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Below are the transaction Marco Polo Merchandising Company for the first month of operation.
Jan 1 Mr. Polo invested P 800,000 cash and Office Equipment – P250,000 into the business to buy and sell various merchandise.
3 Purchased on account merchandise, P250,000 terms 2/10, n/30 FOB Shipping point.
4 Purchased Office supplies on account P2,500, 2/10, n/30
5 Sold for cash P 600,000;
6 Returned P5,000 worth of defective merchandise purchased on Jan 3
10 Sold on account, P320,000 to customers with credit terms: 2/10, n/30 FOB Destination.
10 Paid the freight charges on transaction made on Jan. 3, P1, 50011 Paid in 50% the purchases made on Jan. 3. No discount was allowed.
12 Made additional purchases for cash,P 150,000.
14 Borrowed from the bank P 550,000 and issued a promissory note.
15 Purchased computer equipment P65,000 on account terms 2/10, n/30
15 Paid salaries to employees – P 3.500.
16 Refunded P 5,000 to customers.
17 Sold merchandise for P 650,000. FOB Destination.
20 Paid the freight charges on Jan 10- P1, 000 and 12 – P1, 500.
20 Collected from customers on account on Jan 10.
21 Paid in full the balance due on purchases made on Jan 3.
25 Purchased merchandise on account, P 320,000 terms 2/10, n/30 FOB Shipping Point
26 Sold Merchandise, P 350,000 terms 2/10, n/30
27 Owner got P 15,500 from the business.
28 Paid thefollowing: Rent – P 4,000; Utilities- P3, 000, Advertising – P1, 500 and salaries
P4, 500.
30 Merchandise inventory at the end amounts to P150, 000
INSRUCTIONS:
1. Prepare the necessary
2.
3. Prepare the
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- Ledger the following information that I have journalized into 1-Feb Inventory 600 Cash 600 4-Feb Supplies 500 Accounts payable 500 4-Feb Utilities payable 300 Cash 300 6-Feb Accounts payable 330 cash 330 12-Feb Salaries payable 1000 Salaries expense 200 Cash 1200 8-Feb Cash 1350 Sales revenue 1350 8-Feb Cost of goods sold 450 Inventory 450 10-Feb Inventory 550 Cash 550 14-Feb Cash 4500 Unearned service revenue 4500 15-Feb Cash 5900 Accounts receivable 500 Service revenue 6400 24-Feb Cash 1230 Sales revenue 1230 24-Feb Cost of goods sold 436 Inventory 436 26-Feb Salaries expenses 1200 Cash 1200 26-Feb Inventory 360…Question 4 a) You have collected the following information for Fishy Berhad. Item Beginning Ending Inventory RM20,700 RM43,00 Account rceivable RM9,900 RM11,500 Account payable RM16,500 RM22,700 Other information provided are credit sales RM210,000 and cost of goods sold RM198,000. Calculate: i) Operating cycle ii) Cash cycleLedger in Periodic Inventory system- Chart of Accounts 101- Cash 105- Accounts receivable 110- Merchandise inventory 115- Supplies 130- Equipment 201- Accounts payable 205- Notes payable 301- M. Rojas, Capital 302- M. Rojas, Drawing 401- Sales 405- Sales return and allowances 410- Sales discount 501- Purchases 505- Purchase return and allowances 510- Purchase discount 515- Freight in 601- Salaries expenses 644- Freight out 1-The owner, Mario Rojas invested P 15,000 to his newly opened business. 2 Purchased merchandise on account from National Suppliers, P 8,000 – terms: 2/10, n/30, FOB, Shipping Point – P 220. 4 - Purchased store supplies in cash, P 1,600. 6 - Received credit refund from National Suppliers due to merchandise with defects, P 200. 7 - Sold merchandise on account P 4,400 – terms: 2/10, n/30, FOB Destination – P 110. 10 - Purchased store equipment worth P 18,000, terms: 2/10, n/30. 12 - Paid National Suppliers in full. 13 - Purchased merchandise…
- Calculate the gross profit from the following: OMR. Sales Discount 2750 Total Sales 178000 Sales Returns and Allowances 900 Freight In 1150 Salary Expense 9200 Purchase Discount 1800 Purchases 72000 Rent Expense 8400 Purchase Returns and Allowances 1950 Opening Inventory 22400 Closing Inventory 16800 Select one: a. 99350 OMR b. 57400 OMR c. 75000 OMR d. 95700 OMRQUESTION 7 Use the following information to answer the next 5 questions. Purchases Sales May # Cost May # Sales Price 4 1,300 @ $4.10 3 200 @ $7.00 8 800 @ $4.30 6 1,000 @ $7.00 14 700 @ $4.40 12 900 @ $7.50 22 1,200 @ $4.50 18 400 @ $7.50 29 500 @ $4.55 25 1,400 @ $8.00 Determine Huston’s Goods AVAILABLE for sale in dollars. Huston has a beginning balance in inventory of 400 units at @ $4.20 per unit. A record of transactions for the month of May was as follows: QUESTION 8 Determine Huston’s ending inventory in dollars using Periodic Average. Round to the nearest dollar. QUESTION 9 Determine Huston’s ending inventory in dollars using Periodic LIFO. QUESTION 10 Determine Huston’s ending inventory