journal entry to record the Cost of goods sold in the books of seller under Perpetual inventory system?

Q: On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The…

A: In above formula all value of retail should be taken. Cost to retail ratio=Cost value/retail value…

Q: Slinky Company purchased merchandise on June 10, 2021, at a price of $38,000, subject to credit…

A: Date Account Debit Credit Jun 10 Merchandise inventory (38000*97%) 36,860     Accounts Payable…

Q: On July 15, 2021, the Nixon Car Company purchased 1,700 tires from the Harwell Company for $50 each.…

A: Under perpetual inventory method inventory is updated as soon as sales takes place.

Q: ABC LLC accounting records shows the following for the year ending on 31 December 2019 Purchase…

A: The net purchases is calculated as purchases with adjustment of purchase return and discounts.

Q: displayed below.] On July 15, 2021, the Nixon Car Company purchased 2,200 tires from the Harwell…

A: Under periodic inventory procedure, the Merchandise Inventory account is updated periodically after…

Q: The Physical inventory on January 31, 2019 of Jungkook Company showed merchandise at P300,000. As an…

A: FOB shipping point sale: When the goods are shipped to the buyer, the title is transferred to the…

Q: On June 16, 2021, llano sold merchandise to Pascual for P6,000, terms 2/10, n/30. Shipping costs…

A: As per our protocol we are authorized to answer one question or 3 subparts only but since you have…

Q: Presented below is information related to Windsor, Inc. for the month of January 2020. Ending…

A: Closing entries are used to close the temporary accounts to the permanent account. The income…

Q: What is the net cost of the goods if Marigold Company pays within the discount period?

A: If payment is made within discount period, then Marigold would receive the discount offered by…

Q: On December 31, 2021, ABC Company sold merchandise for P 675,000 to BBB Company. The terms of the…

A: ABC Company sold merchandise for P 675,000 to BBB Company.  At a margin of 35%  markup on cost…

Q: E5-4 On June 10, Diaz Company purchased $8,000 of merchandise from Taylor Company, FOB shipping…

A: Journal entries are prepared to record the financial and non-financial transactions of the business…

Q: Record the following transactions of Pal Tos Sales for the month of May under the Perpetual…

A: The journal entries are prepared to record daily transactions of the business.

Q: Assuming that  a Retail Merchandise business purchased 500 numbers of HP three in one printer for…

A: Periodic inventory system is the one in which the recording of the inventory is done on periodic…

Q: Lion, Inc, purchased merchandise from a supplier on October 1, 2021, for $100,000 on account, terms…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Kingbird, Inc. purchased merchandise inventory with an invoice price of $13100 and credit terms of…

A: Given,  Invoice price = $13,100 Terms = 2/10, n/30

Q: ABC Company makes the following purchases: 1.One item on 2/2/2020 for $10 2.One item on 2/15/2020…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: Young Traders is owned by Yvonne Young. Young Traders is not a VAT vendor and uses the perpetual…

A: 4.1)

Q: On January 4, 2019, Dunbar Company purchased, on credit, 2,500 television sets at $800 each. Terms…

A: Net price method Date Accounting titles & Explanations Debit Credit         4-Jan…

Q: On December 31, 2019, Ana Inc. sold merchandise for P750,000 to Ysa Inc. The terms of the sales were…

A: As per the shipping terms, inventory is considered delivered when it is shipped to customer. As per…

Q: On June 16, 2021, Emily Corporation sold merchandise to Franz Company for P6,000, terms 2/10, n/30.…

A: Periodic inventory system is one of the inventory systems in which all transactions related to…

Q: On December 30, 2018, JENNIE Corporation sold merchandise for P75,000 to LISA Company. The terms of…

A: solution concept FOB shipping point                 On the FOB shipping point terms the revenue…

Q: BE5-4 Prepare the journal entries to record the following transactions on Novy Company's books using…

A: As Discount is 2% if amount is received within 10 days. Discount to be calculated on net amount…

Q: 17) Magnum mart purchased goods on 4th January, 2019 for RO 86,000 on credit under the payment…

A: Perpetual inventory is a form of stock management that uses computerized point-of-sale processes and…

Q: On June 16, 2021, Emily Corporation sold merchandise to Franz Company for P6,000, terms 2/10, n/30.…

A: The journal entries are prepared to record day to day transactions of the business.

