6.2. Company pay VAT by the tax deduction method, accounting for inventories by perpetualinventory system, determination of price of inventories by FIFO method.Beginning balance:Acc 152: 10.000.000 VND (1000 units of A)Acc 153: 2.000.000 VND (100 units of T)During the period the following transactions occur: Requirement: Record transaction1. Purchase 5.000 units of A on account, the price (excluded VAT) is 52 million VND, VAT rate at10%.2. Purchase 1.500 units of tool T with an invoiced price (with VAT) of 35.200.000 VND, VAT rate at10%, pay by cash in bank. When checking before receiving, company find out some goods in badquality. Company complain and ask for a purchase allowance.Three days later, seller accepted a 5% allowance of invoice price (with VAT) paid by cash on hand.3. Issue 500 units of T from warehouse to be used for administrative purpose. They are estimated tobe used up in 3 accounting periods.4. Issue from warehouse 200 units of A for manufacturing.5. A tool which was using in accounting department is broken. Its cost is 2 million VND and had beenexpensed for 1,5 million VND.6. Purchase on account 1.000 units of goods X for 350 million VND (excluded 10% VAT). Whenchecking before receiving, detect a shortage of 100 units. Normal spoilage for this transaction is 10units, the cause of the rest is under investigation.

The company is recording its inventory under the perpetual inventory system. When this system is…

Answered: 6.2. Company pay VAT by the tax…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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M IN V F. R | B. H. G. 9- 4. 8. 2$ ) MacBook Pro b. a. Under a perpetual inventory system, record the journal entries required for the above transactions. If an amount box does not require an entry, leave it blank. Travis Company purchased merchandise on account from a supplier for $5,400, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period.
r 个 O any purchased inventory for $2,500 from a vendor on account, FOB shipping point, with terms of 2/10, n/30. The company paid the shipper $100 cash for freight in. The company then returned damaged goods worth $500. The invoice was then paid eight days after the invoice date. Assuming that there was no beginning inventory balance, the cost of inventory would be (Assume a perpetual inventory system.) OA. $1,960 B. $2,060 OC. $2.400 S
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Sold merchandise inventory to Hayes Company,5500,on account .Term3/15, n/35.Cost of goods ,2,530. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expenses related to the sale. We will do that in the following step.
Journalize each of the following transactions assuming a perpetual inventory system and PST at 8% along with 5% GST. June (1) Purchased $2,000 of merchandise; terms 1/10, n/30. (5) Sold $ 1,000 of merchandise for $1,400; terms n/15. Please answers in Journal entry worksheet
Star Company recognized $500 of cost of goods sold. Note that Star is only recording the cost of goods sold part of the transaction and not the sales revenue. Star uses the perpetual inventory system. Which of the following answers reflects the effect of recognizing the cost of goods sold on the financial statements? Balance Sheet Income Statement Assets = A. 500 B. (500) C. (500) D. (500) Multiple Choice O O оо Liabilities + - Option B Option A Option C Option D (500) Stockholders' Equity 500 (500) n/a (500) Revenue n/a n/a n/a n/a - Expense 500 500 500 n/a Net Income (500) (500) (500) n/a Statement of Cash Flows n/a n/a 500 Operating Activity n/a
Q29
A company using the perpetual inventory system purchased inventory worth $25,000 on account with terms of 2/10, n/30. Defective inventory of $2,000 was returned 2 days later and the accounts were appropriately adjusted. If the invoice is paid within 10 days, the amount of the purchase discount that would be available to the company is OA. $500 OB. $460 OC. $540 OD. $490
[The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $23 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $9.00 cost 20 units @ $15.00 cost 15 units @ $17.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Cost of Goods # of Date Cost per Cost per Cost of ( unit # of units Available for units unit Sol Sale sold December 7 10 at $ 9.00 $ 90.00 20 at $ 15.00 $ 300.00 December 14 Total December 14 15 at $ 23.00 = December 15 Total December 15 15 at $ 17.00 $ 255.00 %3D December 21 Totals
A. First In, First Out Number of Units Dollar Per Unit Value Total Value Cost of Goods Sold .. ... B. Last In, First Out Number of Units Dollar Per Unit Value Total Value Cost of Goods Sold ... ... C. Weighted Average Number of Units Dollar Per Unit Value Total Value Cost of Goods Sold ... ...
4. Assume that VFA Co. uses periodic inventory system and has the following balances: Inventory, Jan. 1 Purchases Purchases returns and allowances Purchase discounts Freight in How much is the cost of goods available for sale? A. P1,131,000 B. P1,139,000 750,000 400,000 11,000 2% of purchases 16,000 C. P1,147,000 D. P1,200,000
. EX.06.204.ALGO Sampson Co. sold merchandise to Batson Co. on account, $28,500, terms 2/15, net 45. The cost of the merchandise sold is $21,375. Batson Co. paid the invoice within the discount period. Assume both Sampson and Batson use a perpetual inventory system. Journalize these transactions for Sampson Co. If an amount box does not require an entry, leave it blank. a. fill in the blank 9d2beefcd029043_2 fill in the blank 9d2beefcd029043_3 fill in the blank 9d2beefcd029043_5 fill in the blank 9d2beefcd029043_6 b. fill in the blank 9d2beefcd029043_8 fill in the blank 9d2beefcd029043_9 fill in the blank 9d2beefcd029043_11 fill in the blank 9d2beefcd029043_12 c. fill in the blank 9d2beefcd029043_14 fill in the blank 9d2beefcd029043_15 fill in the blank 9d2beefcd029043_17 fill in the blank 9d2beefcd029043_18 Journalize these transactions for Batson Co. If an amount box does not require an entry, leave it blank. a. and b.…

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