in dollars using Perpetual FIFO. QUESTION 11 Determine Huston’s ending inventory in dollars using Perpetual LIFO.Merchandising Business using Periodic Inventory System Instruction: Prepare journal entries for the following transactions using the general journal format given in class discussion. KIKAY HARDWARE CHART OF ACCOUNTS ASSETS INCOME 100 Cash and Cash Equivalents 400 Sales 101 Accounts Receivable 401 Sales Returns and Allowances 102 Merchandise Inventory 402 Sales Discount 103 Supplies 104 Equipment EXPENSES 500 Purchases LIABILITIES 501 Purchase returns and Allowances 200 Accounts Payable 502 Purchase Discounts 201 Bonds Payable 503 Freight In EQUITY 504 Advertising 300 Mark Reyes, Capital 505 Freight Out 301 Mark Reyes, Drawings 506 Salaries 507 Utilities 508 Income Summary Kikay HARDWARE STORE completed the following merchandising transactions in the month of May. At the beginning…
- Record the journal enteries under the appropiate accounts that are provided. Account # Account Title 100000 Bank Account 110100 Miscellaneous Accounts Receivable 110400 Allowance for Bad Debt 200600 Inventory-Operating Supplies 200900 Inventory-Raw Materials (Direct Post) 200910 Inventory-Finished Goods (Direct Post) 200920 Inventory-Trading Goods (Direct Post) 210000 Prepaid Insurance 212000 Prepaid Advertising 216000 Deposits on Purchases 220110 Land (Direct Post) 220210 Property, Plant & Equipment (Direct Post) 220310 Accumulated Depreciation-PP&E (Direct Post) 300200 Payables-Miscellaneous 300700 Payables-Salaries and Wages 300800 Accrued Expenses 320000 Accrued Tax-Output 329000 Common Stock 330100 Retained Earnings (Direct Posting) 600000 Sales Revenue 610000 Sales Discounts 780000 Cost of Goods Sold January 3GBI received $55,692 in safety product inventory and $37,128 in raw materials from Dallas Bike Basics. This…Sold goods to G George, invoice detailed 60 items @ R80 exclusive per item) Mark up is 150%. Calculate the sales Debtors Control account of the Debtors Journal? what is the Cost Of Sales?Financial information is presented below: Operating expenses $ 48000 Sales returns and allowances 6000 Sales discounts 7000 Sales revenue 140000 Cost of goods sold 88000 The amount of net sales on the income statement would be $127000. $134000. $133000. $140000.
- KINDLY CHECK IF THE ENTRIES IS CORRECT ON THIS ONEPLEASE USE PERIODIC INVENTORY SYSTEM GENERAL JOURNAL Page 1 Particulars Debit Credit 2015 01-Dec Cash 230,000 Merchandise inventory 75,000 HC Capital 305,000 03-Dec Accounts payable 2,500 Cash 2,500 04-Dec Cash 30,240 Sales revenue 27,000 Output Tax 3,240 05-Dec Accounts receivable 20,720 Sales revenue 18,500 Output Tax 2,220 06-Dec Sales returns and allowances 1,850 Output Tax 222 Accounts receivable 2,072 07-Dec Purchases 25,000 Input Tax 3,000 Accounts payable 28,000 09-Dec Merchandise inventory 1,300 Input VAT 156 Cash 1,456 10-Dec Cash 20,350 Sales discount 370 Accounts receivable 20,720…South Coast Boards Co. is a merchandising business. the account balances for south coast boards co. as of July 1, 2010 (unless otherwise indicated), are as follows:Check: 8. Net Income 693,800Click here for the SOLUTION110 Cash $63600112 A/R $153900115 Merchandise Inventory $602400116 Prepaid insurance $16800117 Store supplies $11400123 store equipment $469500124 Accum. Depr. --Store equip $56700210 A/P $96600211 Salaries payable $-310 capital stock $100000311 retained earnings, Aug 1 2009 $455300312 Dividends $135000313 Income summary $-410 Sales $3221100411 Sales return and allowances $92700412 Sales discounts $59400510 Cost of merchandise sold $1623000520 sales salaries expense $334800521 advertising expense $81000522 depreciation expense $-523 store supplies expense $-529 misc. selling expense $12600530 Office salaries expense $182100531 Rent Expense $83700532 insurance expense $-539 Misc. Administrative expense $7800During July, the last month of the fiscal year, the following…Fill in the lettered blanks to complete the cost of goods sold sections. B M O S Beginning inventory $ 340 $ 163 $ 952 $enter a dollar amount (j) Purchases 2,040 1,469 enter a dollar amount (g) 59,282 Purchase returns and allowances 109 enter a dollar amount (d) 394 enter a dollar amount (k) Net purchases enter a dollar amount (a) 1,414 10,078 57,514 Freight-in 177 enter a dollar amount (e) enter a dollar amount (h) 3,046 Cost of goods purchased enter a dollar amount (b) 1,673 10,948 enter a dollar amount (l) Cost of goods available for sale 2,448 1,836 enter a dollar amount (i) 67,361 Ending inventory 422 enter a dollar amount (f) 1,564 8,473 Cost of goods sold enter a dollar amount (c) 1,673 10,336 58,888