Q. No 2 (B) The Muller Company is a Swiss wholesaler of furniture. They deal in Swiss currency which CHF. Muller uses a periodic inventory system and carried out the following transactions. Sep 2. Purchased merchandise on account CHF 350000 terms 5/10, n/45 Sep 3 The company also paid transportation cost CHF 1500 Sep 7 Muller complained about some products and the supplier willing to take the merchandise back. It amounts to CHF 10000. Sep 11 The Company made the required payment to settle debt with the supplier. Required: Prepare the necessary journal entries using both gross and et method.
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- Sales-related transactions The- following selected transactions were completed by Affordable Supplies Co., which sells supplies primarily to wholesalers and occasionally to retail customers. Jan. 6. Sold merchandise on account, $14,000. terms FOB shipping point, n/com. The cost of merchandise sold was $8,400. 8. Sold merchandise on account. $20,000. terms FOB destination. 1/10. n/30. The cost of merchandise sold was $14,000. 16. Sold merchandise on account, $19-500. terms FOB shipping point, n/30. The cost of merchandise sold was $11,700. 18. Received check for amount due for sale on January 8. 19. Issued credit memorandum for $4,500 for merchandise returned from sale on January 16. The cost of the merchandise returned was $2,700. 26. Received check for amount due for sale on January 16 less credit memorandum of January 19. 31. Paid Cashell Delivery Service $3,000 for merchandise delivered during January to customers under shipping terms of FOB destination. 31. Received cheek for amount due for sale of January 6. Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Affordable Supplies Co. Identify each transaction by date.Purchase-related transactions The following selected transactions were completed by Epic Co. during August of the curr ent year: Aug. 3. Purchased merchandise on account for $33400, terms FOB destination. 2/10. n/30. 9. Issued debit memorandum for $2500 ($2450 net of 2% discount) for merchandise from the August 3 purchase that was damaged in shipment. 10. Purchased merchandise on account, $25,000, terms FOB shipping point, n/com. Paid $600 cash to the freight company for delivery of the merchandise. 13. Paid for invoice of August 3, less debit memorandum of August 9 31. Paid for invoice of August 10. Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Epic Co. Identify each transaction by date.Q. No 2 (B) The Muller Company is a Swiss wholesaler of furniture. They deal in Swiss currency which CHF. Muller uses a periodic inventory system and carried out the following transactions. Sep 2. Purchased merchandise on account CHF 350000 terms 5/10, n/45 Sep 3 The company also paid transportation cost CHF 1500 Sep 7 Muller complained about some products and the supplier willing to take the merchandise back. It amounts to CHF 10000. Sep 11 The Company made the required payment to settle debt with the supplier. Required: Prepare the necessary journal entries using both gross and et method.
- 2. On April 5, 2020 Company A sell merchandise to Company L for P50,000 under the terms: 2/10, n/30 FOB Shipping point freight prepaid. Company A being the shipper paid the freight amounting to P2,000. On April 12, Company L paid in full the account amounting to P50,960. Company A notify Company L that the amount to be paid is not P50,960 but P51,000. Whose claim do you think is correct A or L? ExplainThe company sells goods to Jason. The company agreed to send the goods to London with an additional transportation fee (freight fee) PAID BY Jason AS BUYER (not the company paying this fee but the buyer) of $5,000. Record the shipping costs in the Buyer's book and the Seller's book.(5) The company "Z" displays in its accounting records the following costs for the goods purchased to reach safely its warehouses: Invoice value of goods 150.000€, discounts given on the invoice value of the purchase of 11.000 €, transport paid for the transport of goods from the warehouse of the supplier to the premises of the buyer 2.500 €, insurance premiums of goods 3.150 € were paid, packing costs for the transport 8.450 €, fees and customs clearance costs 7.780 €, commissions purchases 4.140 €, administrative expenses 5.550 €, salaries and wages 6.750 €, light-water-phone 3.150€, advertising-promotion costs 3.550€ and financial interest (debit) 1.485€. Requested: To determine the cost of purchase of the quantities purchased.
- 3) Pag Inc. is a sporting goods manufacturer. The firm uses a periodic inventory system. Pag Inc. s hipped $20000 of defective goods to a retailer. The retailer and Pag Inc. agreed that the retailer would keep the goods in exchange for $3500 allowance. The cost of the goods was $2000. What journal entry would Pag Inc record? Date Debit Credit Db CrMCQ 1Which of the following accounts is not reported in inventory?a. Raw materials.b. Finished goods.c. Building.d. Supplies. MCQS 2 AG Inc. made a €10,000 sale on account with the following terms: 1/15, n/30. If the company uses the gross method to record sales made on credit, what is/are the debit(s) in the journal entry to record the sale?a. Debit Accounts Receivable for €9,900b. Debit Accounts Receivable for €9,900 and Sales Discounts for €100c. Debit Accounts Receivable for €10,000d. Debit Accounts Receivable for €10,000 and Sales Discounts for €100Crane Inc. is a retailer operating in British Columbia. Crane uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Crane Inc. for the month of January 2022. Date Description Quantity Unit Cost or Selling Price January 1 Beginning inventory 100 $12 January 5 Purchase 137 15 January 8 Sale 112 23 January 10 Sale return 10 23 January 15 Purchase 55 17 January 16 Purchase return 5 17 January 20 Sale 85 27 January 25 Purchase 17 19 Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round intermediate calculations to 0 decimal places and final answers to 3 decimal…
- 1-Mr. Adil Abdullah is an Accountant in a Wholesale merchandise business. The business uses periodic inventory system. The Business sold merchandise on Credit to Oman Cement Company for OMR 56,000. But It has been posted to debit side of Oman Cement Company as OMR 65,000 but sales account was posted correctly by the Accountant. Which of the following rectification entry is Correct? Debit Oman Cement Company with OMR 9000 Debit Oman Cement Company OMR 9,000 Credit Sales OMR 9,000 c.Debit Sales OMR 9,000 Credit Oman Cement Company OMR 9,000 d.Credit Oman Cement Company with OMR 9000Could anyone help me understand this problem? How would you put these statements in a purchase journal? Dec 6: Bought inventory from a new supplier, Bailey Corp (Vendor# 210-25), on credit for the gross amount of $70,000 (invoice #CC1206). Bailey’s terms for repayment are 3/10, n/30. Dec 11: Bought inventory items from Nelson Industries on account for the gross amount of $25,000 (invoice #NI1211). Terms 2/30, n/60. Dec 13: Bought inventory items from Centennial, Inc. on account for the gross amount of $50,000 (invoice #TH1213). Terms 3/15, n/30 Dec 18: Purchased inventory items on account from Bailey Corp. for a gross amount of $25,000 (invoice #CC1218). Terms 3/10, n/30. Date Vendor Name (AP Subsidiary #) Purchases (debit) Accounts Payable (credit) Total1. What is the entry if the company returned goods previously purchased amounting 6,000? 2. Sold merchandise to ESCO Corporation 84,250, 50% down balance terms n/60. What is the entry of the transaction? 3. Tha company gave a cash refun for defective merchandise returned by customers, 4000. Waht is the entry of the transaction? 4. Which of the following accounts would not appear on a worksheet for a merchandising entity that uses the periodic inventory system? a. Cost of goods sold b. Purchases c. Sales Returns and Allowances d. Transportation In