On Feb. 18, 2020, a fire destroyed the merchandise inventory of Cristina Santiago S The following information was available from the entity's accounting office: P1,260,000 39,600 Cost of Goods Sold Transportation In Merchandise Inventory, 1/1/2020 Purchases Discounts 300,000 26,400 46,200 1,320,000 Purchases Returns and Allowances Purchases Required: Compute the value of the lost merchandise

On Feb. 18, 2020, a fire destroyed the merchandise inventory of Cristina Santiago S The following information was available from the entity's accounting office: P1,260,000 39,600 Cost of Goods Sold Transportation In Merchandise Inventory, 1/1/2020 Purchases Discounts 300,000 26,400 46,200 1,320,000 Purchases Returns and Allowances Purchases Required: Compute the value of the lost merchandise

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Description: On Feb. 18, 2020, a fire destroyed the merchandise inventory of Cristina Santiago S The following information was available from the entity's accounting office: P1,260,000 39,600 Cost of Goods Sold Transportation In Merchandise Inventory, 1/1/2020 Pu

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 16MC: A customer obtains a purchase allowance from the retailer in the amount of $220 for damaged...

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A customer obtains an allowance from the retailer in the amount of $450 for damaged merchandise. Which of the following represents the journal entry for this transaction, assuming the customer has not remitted payment? A. B. C.
On Feb. 18, 2020, a fire destroyed the merchandise inventory of Cristina Santiago Shin The following information was available from the entity's accounting office: Cost of Goods Sold Transportation In Merchandise Inventory, 1/1/2020 P1,260,000 39,600 300,000 26,400 46,200 1,320,000 Purchases Discounts Purchases Returns and Allowances Purchases Required: Compute the value of the lost merchandise.
H. On Feb. 18, 2020, a fire destroyed the merchandise inventory of Cristina Santiago Shirts. The following information was available from the entity's accounting office: Cost of Goods Sold Transportation In Merchandise Inventory, 1/1/2020 Purchase Discounts P 1,260,000 39,600 300,000 Purchase Returns and Allowances Purchases 26,400 46,200 1,320,000 Required: Compute the value of the lost merchandise. (Ending Merchandise Inventory).
On Feb. 18, 2019, a fire destroyed the merchandise inventory of Cristina Santiago Shirts. The following information was available from the entity's accounting office: Cost of Goods Sold Transportation In Merchandise Inventory, 1/1/2019 P1,260,000 39,600 300,000 Purchases Discounts 26,400 Purchases Returns and Allowances 46,200 Purchases 1,320,000 Required: Compute the value of the lost merchandise.
On March 5, 2020 Alpha Co. purchased merchandise on account from LU Co. On March 8, 2020 Alpha returned Damaged goods totaling SAR 500 to LU for credit. The fair value of these goods is SAR 100. Both companies use a perpetual inventory system. The entry to record cost of goods return on LU’s books on March 8 is:
Prepare the necessary journal entries on the books of Kelly Carpet Company to record the following transactions, assuming perpetual inventory system: (a) (b) (c) (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation (a) Kelly purchased $45,000 of merchandise on account, terms 2/10, n/30. Returned $3,000 of damaged merchandise for credit. Paid for the merchandise purchased within 10 days. (b) (c) hives_20....zip W QCA 5.docx A W response essay.docx Debit ^ Credit
Prepare the necessary journal entries on the books of Kelly Carpet Company to record the following transactions, assuming a perpetual inventory system: Kelly purchased $45,000 of merchandise on account, terms 2/10, n/30. Returned $3,000 of damaged merchandise for credit. Paid for the merchandise purchased within 10 days. (a) (b) (c) (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. (a) (b) O Account Titles and Explanation Debit Credit []
7. A fire caused heavy damage to the Anatolia Antique Store on May 21, 2023. All merchandise was destroyed. In conjunction with an insurance investigation, you have been to estimate the cost of inventory destroyed. The following data for 2023 (recorded before the fire) are available: Merchandise inventory on January 1 Gross purchases Freight-in Purchase returns and allowances Cash discounts on purchases Gross sales Sales returns and allowances Gross profit percentage on net sales Required: Estimate the cost of inventory destroyed ₺ 80.000 170.000 10.000 5.000 2.000 206.000 6.000 20%
Orange Co. is a customer of Watermelon Co. On June 17, 2022 Orange Co. returned back the merchandise inventory to Watermelon Co., in which the sales price was $370, on account. The COGS was $290. According to Perpetual Method, the correct record for Watermelon Co. must be Select one: O a. Account Receivable $290 on Credit O b. Merchandise Inventory $370 on Credit O c. Cost of Goods Sold $290 on Debit O d. Sales Returns & Allowances $370 on Debit
1. The following events affected Austin's Auto Shop during 2019. 1 Purchased merchandise on account that costs $25,000. The terms of purchases are 2/11, n/45. The goods in Event 1 were purchased FOB shipping point with freight cost of $800 cash Returned $2,000 of damaged merchandise (Event 1) to the supplier Sold merchandise that costs $12,000 for $21,500 cash. The terms of sale was 2/11, n/45. Delivered merchandise to customers in Event 4 under terms FOB destination with freight costs amounting to $500 cash Paid the amount due on its account payable (Event 1) within the discount period. 4 6. 7 The customer paid the amount due on (Event 4) during the discount period Required: a. Prepare journal entries to record the events
1. The followving events affected Austin's Auto Shop during 2019. Purchased merchandise on account that costs $25,000. The terms of purchases are 2/11, n/45. The goods in Event 1 were purchased FOB shipping point with freight cost of 1 $800 cash Returned $2,000 of damaged merchandise (Event 1) to the supplier Sold merchandise that costs $12,000 for $21,500 cash. The terms of sale was 2/11, n/45. Delivered merchandise to customers in Event 4 under terms FOB destination with freight costs amounting to $500 cash Paid the amount due on its account payable (Event 1) within the discount period. 3. 4 6. The customer paid the amount due on (Event 4) during the discount period. 7. Required: a. Prepare journal entries to record the events 2.