Problem 12:Miss Paki Poot, the bookkeeper of "Mura Lang Bavad Enterprises" has reported the balances of the followingaccounts on December 31, 2020 at the end of its accounting period. (Gross profit rate is 15% base on sales)SalesPurchases634,000478,000339,000PMerchandise Inventory, end (physical count)Accounts Receivable150,000During your conduct of the cut-off test, you gathered the following information:Transactions related to SalesDateItems1.ShippedReceivedJan. 1, 2021Jan. 1, 2021RemarksTermsF.O.B Shipping PointF.O.B DestinationF.O.B Shipping PointF.O.B DestinationDec. 31, 2020Dec. 25, 2020Dec. 30, 2020Dec. 30, 2020Amount6,000 Recorded as sales in January15,000 Recorded as sales in December10,00020,000 Not recorded as sales in December25,000 Recorded as sales in December9,000 Recorded as sales in January2.3.Dec. 31, 2020Recorded as sales in December4.Jan. 2, 2021Jan. 4, 2021Jan. 1, 2021Transactions related to Purchases5.F.O.B DestinationDec. 26, 20206.F.O.B Shipping PointJan. 1, 2021DateShippedDec. 30, 2020Dec. 1, 2020Jan. 1, 2021Dec. 31, 2020Dec. 31, 2020ReceivedDec. 31, 2020Dec. 30, 2020Jan. 1, 2021Remarks12,000 Recorded as purchases in January18,000 Recorded as purchases in December5,000 Recorded as purchases in December15,000 Recorded as purchases in December10,000 Recorded as purchases in January20,000 Not recorded as purchases inItemsAmountTermsF.O.B DestinationF.O.B Shipping PointF.O.B Shipping PointF.O.B DestinationF.O.B Shipping Point7.8.9.Jan. 2, 2021Jan. 1, 202110.11.12.F.O.B DestinationDec. 31, 2020Dec. 31, 2020December35. Compute the CORRECT balances of Sales.36. Compute the CORRECT balances of Purchases.37. Compute the CORRECT balances of Merchandise Inventory, December 31 account.38. Compute the CORRECT balances of Accounts Receivables. |

Name: Problem 12:Miss Paki Poot, the bookkeeper of "Mura Lang Bavad Enterpr
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Description: Problem 12:Miss Paki Poot, the bookkeeper of "Mura Lang Bavad Enterprises" has reported the balances of the followingaccounts on December 31, 2020 at the end of its accounting period. (Gross profit rate is 15% base on sales)SalesPurchases634,000478,

In F.O.B shipping point, sales or purchases are accounted when the goods is shipped by the seller In…

Business

Accounting

35. Compute the CORRECT balances of Sales. 36. Compute the CORRECT balances of Purchases. 37. Compute the CORRECT balances of Merchandise Inventory, December 31 account. 38. Compute the CORRECT balances of Accounts Receivables. |

35. Compute the CORRECT balances of Sales. 36. Compute the CORRECT balances of Purchases. 37. Compute the CORRECT balances of Merchandise Inventory, December 31 account. 38. Compute the CORRECT balances of Accounts Receivables. |

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 9SPA: FINANCIAL RATIOS Use the work sheet and financial statements prepared in Problem 15-8A. All sales...

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