User Account

All Pages

Record the transactions using periodic inventory system

Assignment Help Accounting Basics
Reference no: EM132913273

Question - Vangie Company, a merchandising concern entity, has the following transactions during 2020:

a. Purchased merchandise amounting to P100,000. Terms: 2/10, n/30.

b. Sold merchandise to various customers, P125,000. Cost of merchandise sold, P65,000.

c. Approved and accepted the return of merchandise from customer due to wrong delivery, P12,000. The cost of the inventory is P8,000.

d. Paid freight for merchandise sold, P12,000.

e. Returned merchandise to suppliers due to damages, P15,000.

f. Acquired merchandise from various suppliers, P180,000. Terms: less 10%, 2/10, n/30.

g. Paid accounts payable to various suppliers amounting to P90,000 less 2% discount taken.

h. Sold merchandise to various customers, P90,000. Cost of merchandise sold, P55,000.

i. Received proceeds from accounts receivable collection amounted to P100,000, net of 2% discounts.

j. Paid freight for merchandise purchased, P18,000.

Requirements - Record the above transactions using

a. Periodic Inventory System

b. Perpetual Inventory System

Reference no: EM132913273

Questions Cloud

Digital resources or non-digital tools : The use of technology is a necessity in every classroom. Such technology can take the form of digital resources (high tech) or other non-digital tools
Determine the adjusted balance of the account : Goods valued at P275,000 are on consignment with a customer. Determine the adjusted balance of the account
Types of risks lenders face in infrastructure financing : "Project Financing is intended to design financial structure to be serviced from future cash flows, often with limited recourse to the project's sponsors."
Puts down various groups in our society including women : Music artists utilize language that degrades or puts down various groups in our society including women.
Record the transactions using periodic inventory system : Acquired merchandise from various suppliers, P180,000. Terms: less 10%, 2/10, n/30. Record the transactions using Periodic Inventory System
Technique brainstorm business ideas : Using Scamper technique brainstorm business ideas around Careem and tell your manager possible ideas how they can come back to business during Covid-19?
What sustainable project management really means : If you were to identify three critical messages that explain what sustainable project management really means, what would they be?
The slender trap : Trina Piscatelli (2015) expresses that the comprehensive media's interpretation of "thin is beautiful" is generating fictitious beliefs in today's world
Discuss mobile information design : How to Choose a Mobile Web Development Option. Research and discuss effective use of screen real estate. Compare and contrast different mobile platforms.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd