The trial balance of Alagoas's Boutique at December 31 shows Inventory R$21,000, Sales Revenue R$156,000, Sales Returns and Allowances R$4,100, Sales Discounts R$3,000, Cost of Goods Sold R$92,400, Interest Revenue R$3,000, Freight - Out R$2,200, Utilities Expense R$7,400, and Salaries and Wages Expense R$19,500. Prepare the closing entries for Alagoas for these accounts.
Q: ABC Corporation sold merchandise worth $10,000 on credit with payment terms of 60 days. The cost of…
A: A formal accounting document that documents a business's financial activities is called a journal…
Q: 4) The first week, the store sold 12 pairs for $1 60 each in cash sales. 5) On the 10th, a sale of…
A: The given Question pertains to account for the transaction in journal entries under a perpetual…
Q: The records of Sage's Boutique report the following data for the month of April. Sales revenue…
A: Lets understand the basics.Conventional retail inventory method calculates value of ending retail…
Q: At the beginning of November, Yoshi Inc.’s inventory consists of 64 units with a cost per unit of…
A: Perpetual inventory system: Under this method of recording inventory, a running balance in relation…
Q: lа Сompany provided the rent year: chases chase returns and allowances talincome
A: An income statement is a financial statement that displays a company's revenue and costs. It can…
Q: In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought…
A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…
Q: 1. Prepare the expected cash collections during August. 2. Prepare the expected cash disbursements…
A: Cash budget :A cash budget is a financial tool used by businesses to forecast and manage their cash…
Q: (1)Prepare journal entries for both Periodic and Perpetual Inventory Systems and (2) Prepare the…
A: Under Perpetual inventory system, Inventory account is updated to each purchase and sale and…
Q: Estimate the ending inventory using the conventional retail inventory method.
A: Retail inventory method is used by retailers to find the estimated ending inventory balance.This…
Q: Selected transactions follow for Runner Sports Ltd. during the company's first month of business.…
A: A journal entry is a formal accounting record that represents the financial transactions of a…
Q: Blossom Soaps Company has a balance in inventory of $98800 at the beginning of the month. During the…
A: Cost of goods sold means actual cost of goods that are being sold to customers. It includes…
Q: The following were selected from among the transactions completed by Harrison Company during…
A: Journal is a book of accounts in which monetary events are recorded. Monetary events which are…
Q: Plum Corporation began the month of May with $1,200,000 of current assets, a current ratio of…
A: A company's ability to pay off short-term debt or commitments that are due within a year is…
Q: The records of Sunland's Boutique report the following data for the month of April. Sales revenue…
A: Conventional retail method is a method of inventory valuation. This method is used by the retailers…
Q: ales revenue ales returns Markups Markup ancellations Markdowns Markdown ancellations $100,000 2,000…
A: Conventional Retail Method: Instead of using things at a physical location, the traditional retail…
Q: The records of Novak Menswear report the following data for the month of September: Sales Sales…
A: Lets understand the basics. Retail inventory method is a method used for estimating value of stores…
Q: ProBuilder reports merchandise sales of $50,000 and cost of merchandise sales of $20,000 in its…
A: Journal entry: Journal is the book of original entry whereby all the financial transactions are…
Q: On December 31, Diane Photography Supplies estimated that $12,000 merchandise sold will be returned…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: The records of Sunland's Boutique report the following data for the month of April. Sales revenue…
A: Conventional Retail Method: The Conventional Retail Inventory Method (CRIM) is an accounting…
Q: A retailer has a beginning monthly inventory valued at $60,000 at retail and $25,000 at cost. Net…
A: Total merchandise available for sales - at cost Beginning inventory + Net purchases + transportation…
Q: 1. Prepare journal entries for each of the transactions through December 20 2. Prepare any adjusting…
A: A journal is made to record all business transactions. All the financial transactions are recorded…
Q: On March 5, Blowout Sales makes $22,500 in sales on account. The cost of the merchandise sold is…
A: Given, Sales = $22,500 Cost of merchandise sold = $16,825
Q: Selected transactions follow for Pukalani Sports Ltd. during the company's first month of business.…
A: Answer:- A journal entry is a formal accounting record that represents the financial transactions of…
Q: The adjusted trial balance of Splish Brothers at December 31 shows Inventory $20,500, Sales Revenue…
A: Closing entries are used to close the temporary accounts. These are expense revenue accounts.
