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- Bloom Company sells gift certificates redeemable only when merchandise is purchased. Upon redemption, the entity recognizes the unearned revenue as realized. Information for the current year:Unearned gift certificates revenue, January 1 ₱ 250,000Gift certificates sold 1,745,000Gift certificates redeemed 1,483,250Gift certificates which expired 80,000Gross profit rate based on cost 25% Requirements: What amount should be reported for the year ended December 31 as Gross Profit? Unearned gift certificates revenue?Vigeland Company completed the following transactions during Year 1. Vigeland’s fiscal year ends on December 31. January 15 Purchased and paid for merchandise. The invoice amount was $15,200; assume a perpetual inventory system. April 1 Borrowed $774,000 from Summit Bank for general use; signed a 10-month, 9% annual interest-bearing note for the money. June 14 Received a $24,000 customer deposit for services to be performed in the future. July 15 Performed $3,450 of the services paid for on June 14. December 12 Received electric bill for $26,160. Vigeland plans to pay the bill in early January. December 31 Determined wages of $15,000 were earned but not yet paid on December 31 (disregard payroll taxes). Required: Prepare journal entries for each of these transactions. Prepare the adjusting entries required on December 31.Smith had the following transactions during March, 2022. 2 4. 5. Smith sold and delivered $13.000 of merchandise to LJ Enterprises. terms 2/10,n30. LJEnterprises also ordered an additional $4,000 worth of goods on the last day of the month. Smith lent $900 to its company president who promised to repay the loan on the 15th day of the next month. Smith sold old storage sheds to Alt Traders on 3/31. Alt Traders gave a $2.000 promissory note to Smith agreeing to pay for the sheds in 3 months. Other current assets totaled $45,000. Smith received no cash arising from the above transactions during March. Based only on the above transactions, and ignoring beginning balances, compute the accounts receivable as a percentage of the total current assets as of month end. (Round answer to 0 decimal places, e.g. 25%.) Accounts Receivable
- Bloom Company sells gift certificates redeemable only when merchandise is purchased. Upon redemption, the entity recognizes the unearned revenue as realized. Information for the current year:Unearned gift certificates revenue, January 1 ₱ 250,000Gift certificates sold 1,745,000Gift certificates redeemed 1,483,250Gift certificates which expired 80,000Gross profit rate based on cost 25% Requirements:8. What amount should be reported for the year ended December 31 as:A. SalesB. Cost of SalesOn May 11, 2023, Wilson Purchasing purchased $30,000 of merchandise from Hostel Sales, terms 3/10, n/90, FOB Hostel Sales. The cost of the goods to Hostel was $20,000. Wilson issued cheque #84 in the amount of $335 to pay Express Shipping Service for the delivery charges on the merchandise on May 11 On May 12, Wilson returned $1,200 of goods to Hostel Sales, which restored them to inventory. The returned goods had cost Hostel $800. On May 20, Wilson mailed cheque #85 to Hostel for the amount owed on that date. Hostel received and recorded the cheque on May 21 Required: 1. Record the transactions for Wilson Purchasing in a Purchases Journal, Cash Payments Journal, and General Journal as appropriate assuming a periodic inventory system. (Enter the transactions in the order provided in the question.) Date May 11 Date May 11 May 20 Account Credited Hostel Sales Ch. No. 84 85 Date of Invoice May 11 Payee Express Shipping Service Hostel Sales WILSON PURCHASING Purchases Journal Terms 3/10,…Winston started business on Jan. 1. During ghe year, the company purchased merchandise with an invoice of 5,000,000. Winston paid 200,000 freight on the merchandise. During the year, Winston returned 800,000 of the merchandise to the supplier. All ourchases were paid for in a timely manner and a 100,000 cash discount was taken. 4,180,000 of the merchandise was sold for 6,270,000. What was the Dec. 31 balance in the inventory account?
- Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District 45 on April 12 of the current year with terms 1/10,n/30. Oswego uses the gross method of accounting for sales discounts. What entry would Oswego make on April 18, assuming the customer made the correct payment on that date? Account Title Debit Credit Cash Sales 45,540 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Accounts receivable Sales 45,540 460 Account Title Debit Credit Cash 45,540 Sales discounts 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Sales discounts 460 Accounts receivable 46,000 Sales discounts forfeited 460Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. Apr. 30 Received $672,000 from Commerce Bank after signing a 12-month, 9.00 percent, promissory note. June 6 Purchased merchandise on account at a cost of $81,000. (Assume a perpetual inventory system.) July 15 Paid for the June 6 purchase. Aug. 31 Signed a contract to provide security service to a small apartment complex starting in September, and collected six months' fees in advance, amounting to $27,000. Dec. 31 Determined salary and wages of $46,000 were earned but not yet paid as of December 31 (ignore payroll taxes). Dec. 31 Adjusted the accounts at year-end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to security service. Required: For each listed transaction and related adjusting entry, indicate the accounts, amounts, and effects on the accounting equation. For each item, indicate whether the debt-to-assets ratio is increased or decreased…Described below are certain transactions of XYZ Company:Feb 2 The Company purchased goods from ABC Corp for P150,000, 2/10, n/30. The Company records purchases and accounts payable at net amounts after cash discounts. The invoice was paid on February 25.Apr 1 The Company purchased a truck for P1,200,000 from Bye Motors Corp, paying P120,000 in cash and signing a one-year, 12% note for the balance of the purchase price.May 1 The Company borrowed P2,400,000 from Philippine Bank by signing a P2,760,000 noninterest-bearing note due one year from May 1.Aug 1 The Company’s board of directors declared a P900,000 cash dividend payable on September 10 to shareholders of record on August 31.Required:1.Prepare all journal entries necessary to record the above transactions.2.Prepare any adjusting entries concerning interest that are necessary to present fair financial statements, assuming that XYZ’s financial year ends on December 31 and that no adjusting entries relative to transactions above…
- Pearl Enterprises purchased store equipment by making a $2,960 cash down payment and signing a 1-year, $34,040, 10% note payable. The purchase was recorded as follows. Correct the entry below Equipment 40,404 Cash 2,960 Notes Payable 34,040 Interest Payable 3,404Indigo Corporation shipped $25,000 of merchandise on consignment to Sandhill Company. Indigo paid freight costs of $1,900. Sandhill Company paid $400 for local advertising, which is reimbursable from Indigo. By year end, 60% of the merchandise had been sold for $20,500. Sandhill notified Indigo, retained a 10% commission, and remitted the cash due to Indigo. Prepare Indigo’s journal entry when cash is received. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title to record revenue enter a debit amount enter a credit amount enter an account title to record revenue enter a debit amount enter a credit amount enter an account title to record revenue enter a debit amount enter a credit amount enter an account title to record revenue enter a…nY Below are the transactions of Binggit Trading.for the first half of November 2020. Rov 1- A. Cruz , owner of Bingget Trading, invested 20,000 cash, merchandise 14,500 and store equipment with fair market value of 18,600. Nov 2 - Sold 2,500 goods to Bonete Store,Terms : 2/10, n/20. Nov 3- Sold 6,000 worth of merchandise to Rufie Trading, terms: 2/10;1/20;n/30. Nov 4- Sold for cash 5,000 goods. Nov 5- Purchased 3,600 goods and paid freight for the merchandise, 100 pesos. Nov 6 Bonete store paid its account in full. Nov 7- Rufie store paid 2,000 in partial settlement of its account. Nov 8 - Sold merchandise for 5,000 to Rading Mini Grocery, Terms : 1,000 down,2,000 60- day note, and the balance on account. Nov 9- Rufie paid another 1,000 in partial settlement of its account. Nov 10-Received 300 commission from ABC Store for selling its items. Nov 12- Rufie store paid the balance of its account. Nov 15 - Paid the half month's salary of the helper , 2,000. Required : Prepare the journal…