Great Electronics sells two types of products: laptops and monitors. They purchased the laptops at $500/unit and the monitors at $180/unit. When they examine the ending inventory at the end of the accounting period, they count 50 laptops and 30 monitors. They determine the market value of the laptops is $520/unit and the value of the monitors is $140/unit. Record the journal entry to bring the inventory to the correct amount on the balance sheet.
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- Gemstone sells 400 units of inventory for $12,000 to Jades on account. The units cost $12 each. Jades returns 30 units before paying the invoice. Gemstone uses the periodic method for inventory management. a) Prepare all journal entries for these transactions for Gemstone. b) Prepare all journal entries for these transactions for Jades.GameGirl, Incorporated, has the following transactions during August. August & Sold 50 handheld game devices for $100 each to DS Unlimited on account, terms 1/10, net 60. The cost of the 50 game devices sold van $80 each. August 10 DS Unlimited returned five game devices purchased on August 6 since they were defective. August 14 Received full amount due from DS Unlimited. Required: Prepare the transactions for GameGirl, Incorporated, assuming the company uses a perpetual inventory system. The items returned on August 10 were considered worthless to GameGirl and were discarded. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 3 Record DS Unlimited returning five game devices purchased on August 6 since they were defective. Note: Enter debits before credits. Dats August 10 Sales Returns Record entry General journal Accounts Receivable Clear entry Debit 480 Credit 480 View…Friends Appliance uses a perpetual inventory system. The following are three recent merchandising transactions: May 10 Purchased 10 televisions from Sony Center on account. Invoice price, 30,000 per unit. The terms of purchase were 2/10, n/30. May 15 Sold one of these televisions for 35,000 cash. May 18 Sold Two of these television for 37,000 on Account. The credit term is 2/10, n/30. May 20 Paid the account payable to Sony Center within the discount period. May 25 Friends received cash of two televisions with in discount period. Instructions Assume that Friends did not pay Sony Center and received cash within the discount period. Prepare journal entries to record this payment and receipt assuming that the original liability and Asset had been recorded at: Net cost Gross invoice price
- GameGirl, Incorporated, has the following transactions during August. August 6 Sold 60 handheld game devices for $150 each to DS Unlimited on account, terms 3/10, net 60. The cost of the 60 game devices sold was $130 each. August 10 DS Unlimited returned four game devices purchased on August 6 since they were defective. August 14 Received full amount due from DS Unlimited. Required:Prepare the transactions for GameGirl, Incorporated, assuming the company uses a perpetual inventory system. The items returned on August 10 were considered worthless to GameGirl and were discarded. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)Friends Appliance uses a perpetual inventory system. The following are three recent merchandising transactions: May 10 Purchased 10 televisions from Sony Center on account. Invoice price, 30,000 per unit. The terms of purchase were 2/10, n/30. May 15 Sold one of these televisions for 35,000 cash. May 18 Sold Two of these television for 37,000 on Account. The credit term is 2/10, n/30. May 20 Paid the account payable to Sony Center within the discount period. May 25 Friends received cash of two televisions with in discount period. Instructions Prepare journal entries to record these transactions assuming that Friends records purchases of merchandise at: Net cost Gross invoice price Assume that Friends did not pay Sony Center and received cash within the discount period. Prepare journal entries to record this payment and receipt assuming that the original liability and Asset had been recorded at: Net cost Gross invoice priceLamprino Appliance uses a perpetual inventory system. The following are three recent merchan-dising transactions: June 10 Purchased 10 televisions from Mitsu Industries on account. Invoice price, $300 perunit, for a total of $3,000. The terms of purchase were 2/10, n/30.June 15 Sold one of these televisions for $450 cash.June 20 Paid the account payable to Mitsu Industries within the discount period.Instructionsa. Prepare journal entries to record these transactions assuming that Lamprino records purchasesof merchandise at:1. Net cost2. Gross invoice priceb. Assume that Lamprino did not pay Mitsu Industries within the discount period but insteadpaid the full invoice price on July 10. Prepare journal entries to record this payment assumingthat the original liability had been recorded at:1. Net cost2. Gross invoice pricec. Assume that you are evaluating the efficiency of Lamprino’s bill-paying procedures. Which accounting method—net cost or gross invoice price—provides you with the most…
- Glasgow Company uses the periodic inventory system. On February 1, the corporation purchased inventory on account for $16,000. The terms were 3/10, n/30. On February 2, it returned damaged goods worth $500 to the supplier and was granted an allowance. Give the journal entry for the payment if the invoice is paid after the discount period. (Round your answers to the nearest dollar.)Sports Haven keeps an inventory of FITBIT Wearable Technology. Assume an inventory of 35 FitBits at the beginning of the year at a cost of $44.32 each. Additional FitBits were purchased as follows: 15 at $45.50 each on March 22, 30 at $45.80 each on May 2, 10 at $46.20 each on July 14, and 40 at $43.90 each on September 9. Use LIFO to determine the cost of the ending inventory. Assume 32 FitBits in inventory at the end of the year.Sports Haven keeps an inventory of FITBIT Wearable Technology. Assume an inventory of 35 FitBits at the beginning of the year at a cost of $44.32 each. Additional FitBits were purchased as follows: 15 at $45.50 each on March 22, 30 at $45.80 each on May 2, 10 at $46.20 each on July 14, and 40 at $43.90 each on September 9. Use FIFO to determine the cost of the ending inventory. Assume 32 FitBits in inventory at the end of the year.
- RMPW makes and sells premium Ultimate Ale and related products.All purchases and sales are made On credit . RMPW uses the perpetual inventory system. They also use the 3-way match to verify invoices and record purchases. Analyze the events below and complete the requirements. 1. June 15: Shipped and billed (sold) 50 cases of ale to Eagles bar for $500. Prepare invoice number 200. The ale cost RMPW $300. 2. July 17: Received $2,000 from Longhorn (customer) for goods that were delivered and billed the prior month. 3. July 31: Received invoice for $1000 from TD Hops for raw materials that have been received and ordered. RMPw performed the 3 way match. (Assume RMPW records purchases when they perform the 3way match) Requirements: for each event identify A) account (s) debited B) account (s) credited C) the special journal used to record the event D) any subsidiary ledgers updated from the event.BAYWEST began the third quarter (July to September) of 2020 with 30 (Alcatel) tablets at a total cost of $187,800. The business uses a perpetual inventory system and adjusts cost of goods sold for any shortage or excess inventory. July 8 98 tablets were purchased at a cost of $6,202 each. In addition, the business paid a freight charge of $248 cash on each tablet to have the inventory shipped from the point of purchase to their warehouse. July 31 The sales for July were 85 tablets which yielded total sales revenue of $809,030. (25 of these tablets were sold on account to longstanding customers) Journalize the transactions for the month of July, assuming the company uses a: - Periodic inventory system - Perpetual inventory systemPlease help me do a general jounrnal for this scenario: Master Flow purchased 500 Units @ $100 / Unit in plumbing fixtures from Kohler, Inc. toestablish the Company’s initial merchandise inventory. The Company opened a tradeaccount with Kohler with a $60,000 Credit Limit. The terms of all purchases with thisvendor are 2/10, N60. You talk to Scott about the Inventory accounting and valuationmethods to use. You agree to use the Perpetual Inventory Method with LIFO.