Jan1, 2018 business purchased $3200 of inventory from MCA inc. Paid in cash
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Jan1, 2018 business purchased $3200 of inventory from MCA inc. Paid in cash
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- The following items were included in Venicio Corporations inventory account on December 31, 2019: What amount should Venicio report as inventory at December 31, 2019? a. 21,000 b. 20,400 c. 26,000 d. 35,000Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.Rescue Sequences LLC purchased inventory by issuing a 30,000, 10%, 60-day note on October 1. Prepare the journal entries for Rescue Sequences to record the purchase and payment assuming it uses a perpetual inventory system and a 360-day calendar fiscal year. Rescue Sequences LLC uses a perpetual inventory system.
- Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.Jan1,2018 business purchased $3200 of inventory from MCA inc. Paid in cash
- On December 1, 2022, Crane Company had the account balances shown below.Debit CreditCash $5,500 Accumulated Depreciation—Equipment $1,500Accounts Receivable 4,200 Accounts Payable 3,600Inventory 2,400 * Owner’s Capital 27,000Equipment 20,000$32,100 $32,100*(4,000 x $0.60)The following transactions occurred during December:Dec. 3 Purchased 4,200 units of inventory on account at a cost of $0.74 per unit.5 Sold 4,600 units of inventory on account for $0.90 per unit. (Crane sold 4,000 of the$0.60 units and 600 of the $0.74.)7 Granted the December 5 customer $201 credit for 200 units of inventory returnedcosting $134. These units were returned to inventory.17 Purchased 2,200 units of inventory for cash at $0.80 each.22 Sold 3,100 units of inventory on account for $0.95 per unit. (Crane sold 3,100 of the$0.74 units.On December 1, 2022, Crane Company had the account balances shown below.Debit CreditCash $5,500 Accumulated Depreciation—Equipment $1,500Accounts Receivable 4,200 Accounts Payable 3,600Inventory 2,400 * Owner’s Capital 27,000Equipment 20,000$32,100 $32,100*(4,000 x $0.60)The following transactions occurred during December:Dec. 3 Purchased 4,200 units of inventory on account at a cost of $0.74 per unit.5 Sold 4,600 units of inventory on account for $0.90 per unit. (Crane sold 4,000 of the$0.60 units and 600 of the $0.74.)7 Granted the December 5 customer $201 credit for 200 units of inventory returnedcosting $134. These units were returned to inventory.17 Purchased 2,200 units of inventory for cash at $0.80 each.22 Sold 3,100 units of inventory on account for $0.95 per unit. (Crane sold 3,100 of the$0.74 units. question a) Enter the December 1 balances in the ledger T-accounts and post the December transactions.(Post entriesin the order of journal entries presented above.)CashDec. 1…"On January 1, 2019, the general ledger of Global Corporation included supplies of $1,000. During 2019, supplies purchased amounted to $5,000. A physical count of inventory on hand at December 31, 2019 determined that the amount of supplies on hand was $1,200. How much is the supplies expense for year 2019?"
- On January 1, 2029, the general ledger of PRO Corporation included supplies of $15,000. During 2029, supplies expense amounted to $35,000. A physical count of inventory on hand at December 31, 2029 determined that the amount of supplies on hand was $20,000. How much worth of supplies were purchased during 2029? A)$30,000 B)$55,000 C)$40,000 D)$45,000The company completed the following transactions during 2020. • Jan 10 sold inventory to Natty Paul, $11,000, on account • May 15 wrote off as uncollectible the accounts of Terry Carter, $2,500 and Maggie Cube $400 • August 04 received 70% of the amount owed by Natty Paul and wrote off the remainder as uncollectible • October 26 received 30% of the funds owed from Maggie Cube as part payment of her account which had been written off earlier as uncollectible. • December 31, The Aging schedule showed an estimated $116,500 as uncollectible Requirements: 1. Prepare journal entries for each transaction (No narrations required) 2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account. 3. Prepare the balance sheet extract as at Dec 31, 2020, to show the net realizable value for the Accounts Receivable. 4. Assume credit sales for 2019 were $312,000 and that on December 31, 10% of credit…The company completed the following transactions during 2020. Jan 10 sold inventory to Natty Paul, $11,000, on account May 15 wrote off as uncollectible the accounts of Terry Carter, $2,500 and Maggie Cube $400 August 04 received 70% of the amount owed by Natty Paul and wrote off the remainder as uncollectible October 26 received 30% of the funds owed from Maggie Cube as part payment of her account which had been written off earlier as uncollectible. December 31, The Aging schedule showed an estimated $116,500 as uncollectible Requirements: Prepare journal entries for each transaction (No narrations required) Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account. Prepare the balance sheet extract as at Dec 31, 2020, to show the net realizable value for the Accounts Receivable. Assume credit sales for 2019 were $312,000 and that on December 31, 10% of credit sales are estimated to be uncollectible.…