Shipping casts were PG00. Pascual received the goods and Ilono's Involce on June 17.On June 16, 2020, lano 5old merchandise to Pascuol for P6,000, terms 2/10, n/30,342 Basic Financlal Accounting and Ruporting 2021 Edition by Pro)llano and PaScual use the periodlc inventory system. The following are severala. Shipping terms are F.O.B, shipping point, freight collect. Pascual pald the shipping2. Prepare the entries for Pascual to record the purchase, the freight payment, and theSCORE:NAME:PROFESSOR:SECTION:Problem #11Transportation CostsOn June 24, Pascual sent the payment to Ilano, which Ilano raceived on June 25. D.arrangements regarding the shipping costs:costs on June 17 and remittad P5,880 on June 24.Required:1. Prepare the entries for Ilano to record the sale and the cash receipt.2. Prepare the entries for Pascual to record the purchase, the payment of shippingcosts, and the cash remittance.6 Shipping terms are F.O.B. destination, freight prepaid. llano paid the shippingcosts on June 16. Pascual remitted P5,880 on June 24.Required:1. Prepare the entries for llano to record the sale, the payment of shipping costs, andthe cash receipt.2 Prepare the entries for Pascual to record the purchase and the cash remittance.Shipping terms are F.O.B. shipping point, freight prepaid. llano paid the shippingcosts on June 16 and added the P600 cost to the invoice sent to Pascual Pascualremitted P6,480 on June 24.Required:1. Prepare the entries for llano to record the sale and freight payment, and the cashrecelpt.2. Prepare the entries for Pascual to record the purchase (with shipping costs added tothe involce from llano) and the cash remittance.d Shipping terms are F.O.B. destination, freight collect. Pascual paid the shipplngcosts on June 17 and deducted the P600 from the amount owed to llano A copy o)the frelght bill to llano was provided with the June 24 cash remittance. Pascuolremitted P5,280 on June 24.Required:L Prepare the entries for Illano to record the sale and the cash receipt.cash remittance.

11. On 16.06.2020, Illano sold goods to Pascual = P6000 Term 2/10, n/30 Shipping costs = P600…

Problem #11 Transportation Costs On June 16, 2020, flano 5old merchandise to Pascual for P6,000, terms 2/10, n/30. Shipping casts were PG00. Pascual recelved the goods and llono's invoíce on JuRR On June 24, Pascual sent the payment to llano, which llano raceived on June 25 llano and Pascual use the periodic inventory system. The following are several arrangements regarding the shipping costs: a. Shipping terms are F.O.B. shipplng point, freight collect. Pascual paid the shipoine costs on June 17 and remittad P5,880 on June 24. Required: 1. Prepare the entries for llano to record the sale and the cash receipt. 2. Prepare the entries for Pascual to record the purchase, the payment of shipping costs, and the cash remittance.

Problem #11 Transportation Costs On June 16, 2020, flano 5old merchandise to Pascual for P6,000, terms 2/10, n/30. Shipping casts were PG00. Pascual recelved the goods and llono's invoíce on JuRR On June 24, Pascual sent the payment to llano, which llano raceived on June 25 llano and Pascual use the periodic inventory system. The following are several arrangements regarding the shipping costs: a. Shipping terms are F.O.B. shipplng point, freight collect. Pascual paid the shipoine costs on June 17 and remittad P5,880 on June 24. Required: 1. Prepare the entries for llano to record the sale and the cash receipt. 2. Prepare the entries for Pascual to record the purchase, the payment of shipping costs, and the cash remittance.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 21E: Grimstad Company uses FIFO for internal reporting purposes and LIFO for financial reporting and...

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Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a perpetual inventory system?
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The moving average inventory cost flow assumption is applicable to which of the following inventory systems? Questions M7-6 and M7-7 are based on the following data: City Stationers Inc. had 200 calculators on hand on January 1, 2019, costing 18 each. Purchases and sales of calculators during the month of January were as follows: City uses a periodic inventory system. According to a physical count, 150 calculators were on hand at January 31, 2019.
Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the allowance method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
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Grimstad Company uses FIFO for internal reporting purposes and LIFO for financial reporting and income tax purposes. At the end of 2019, the following information was obtained from the inventory records: Required: 1. Prepare the necessary adjusting journal entry assuming that Grimstad converts the accounts to LIFO at the end of 2019. 2. Indicate how Grimstad would disclose the inventory value on its comparative balance sheets prepared at the end of 2019. 3. Next Level By how much would Grimstads cost of goods sold differ in 2019 if it used FIFO for external reporting?
Retail Inventory Method Red Department Store uses the retail inventory method. Information relating to the computation of the inventory at Decen1ber 31, 2019, is as follows: Estimated normal shrinkage is 2% of sales. Required: Prepare a schedule to calculate the estimated ending inventory at the lower of average cost or market at December 31, 2019, using the retail inventory method. Show supporting computations in good form. Round the cost-to-retail ratio to 3 decimal places.
On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as follows: Instructions 1. Does Simkins Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Simkins Company for the year ended June 30, 2019. The merchandise inventory as of June 30, 2019, was 508,000. The adjustment for estimated returns inventory for sales for the year ending December 31, 2019, was 33,000. 3. Prepare the closing entries for Simkins Company as of June 30, 2019. 4. What would the net income have been if the perpetual inventory system had been used?
Mark Industries issues a note in the amount of $45,000 on August 1, 2018 in exchange for the sale of merchandise. Which of the following is the correct journal entry for this sale? A. B. C. D.