
Inventory on hand—8,200 units.
Required:
Using calculations based on a periodic inventory system, determine
the inventory balance Altira would...
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
Altira Corporation provides the following information related to
its merchandise inventory during the month of August 2021: Aug.1
Inventory on hand—2,000 units; cost $5.30 each. 8 Purchased 8,000
units for $5.50 each. 14 Sold 6,000 units for $12.00 each. 18
Purchased 6,000 units for $5.60 each. 25 Sold 7,000 units for
$11.00 each. 28 Purchased 4,000 units for $5.80 each. 31 Inventory
on hand—7,000 units. Using calculations based on a perpetual
inventory system, determine the inventory balance Altira would
report...
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
Altira Corporation provides the following information related to
its merchandise inventory during the month of August 2021: Aug.1
Inventory on hand—2,800 units; cost $6.90 each. 8 Purchased 14,000
units for $6.30 each. 14 Sold 11,200 units for $12.80 each. 18
Purchased 8,400 units for $5.80 each. 25 Sold 10,200 units for
$11.80 each. 28 Purchased 4,800 units for $5.80 each. 31 Inventory
on hand—8,600 units. 2. Using calculations based on a perpetual
inventory system, determine the inventory balance Altira would...
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