Q: The foilowing are the accounts of Maris Merchandising for December 31, 2019. Php 1,000,000 (20.000)…

A: Comprehensive Income Statement: The comprehensive Income statement is a statement that provides the…

Q: A retailer pays on credit for $650 worth of inventory, terms 3/10, n/40. If the merchandiser pays…

A: Perpetual inventory system: The perpetual inventory system records and updates the inventory after…

Q: 9. Butterfly, Inc, purchased merchandise from a supplier on October 1, 2020, for $50,000 on account,…

A: Perpetual Inventory System: Perpetual inventory systems track the sale of products immediately…

Q: ello. could you please kindly assist on the third question from the below? ------   At the end…

A: An income statement is a financial report that indicates the revenue and expenses of a business. It…

Q: The Cherry Company’s physical inventory on December 31, 2021 showed that merchandise with a cost of…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: 26) th March 2019, Max business purchased RO 60,000 with credit terms of 2/10, n30 and shipping…

A: Journal entry: It can be defined as the recording of financial events and transactions that have…

Q: Magnum mart purchased goods on 4th January 2019 for RO 86,000 on credit under the payment terms…

A: Discount=Accounts payable×Rate=RO 86,000×2%=RO 1,720

Q: On July 15, 2018, the Nixon Car Company purchased 1,000 tires from the Harwell Company for $50 each.…

A: Journal entry is a record of financial transaction in the books of accounts maintained by an…

Q: Accounts Payable and Cash Discounts On January 4, 2019, Dunbar Company purchased, on credit, 2,500…

A: In this question, we are required to make entry for purchase of merchandise under net price method.…

Q: On June 10, Diaz Company purchased $8,000 of merchandise from Taylor Company, FOB shipping point,…

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: You are accountant for New Horizon Merchandising Company.  New Horizon Merchandising Company buys…

A: New Horizon sold 500 units of Zoom for $15 each plus 8% sales taxes on account to Nice Company.Terms…

Q: on february 3 smart company sold merchandise in the amount of 2000 to truman company with credit…

A: Perpetual inventory system: The perpetual inventory system involves tracking inventory after every,…

Q: Royal traders LLC accounting records shows the following for the year ending on 31 December 2019,…

A: Net cost of purchases means net amount payable to supplier after all returns and discounts and…

Q: Orange Co. is a customer of Watermelon Co. On June 17, 2022 Orange Co. returned back the merchandise…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On April 208, Jack traders purchased RO 25,500 of merchandise and paid cash .What is the journal…

A: Under Perpetual inventory system inventory balances are updated after every transaction. It is also…

Q: On March 24, 2021, blue Company purchased merchandise with an invoice price of 48,000 and terms of…

A: There is two methods to record discount which are, (1) Net method (2) Gross method We will talk…

Q: The Physical inventory on January 31, 2019 of Jungkook Company showed merchandise at P300,000. As an…

A: SOLUTION- INVENTORY- IT IS THE  TERM FOR THE GOODS AVAILABLE FOR SALE AND RAW MATERIALS USED TO…

Q: l Bushra LLC accounting records shows the following for the year ending on 31 December 2019,…

A: COGS  = Opening inventory + Net purchases - ending inventory Opening inventory   = Nil Net Purchase…

Q: Bramble Corp. uses the perpetual inventory and the gross method. On March 1, it purchased $ 54000 of…

A: Total purchase  $                  54,000 Return  $                   (5,400) Net purchase  $…

Q: You are accountant for New Horizon Merchandising Company.  New Horizon Merchandising Company buys…

A: Perpetual inventory system: Under this accounting method for companies moving large amounts of…

Q: Ibri company has an Inventory of RO 68,000 and RO 134,000 of Cost of goods sold in its unadjusted…

A: Cost of Good Sold - It involves costs which are directly related to the production of product. we…

Q: Gabriela uses the perpetual inventory system. Gabriela purchased merchandise with an invoice price…

A: The foremost reporting of the transactions is to be done in the journal. These are recorded to…

Q: BigB furn mart has the opening inventory of RO 34,600, purchases of RO 52,800, purchase discount of…

A: Net purchases=Purchases-Purchase discount-Purchase return and allowance=RO 52,800-RO 2,400-RO…

Q: Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17,…

A: Cost of Inventory after trade discount = $100 units x $500 x 70% = $35,000   Under the net method,…

Q: Ibri traders returned goods to Muscat mart, a supplier of RO 1,700, purchased on 8th May,2019. The…

A: Answer-  A purchase return occurs when a buyer returns merchandise to a seller. When a buyer…

Q: Bramble Inc. uses a perpetual inventory system. At January 1, 2020, inventory was $216,170,800 at…

A: Perpetual inventory system, also regarded as continuous inventory that states the inventory system,…