Q: Home office shipped merchandise costing $120,000 to branch at a billed price of $168,000. Assume at…
A: Branches are responsible to keep an accounting record of investment received from the Home office.…
Q: At the beginning of October, Bowser Company's inventory consists of 69 units with a cost per unit of…
A: The journal entries are prepared to record the transactions on regular basis. The FIFO stands for…
Q: The sales of Super Store for the month is P 80,756.00. Beginning inventory was P 24,435.00; and…
A: Formula used: Cost of goods sold = Beginning inventory + Purchases - Ending inventory
Q: Auto's Body Shop had the following costs associated with new inventory purchases for the month of…
A: Inventory includes raw material, work-in-process and finished goods inventory. Inventory shows goods…
Q: 1) PEI Distributors purchases inventory in crates of merchandise. Assume the company began July with…
A: 1. FIFO Method - Under FIFO Method, Inventory purchased first is sold first.
Q: Calculate the cost of the inventory purchased for the purchasing company: Invoice price of goods is…
A: Lets understand the basics. For the attracting early payment from the customer, supplier provide…
Q: Prepare the cost of goods sold section for Adams Gift Shop. The following amounts are known:…
A: Cost of goods sold is an expense account, which will be reported on the income statement.
Q: On August 5, Oriole Ltd. sells goods for $1530 and the cost to Oriole was $700. Oriole expects a…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: ry on Feb. 1 $280,000 $435,000 Net sales
A: Closing Inventory is the stock at the end of the closing period held by the entity. Markup percent…
Q: The records of Pharoah's Boutique report the following data for the month of April. Sales revenue…
A: Cost to retail ratio = $82,225 / $149,500 = 55%
Q: The following were selected from among the transactions completed by Harrison Company during…
A: Journal Entries: A Journal entry is a record of the business transactions within the accounting…
Q: Purchases (at sales price) Purchase returns (at cost) Purchase returns (at sales price) Beginning…
A: Record field's Boutique report the following data for the month of April . Ending inventory…
Q: Selected transactions follow for Pukalani Sports Ltd. during the company's first month of business.…
A: A journal entry is a formal accounting record that represents the financial transactions of a…
Q: On April 5, a customer returns 19 bicycles with a sales price of $240 per bike to Barrio Bikes. Each…
A: Periodic inventory method: It is a inventory valuation method in which inventory is updated at the…
Q: a. A company had the following balances at year end: sales discounts $3,400, sales returns and…
A: Preparation of closing entries is a method used by the business entity to close its temporary…
Q: Estimate the ending inventory using the retail inventory method. Re 74%) [Please note it is
A: Retail inventory method is used by retailers to find the estimated ending inventory balance.This…
Q: At the end of August, Orison Supply Store had $25,000 of inventory on hand. During September,…
A: Beginning inventory will not be there in a newly started business.The the goods remaining unsold at…
Q: In August, Joplin Designs sold $510,000 of merchandise; all sales were in cash.The cost of sales for…
A: Record the journal entries for the monthly sales, cost of sales:
Q: The records of Carla's Boutique report the following datà for the month öf April. Sales revenue…
A: Cost Retail Beginning inventory 36103 50600 Purchases 47200 85800 Purchase returns…
Q: rns 1,900 10,500 Purchases (at sales price) Purchase returns (at cost) 95,9 1,9
A: The ending inventory in the conventional retail inventory method is the ending inventory at retail (…
Q: On September 1, Jenspert Supply had an inventory of 15 backpacks at a cost of P250 each. The company…
A: Journal: Recording of a business transactions in a chronological order.
