Prepare Journal Entry required for the 2023. 4. The company ran out of cake and pastry flour, which is a key ingredient. They placed an order for 50 bags of flour at a cost of $25 each on December 28, 2023. Terms of this order were 2/10, n/30, FOB shipping point. The company received an email notifying them of shipment on December 31, 2023, and it generally takes 5 businesses days to deliver. Tiffany looked forward to replenishing stocks and adding them to inventory upon receipt.
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- Directions: Show complete solutions. Take a picture of your solutions and paste in word. Submit the word file version to my email no later than 10:30am today. Thanks. Problem 1: Quarry Company, a manufacturer of small tools, provided the following information for the year ended December 31, 2020. Inventory at December 31, based on physical count – P1,750,000 Accounts payable at December 31 – P1,200,000 Net sales – P8,500,000 Additional information: Included in the physical count were tools billed to a customer FOB shipping point on December 31, 2020. These tools had a cost of P28,000 and were billed at P35,000. The shipment was in loading dock waiting to be picked up by the common carrier. Goods in transit from a vendor to Quarry Company on December 31, 2020. The invoice cost was P50,000 and the goods were shipped FOB shipping point on December 29, 2020. Work in Process inventory costing P20,000 was sent to an outside processor for plating on December 30, 2020. Tools returned by…Give the entry in January 2026, when the 37,500-gallon shipment is received, assuming that the situation given in (b2) above existed at December 31, 2025, and that the market price in January 2026 was $3.35 per gallon. Prepare the journal entry for when the materials are received in January 2026. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 2026 Inventory Estimated Liability on Purchase Commitments Accounts Payable Debit 125625 13125 Credit 138750E8.14 The following is a record of Pervis Ellison Company's transactions for Boston Teapots for the month of May 2020.May 1 Balance 400 units @ $20 May 10 Sale 300 units @ $38 12 Purchase 600 units @ $25 20 Sale 540 units @ $38 28 Purchase 400 units @ $30 Instructions a. Assuming that periodic inventories are maintained and that a physical count at the end of the month shows 560 units on hand, what is the cost of the ending inventory using Weighted Average. OPTIONAL: Try FIFO and LIFO, based on reading the slides and notes on these 2 methods. b. Assuming that perpetual records are maintained, calculate the ending inventory using Moving Average
- Mar 31, 2022 Mrs. Santos visited the Royes Luggage Inc. store yesterday and discussed the problems (conditions of goods received) with their manager. Mrs. Santos and the manager agreed that there is a problem with the goods. Mrs. Santos will give a Sales price allowance for the goods on invoice # 2212, in the amount of $100.00, plus HST. Mrs. Santos received Royes Luggage Inc.'s cheque # 496 in the amount of $904.00 as payment for this invoice, less the allowance. There are no discount terms on this allowance as it is more than 10 days from the purchase date. 1. Record the allowance. 2. Record the cheque received.MAKE THE NECCESSARY JOURNAL ENTRIES.... BALIM Company is a merchandising company and tradindg OFFICE SUPPLİES .Company’s November 2020 trancations are as follows. 2. Company Decided to import Machinary for 200.000 DOLAR. (USD) Installation and Adjustment Cost is 85.000 TL + %10 VAT. Import Tax is 35.000 TL. 75.000 USD , Advance is paid by issueing a check. USD Rate is 5.50 TL/USD .501 15. The bra buyer received a reorder of 600 bras that totaled $6,300 at cost. The invoice was received on May 10 with terms of 8/40 DOI. What is the date that this order needs to be paid by? What will be the total cost paid by that date?
- es Required information [The following information applies to the questions displayed below.] Tracy Company, a manufacturer of air conditioners, sold 125 units to Thomas Company on November 17, 2024. The units have a list price of $720 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, 1/30. 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, assuming that the net method of accounting for cash discounts is used. 3-b. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2024, assuming that the net method of accounting for cash discounts is used. Complete this question by entering your answers in the tabs below. Req 3A Req 3B Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, assuming that the net method of accounting for cash discounts is used. Note:…Tasty’s chocolate store paid $3,800 for Easter Egg inventory on March 15th. By April 30th (2 weeks after Easter), the seasonal inventory can only be sold to customers for $2,400. In order to sell the inventory quickly, an online advertising campaign must be undertaken which will cost $600 otherwise it is unlike they will sell the Easter eggs at all. a. Prepare the required journal entry for the above situation at April 30th b. Explain why Tasty had to make the April 30th journal entry.The following is the summary of the receipts and issues of material in a Special Ice factory during December 2020. Prepare Store Ledger according to First in First Out Method. December 2020 1 Dec. Opening balance 500 units @ GH¢25 per unit 3 Dec. Issue 70 units 4 Dec. Issue 100 units 8 Dec. Issue 80 units 13 Dec. Received from supplier 200 units @ GH¢24.50 per unit 14 Dec. Returned to store 15 units @ GH¢24 per unit 16 Dec. Issue 180 units. 20 Dec. Received from supplier 240 units @ GH¢24.75 per unit 24 Dec. Issue 304 units. 25 Dec. Received from supplier 320 units @ GH¢24.50 per unit 26 Dec. Issue 112 units 27 Dec. Returned to store 12 units @ GH¢24.50 per unit 28 Dec. Received from supplier 100 units @ GH¢25 per unit B. Two components P, Q are used as follows. Normal usage 1000 units per week each. Re-ordering quantity P - 20,000 units Q - 8,000 units Re-ordering period P - 4 to 6 weeks Q - 2 to 4 weeks The minimum…
- Prepare journal entry to record the expected sales return and cost of goods sold? Pinpong curtains sells with an unconditional sales return if its customers are not satisfied. The sales returns extends 60 days. On February 10, 2021, a customer purchases 4,000 of products (cost 2,000). Assuming that based on prior experience, estimated returns are 20%.Direction : Read and analyze the given situation below and write the answers for each question on your answer sheet. Don’t forget your solution. • The Excelsior Merchandising purchased merchandise costing P250,000.00 for the month of October. It paid P10,000 for freight (transportation) for the shipment of the goods from the seller to its store. It insured the merchandise for P25,000. It sold the merchandise for P420,000. For the current month, it incurred the following expenses: Delivery Expense P15,000 Salary Expense P30,000 Miscellaneous Expense P25,000 Utilities Expense P10,000 The firm earned interest on the promissory notes of its customer amounting to P12,000. It paid interest to the bank on a loan it took amounting to P8,000 1. Compute for the following: a. Cost of sales b. Gross profit c. Operating Expenses d. Operating Profit/Loss e. Other Income f. Other Expense g. Net Profit/LossPA3. 12.2 Review the following transactions, and prepare any necessary journal entries for Renovation Goods. A. On May 12, Renovation Goods purchases 750 square feet of flooring (Flooring Inventory) at $3.00 per square foot from a supplier, on credit. Terms of the purchase are 2/10, n/30 from the invoice date of May 12. B. On May 15, Renovation Goods purchases 200 measuring tapes (Tape Inventory) at $5.75 per tape from a supplier, on credit. Terms of the purchase are 4/15, n/60 from the invoice date of May 15. C. On May 22, Renovation Goods pays cash for the amount due to the flooring supplier from the May 12 transaction. D. On June 3, Renovation Goods pays cash for the amount due to the tape supplier from the May 15 transaction.