Reference no: EM132982178
Question - Wonderland Company reported the following balances as of January 1, 2021: Merchandise Inventory
50 ladies bags at P2,000 each P100,000
25 backpacks at 3,000 each 75,000
Total P175,000
The following transactions took place in the current year:
Jan. 3 Purchased 10 traveling bags on account, P5,000 each. Terms: 2/10; n/30. FOB shipping point.
Jan 4 Paid the freight charges of the travelling bags purchased on January 3, P5,000.
Jan 6 Sales on account: 15 backpacks at P4,000 each. Terms: 2/10; n/30, FOB destination.
Jan 7 Paid the freight charges of P4,000 for the 15 backpacks sold on January 6.
Jan 10 Paid in full via bank fund transfer the Jan 3 purchases of travelling bags.
Jan 17 Purchased on account 20 sling bags at P1,000 each. Terms: 5/15; n/30.
Jan 19 Sold six (6) travelling bags at P6,500 each for cash.
Required -
a) What are the necessary journal entries for the above transactions assuming Wonderland Company uses periodic inventory system?
b) Independent of requirement a), what if Wonderland Company uses perpetual inventory system, what would be the additional entry(ies) that Wonderful Company should record on:
i. January 6 and
ii. January 19.
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