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Question - In 2021, Johnson Company's first year of operations, the following transactions occurred:
(a) Inventory costing $425,000 was sold on credit to customers for a total of $675,000. Johnson uses a perpetual inventory system.
(b) During the year, Jung wrote off specific customer accounts totalling $5,000
(c) Cash was received from customers as payment on account, $300,000
(d) Jung estimated that 2.5% of ending accounts receivable would become uncollectible.
Required - Prepare journal entries to record the above transactions. Date all entries at December 31, 2020.
On December 28, 2010, Cole Manufacturing Co. purchased goods costing P500,000. What amount of cost for these goods should be included in inventory
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