Goods in the receiving department, returned by customer, in good condition 18,750.00 Goods ordered and in the receiving department, invoice not received 150,000.00 Goods ordered, invoice received but goods not received. Freight paid by seller 112,500.00 Goods shipped today, invoice mailed, FOB shipping point 93,750.00 Goods shipped today, invoice mailed, FOB shipping destination 55,000.00 Goods currently being used for window display 75,000.00 Goods in the counter for sale 300,000.00 Goods in the receiving department, refused by us because of damage 67,500.00 Goods included in count, damaged and unsalable 18,750.00 Goods in the shipping department 101,250.00 46. How much is the additional adjustment to the balance? A.P 500,000. B.P 600,000. C.P 700,000. D. P 800,000.

Goods in the receiving department, returned by customer, in good condition 18,750.00 Goods ordered and in the receiving department, invoice not received 150,000.00 Goods ordered, invoice received but goods not received. Freight paid by seller 112,500.00 Goods shipped today, invoice mailed, FOB shipping point 93,750.00 Goods shipped today, invoice mailed, FOB shipping destination 55,000.00 Goods currently being used for window display 75,000.00 Goods in the counter for sale 300,000.00 Goods in the receiving department, refused by us because of damage 67,500.00 Goods included in count, damaged and unsalable 18,750.00 Goods in the shipping department 101,250.00 46. How much is the additional adjustment to the balance? A.P 500,000. B.P 600,000. C.P 700,000. D. P 800,000.

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Description: Goods in the receiving department, returned by customer, in goodcondition18.750.00Goods ordered and in the receiving department, invoice notreceived150,000.00Goods ordered, invoice received but goods not received. Freightpaid by seller112,500.00Good

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterC: Inventory Methods

Section: Chapter Questions

Problem 2P: Use the information presented in Problem C-1 to solve this problem. Bean Nursery sells bark to its...

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baby Company provided the followingdata:Items included in thebodega 4,000,000Items included in the specificallysegregated per sale oncontract 100,000Items in receiving department,returned by customer, in goodcondition 50,000Items ordered and in thereceiving department 400,000Items ordered, invoice receivedbut goods not received. Freightis on account on seller 300,000Items shipped today, invoicemailed, FOB shipping point 250,000Items shipped today, invoicemailed, FOB destination 150,000Items currently being used forwindow display 200,000Items on counter for sale 800,000Items in receiving department,refused because of damage 50,000Items in the shippingDepartment 250,000 How much is the cost of ending inventory?
The home office ships merchandise to its branch above cost. What journal entry should the home office make to record the transfer of merchandise?* 2 points (Dr) Investment in Branch (Cr) Shipment to Branch (Dr) Shipment to Branch (Cr) Investment in Branch (Dr) Investment in Branch (Cr) Shipment to Branch (Cr) Allowance for overvaluation of inventory (Dr) Shipment from home office (Cr) Home office
The home office ships merchandise to its branch above cost. What journal entry should the home office make to record the transfer of merchandise?* A. (Dr) Investment in Branch (Cr) Shipment to Branch B. (Dr) Shipment to Branch (Cr) Investment in Branch C. (Dr) Investment in Branch (Cr) Shipment to Branch (Cr) Allowance for overvaluation of inventory D. (Dr) Shipment from home office (Cr) Home office
S1: The “Shipment to Branch” account is added to the home office’s purchaseaccount in determining home office cost of goods sold. S2: When performing the end-of-the-period reconciliation between the Home Office account on the branch’s books and the Branch Account on the home office’s books, shipments in transit from the branch back to the home office will be treated as an addition to the home office’s Branch Account. A. Both statements are correct.B. Only S2 is correct.C. Only S1 is correct.D. Both statements are incorrect.
Statement 1: The “Shipment to Branch” account is added to the home office’s purchase account in determining home office cost of goods sold. Statement 2: When performing the end-of-the-period reconciliation between the Home Office account on the branch’s books and the Branch Account on the home office’s books, shipments in transit from the branch back to the home office will be treated as an addition to the home office’s Branch Account. Statement 3: The balance of the Allowance for overvaluation of inventories: Branch ledger account is added from the balance of the Investment in Branch account in the separate balance sheet of the home office. Statement 4: If branch managers are responsible for ordering merchandise from the home office any excess freight costs incurred as a result of inter-branch shipments are absorbed by the appropriate branch rather than by the home office. Statement 5: The acquisition-related costs in a business combination to be expensed immediately include cost of…
I got passed the Sales Transactions but need help doing the Purchasing Journal entries. The class I am taking is Accounting for managers Mar. 1. Purchased merchandise from Haas Co., $43,250, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $650 was added to the invoice. 5. Purchased merchandise from Whitman Co., $19,175, terms FOB destination, n/30. 10. Paid Haas Co. for invoice of March 1. 13. Purchased merchandise from Jost Co., $15,550, terms FOB destination, 2/10, n/30. 14. Issued debit memo to Jost Co. for $3,750 of merchandise returned from purchase on March 13. 18. Purchased merchandise from Fairhurst Company, $13,560, terms FOB shipping point, n/eom.
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S1: The “Shipment to Branch” account is added to the home office’s purchase account in determining home office cost of goods sold. S2: When performing the end-of-the-period reconciliation between the Home Office account on the branch’s books and the Branch Account on the home office’s books, shipments in transit from the branch back to the home office will be treated as an addition to the home office’s Branch Account. Both statements are Only S2 is Only S1 is Both statements are 2. S1: Unrealized profits from transactions between a home office and its branch are added from Beginning inventory and deducted from ending inventory of the branch in preparing combined financial statements for the enterprise. S2: The balance of the Allowance for Overvaluation of Inventories: Branch ledger account is added from the balance of the Investment in Branch account in the separate balance sheet of the home office. Both statements are Only S2 is Both statements are Only S1 is 3. What is the most…
Record the following transactions in the sales journal: Jan. 15 Invoice #325, sold goods on credit for $2,600, to Maroon 4, account #4501. Jan. 22 Invoice #326, sold goods on credit for $4,000 to BTS, account #5032. Jan. 27 Invoice #327, sold goods on credit for $1,450 to Imagine Fireflies, account #3896. If an amount box does not require an entry, leave it blank.
MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWINGTRANSACTIONS 10) Order is delivered to customer .Customer closed the balance byissuing half check , half on account. .Cost of Goods Sold is 116.000 TL.11. 15.000 USD is paid by the customer for USD Merchandise Sale. Rateis 7.10 TL/USD12) Customer returned 26.000 TL + 10% VAT merchandise . Cost ofGoods Sold is 8.400 TL. Check is issued for returned merchandise and TL cash ispaid for VAT.13 ) At the end of the month USD Rate is 6,95 TL/ USD .14) Order is given to vendor , for purchasing 160.000 TL + %10 VAT .issued a check for 90.000 TL as an advance payment .15) Order is received and balance is on account. Freight in paid9.500 TL + %10 VAT .
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