Required information [The following information applies to the questions displayed below.] Ross & Company is a wholesaler of hair supplies. Ross uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $33,117). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $340). c. Sold merchandise (costing $8,170) toya customer on account with terms n/60. d. Collected half of the balance owed by the customer in (o). e. Granted a partial allowance relating to credit sales the customer in (e) had not yet paid. f. Anticipate further returns of merchandise (costing $260) after year-end from sales made during the year. $ 58,880 370 17,200 8,600 184 380 3. Prepare journal entries to record transactions (a)-(. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Required information [The following information applies to the questions displayed below.] Ross & Company is a wholesaler of hair supplies. Ross uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $33,117). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $340). c. Sold merchandise (costing $8,170) toya customer on account with terms n/60. d. Collected half of the balance owed by the customer in (o). e. Granted a partial allowance relating to credit sales the customer in (e) had not yet paid. f. Anticipate further returns of merchandise (costing $260) after year-end from sales made during the year. $ 58,880 370 17,200 8,600 184 380 3. Prepare journal entries to record transactions (a)-(. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

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Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 7PA: Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks...

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Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows: Instructions 1. Determine the estimated cost of the merchandise inventory of Celebrity Tan Co. on August 31 by the retail method, presenting details of the computations. 2. a. Estimate the cost of the merchandise inventory of Ranchworks Co. on November 30 by the gross profit method, presenting details of the computations. b. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that 369,750 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during March through November?
Selected data on merchandise inventory, purchases, and sales for Jaffe Co. and Coronado Co. are as follows: Instructions 1. Determine the estimated cost of the merchandise inventory of Jaffe Co. on February 28 by the retail method, presenting details of the computations. 2. a. Estimate the cost of the merchandise inventory of Coronado Co. on October 31 by the gross profit method, presenting details of the computations. b. Assume that Coronado Co. took a physical inventory on October 31 and discovered that 366,500 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during May through October?
Required information [The following information applies to the questions displayed below.] Hair World Incorporated is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $32,037). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $310). c. Sold merchandise (costing $7,315) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $230) after year-end from sales made during the year. $ 56,960 340 15,400 7,700 178 350 3. Prepare journal entries to record transactions (a)-(. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the…
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