Q: Assume that in September, Joplin Designs customers actually return $150,000 of inventory. Using the…
A: A journal entry is a form of accounting entry that is used to reporting the business transaction in…
Step by step
Solved in 3 steps
- Can you help solve this & explain the answers. Thank you Plum Corporation began the month of May with $900,000 of current assets, a current ratio of 2201, and an acid-test ratio of 1.30.1. During the month, it completed the following transactions (the company uses a perpetual inventory system). Hay 2 Purchased $75,000 of merchandise inventory on credit. May 8 Sold merchandise inventory that cost $45,0e0 for $125,000 cash. May 10 Collected $22,000 cash on an account receivable. May 15 Paid $27,500 cash to settle an account payable. May 17 Wrote off a $5,0e0 bad debt against the Alilowance for Doubtful Accounts account. May 22 Declared a $1 per share cash dividend on its 68,000 shares of outstanding common stock. May 26 Paid the dividend declared on May 22. May 27 Borrowed $85,000 cash by giving the bank a 30-day, 10% note. May 28 Borrowed $105,e00 cash by signing a long-tere secured note. May 29 Used the $190,000 cash proceeds from the notes to buy new machinery. Required: Complete the…On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30. The cost of the merchandise sold is $152,700. Showcase Co. issues a credit memo on March 5 for $30,000 as a price adjustment prior to Balboa Co. paying the original invoice on March 29. Journalize Showcase Co.’s entries for (a) the sale, including the cost of the merchandise sold; (b) the credit memo; and (c) the receipt of the check for the amount due from Balboa Co. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.At the beginning of November, Yoshi Inc.'s inventory consists of 69 units with a cost per unit of $94. The following transactions occur during the month of November. November 2 Purchase 85 units of inventory on account from Toad Inc. for $100 per unit, terms 3/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $340. November 9 Return 17 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,100. (Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $5 per unit for freight loss $3 per unit for the purchase discount, or $102 per unit.) November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 51 units of inventory from Toad Inc. for $104 per unit, terms 2/10, n/30. November 24 Sell 60 units of inventory to customers for cash, $7,200. (Note: For calculating the…
- Subject: accountingThe Company has a single branch in Southwest. On March 1, 2020, the home office accounting records included an Allowance for Overvaluation of Inventories: Southwest Branch ledger account with a credit balance of $32,000. During March, the following transactions occurred: On March 4, the home office shipped merchandise costing $66,000 to the Southwest Branch and billed it at a price representing a 40% markup on the billed price.On March 8, the branch sold 70% of the merchandise received from the home office on march 4 for $90,000 cash.On March 15, the branch sold 20% of the merchandise received from the home office on march 4 to Hope company for $30,000 on credit.On March 22, the home office informed the branch that it had collected 50% of the amount owed by Hope company.On March 28, the branch paid operating expenses of $10,000 cash.On March 29, Hope company paid the remaining amount due to Southwest branch,On March 30, the home office allocated operating expenses of $4,000 to the…The records of Culver's Boutique report the following data for the month of April. Sales revenue $103,800 Purchases (at cost) $43,800 Sales returns 1,900 Purchases (at sales price) 92,200 Markups 9,300 Purchase returns (at cost) 1,900 Markup cancellations 1,600 Purchase returns (at sales price) 2,800 Markdowns 9,600 Beginning inventory (at cost) 26,550 Markdown cancellations 2,700 Beginning inventory (at sales price) 44,400 Freight on purchases 2,300 Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method %24
- At the beginning of November, Yoshi Inc.’s inventory consists of 64 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 80 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $320. November 9 Return 16 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,600. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $5 per unit for freight less $1 per unit for the purchase discount, or $104 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 56 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 70 units of inventory to…The records of Vaughn's Boutique report the following data for the month of April. Sales revenue $97,100 Purchases (at cost) $47,800 Sales returns 2,100 Purchases (at sales price) 86,100 Markups 10,400 Purchase returns (at cost) 2,100 Markup cancellations 1,500 Purchase returns (at sales price) 3,100 Markdowns 10,200 Beginning inventory (at cost) 24,251 Markdown cancellations 2,900 Beginning inventory (at sales price) 44,800 Freight on purchases 2,500 Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, eg. 78% and final answer to 0 decimal places, eg. 28,987.) Ending inventory using conventional retail inventory method %$4The following information is available for the past year for a retail store: Sales $121,000 Sales Returns $1,000 Markups $11,000 Markup cancellations $1,000 Markdowns $9,000 Purchases (at cost) $40,000 Purchases (at retail) $90,000 Beginning inventory (at cost) $30,000 Beginning inventory (at retail) $40,000 What is the cost-to-retail ratio to estimate the cost of ending inventory using the conventional retail method? (Round cost-to-retail ratios to four decimal places.) Group of answer choices 53.85% 75% 58.33% 50%
- Required information. In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 300 units at $5 on January 1, (2) 500 units at $9 on January 8, and (3) 910 units at $10 on January 29, Assume 1,110 units are on hand at the end of the month. Calculate the cost of goods available for sale, cost of goods sold, and ending inventory under the weighted average cost flow assumptions. Assume perpetual inventory system and sold 600 units between January 9 and January 28. (Round your intermediate calculations to 2 decimal places.) Goods Available for Sale Cost of Goods Sold Ending Inventory Weighted Average CostThe following information is available for Jaworski second year in business: • Opening merchandise inventory is 35,000. • Goods are marked to sell at 35% above cost. • Merchandise purchased totalled 600,000. • Collections from customers are 420,000. • Ending merchandise inventory is 225,000. • Opening accounts receivable balance is 0. • Ending accounts receivable balance is 85,000. Required: a. Estimate the ending accounts receivable that should appear in the ledger. Calculate any shortages, if any. Assume that all sales are made on account. b. What controls can be put in place to prevent theft?A seller of goods had the following data during the month.Total Sales Invoice (billed price) Php 224,000Gross receipts, including VAT 201,600Sales returns and allowances, billed price 11,200Input VAT 12,000 How much is the VAT payable?