PLEASE ANSWER ASAP. DO NOT USE EXCEL The HO ships merchandise to the branch at 50% above cost. On its books the balance shows a beginning inventory of HO merchandise amounting to P15,000 and shipments from HO of P110,000. Its ending inventory of HO merchandise is P5,000. Question 10. What amount should the HO adjust the allowance for overvaluation of branch inventory account?
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- Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a perpetual inventory system?CDE1. Nezee Paints purchased merchandise on account from a supplier for $9,000, terms 2/10, n/30. Nezee Paints returned $1,200 of the merchandise two days later and received full credit. 1. If Nezee Paints pays the invoice one day before the end of the discount period, what is the amount of the discount? 2. Under the perpetual inventory system, what account is credited by Nezee Paints to record the return? 3. Assuming the payment was made one day before the end of the discount period, what is the balance of the Merchandise Inventory account after these transactions?
- n/30. If Ancheta returns P2,000 of the goods to the vendor, the entry to record the 7. Grace Ancheta Company which uses the gross price method of recording purchase and the periodic inventory system, bought merchandise for P8,000, terms 210 return should include a Scanned with CamScanner | 8-37 a. credit to purchases returns and allowances of P1,960. b. debit to accounts payable of P2,000. C. debit to discounts lost of P40. d. debit to purchases returns and allowances of P1,960. S. The Dec. 31, 2014 trial balance for Aileen Maglana Company included the following: purchases, P40,000; purchases returns and allowances, P2,000; transportation in, P3,000; ending inventory was P8,000. What was the cost of goods sold for 2014? а. Р39,000 b. P33,000 c. P38,000 d. none of the above 9. In preparing a ten-column worksheet for a merchandising firm that uses the periodic inventory system a. the beginning inventory is extended as a credit in the balance sheet columns. b. the beginning inventory is…On March 12th, Company B sold $800 of inventory to a customer for $1,400. The customer paid $400 and promised to pay the difference within 10 days. Based on this transaction, match the account on the left with its appropriate debit or credit entry on the right. Inventory [ Choose] Accounts Receivable [Choose] Cash [ Choose] Cost of Goods Sold [ Choose ] Sales Revenue V[ Choose ] Credit $1,400 This account should not be indcluded in this entry. Debit $1,000 Debit $800 Net Income Credit $800 Debit $400 Debit $1,400Sampson Co. sold merchandise to Batson Co. on account, $38,400, terms 2/15, net 45. The cost of the merchandise sold is $28,800. 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 15841b07707b001_2 fill in the blank 15841b07707b001_3 fill in the blank 15841b07707b001_5 fill in the blank 15841b07707b001_6 b. fill in the blank 15841b07707b001_8 fill in the blank 15841b07707b001_9 fill in the blank 15841b07707b001_11 fill in the blank 15841b07707b001_12 c. fill in the blank 15841b07707b001_14 fill in the blank 15841b07707b001_15 fill in the blank 15841b07707b001_17 fill in the blank 15841b07707b001_18 Journalize these transactions for Batson Co. If an amount box does not require an entry, leave it blank. a. and b. fill in the blank…
- a. Sampson Co. sold merchandise to Batson Co. on account, $36,000, terms 2/15, net 45. b. The cost of the goods sold is $27,000. c. The Batson Co. paid the invoice within the discount period. Assume both Sampson and Batson use a perpetual inventory system. If no entry is required, select "No entry required" and leave the amount boxes blank. Prepare the entries that Sampson Company would record for the information above. If an amount box does not require an entry, leave it blank. a. b. С. Accounting numeric field Prepare the entries that Batson Company would record for the information above. If an amount box does not require an entry, leave it blank. а. b. a.Emma Co. sold to Isabella Co. merchandise on account FOB shipping point, 1/10, net 30, for $11,700. Emma Co. prepaid the $820 shipping charge. Using the perpetual inventory method, which of the following entries will Isabella Co. make to record the payment for the merchandise if Isabella Co. pays within the discount period? Oa. Accounts Payable-Emma Co., debit $11,700; Freight In, debit $820; Cash, credit $12,520 Ob. Accounts Payable-Emma Co., debit $11,700; Cash, credit $11,700 Oc. Accounts Payable-Emma Co., debit $12,520; Merchandise Inventory, debit $117; Cash, credit $12,637 Od. Accounts Payable-Emma Co., debit $12,403; Cash, credit $12,403A business A uses periodic inventory system. On Nov 15, 2021, the business A sold merchandise to business B for $149,000 on terms 3/10, 2/20, n/30. On Nov 18, 2021, business B returned to business A goods worth $8,700 due to wrong specification. On Nov 15, 2021, business B made partial payment of $39,000. On Dec 4, 2021, business B paid its account in full. How much should business A credit to Sales Revenue on Nov 15?
- On January 1,2021, Wackisan Co. sells inventory with list price of ₱100,000 on account under credit terms of 15%, 20%, 3/10, n/30. Based on the above data, answer the following: 1. Under the gross method, how much should be debited to Accounts receivable on January 1,2021? a. ₱100,000 c. ₱68,000 b. ₱85,000 d. ₱65,960 2. Under the net method, how much should be debited to Accounts receivable on January 1,2021? a. ₱100,000 c. ₱68,000 b. ₱85,000 d. ₱65,960a. Sampson Co. sold merchandise to Batson Co. on account, $22,200, terms 2/15, net 45. b. The cost of the goods sold is $16,650. c. The Batson Co. paid the invoice within the discount period. Assume both Sampson and Batson use a perpetual inventory system. If no entry is required, select "No entry required" and leave the amount boxes blank. Prepare the entries that Sampson Company would record for the information above. If an amount box does not require an entry, leave it blank. a. b. Prepare the entries that Batson Company would record for the information above. If an amount box does not require an entry, leave it blank. a. b. C.Livingston Company sells merchandise on account for $6,000 to Briggs Inc. on April 10 with credit terms 3/15, n/60. Briggs returns $1,000 of the merchandise on April 15. Briggs paid for the remainder of the goods within the discount period on April 20. What entry would Briggs make to record the return on April 15 if it uses the perpetual inventory system? a. Cash 1,000 Inventory 1,000 b. Accounts Payable 1,000 Inventory 1,000 c. Accounts Payable 970 Inventory 970 d. Purchase Returns 1,000 Inventory 1,000