Gear Company’s accounts payable balance at December 31, 2021 was P1,100,000 before considering the following transactions: A. Goods were in transit from a vendor to Gear on December 31, 2021. The invoice price was P80,000 and the goods were shipped FOB shipping point on December 29, 2021. The goods were received on J
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- Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 300 water bottles for their merchandise inventory, on credit, for $10 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier.
- Mark Industries issues a note in the amount of $45,000 on August 1, 2018 in exchange for the sale of merchandise. Which of the following is the correct journal entry for this sale? A. B. C. D.VICO's accounts payable balance at December 31, 2020 was P1,100,000 before considering the following transactions: • Goods were in transit from a vendor to VICO on December 31, 2020. The invoice price was P 80,000, and the goods were shipped FOB Shipping point on December 29, 2020. The goods were received on January 4, 2021. • Goods shipped to VICO FOB Shipping point on December 20, 2020, from a vendor were lost in transit. The invoice price was P 50,000. On January 5, 2021, Gerry filed a P50,000 claim against the common carrier. In its December 31, 2020 statement of financial position, VICO should report accounts payable ofInuyasha Company reported accounts payable of P1,000,000 as of December 31, 2022. The following transactions were recorded in month of December 2022 and January 2023 related to accounts payable. Purchases Journal Entries: Dec. 21 – Dec. 31, 2022: Receiving Report Date Date of Shipment Amount Shipment terms Dec. 22, 2022 Dec. 21, 2022 P162,000 Destination point Jan. 9, 2023 Dec. 30, 2022 128,000 C. I. F. in transit Jan. 10, 2023 Dec. 31, 2022 125,000 Destination point Purchases Journal Entries: January 2 – January 10, 2023 Receiving Report Date Date of Shipment Amount Consignment Jan. 5, 2023 Dec. 29, 2022 P110,000 Destination point Jan. 7, 2023 Dec. 30, 2022 170,000 F. A. S. in transit to Inuyasha Jan. 9, 2023 Jan. 6, 2023 300,000 Shipping Point How much should Inuyasha report as accounts payable in its December 31, 2022 statement of financial position?
- Prudential Company sold 30 air conditioning units, on January 15, 2020; sale price for each unit is P40,000.All of the sales are subject to terms 2/10, n30; the entity used the net method of accounting for accounts receivable.Required;1. prepare journal entry to record the sale.2. prepare the journal entry to record receipt of the payment assuming the correct amount was received on January 25, 2020.3. prepare the journal entry to record receipt of the payment, assuming the correct amount was received on February 10, 2020.On 15 December 2020; Saadah Company purchased goods at the amount of 32500 OMR and paid 12500, the balance is on account. Which of the following is the correct journal entry for this transaction? Select one: O A. Debit Credit (RO) (RO) Date Accounts Goods 32500 20000 15.12.2020 Payable Cash 12500 OB. Accounts Debit Credit (RO) (RO) Date Goods 32500 20000 15.12.2020 Cash Payable 12500 Oc. Date Accounts Debit Credit (RO) | (RO) Payable 20000 15.12.2020Cash 12500 Goods 32500 OD. Accounts Debit Credit (RO) (RO) Date Payable 20000 15.12.2020Cash 12500 Goods 32500Huhu Company and Hihi Company engaged in the following transactions during the month of July 2021. On July 16, Huhu Company sold merchandise to Hihi Company for P6,000, terms 2/10, n/30. Shipping costs were P600. Hihi Company received the goods and Huhu Company’s invoice on July 17. On July 24, Hihi Company sent the payment to Huhu, which Huhu received on July 25. Additional Info: Both Huhu and Hihi use the periodic inventory system. The arrangement regarding the shipping costs are as follows: Shipping terms FOB destination, Freight Collect. Hihi paid the shipping costs on July 17 and deducted the P600 from the amount owed to Huhu Company. A copy of freight bill to Huhu Company was provided with the July 24 cash remittance. Hihi remitted P5,280 on July 24. How much is the accounts payable of Hihi before remittances?
- Huhu Company and Hihi Company engaged in the following transactions during the month of July 2021. On July 16, Huhu Company sold merchandise to Hihi Company for P6,000, terms 2/10, n/30. Shipping costs were P600. Hihi Company received the goods and Huhu Company’s invoice on July 17. On July 24, Hihi Company sent the payment to Huhu, which Huhu received on July 25. Additional Info: c. Both Huhu and Hihi use the periodic inventory system. d. The arrangement regarding the shipping costs are as follows: Shipping terms FOB Shipping Point, Freight Collect. Hihi paid the shipping costs on July 17 and Hihi remitted P5,880 on July 24. What is the balance of accounts payable after remittances?On 15 December 2020; Saadah Company purchased goods at the amount of 42500 OMR and paid 12500, the balance is on account. Which of the following is the correct journal entry for this transaction? Select one: O A. Date Accounts Debit Credit (RO) (RO) Goods 42500 30000 15.12.2020 Payable Cash 12500 О в. Debit Credit (RO) (RO) Date Accounts Payable 30000 15.12.2020 Cash 12500 Goods 42500 Date Accounts Debit Credit (RO) (RO) Payable 30000 15.12.2020 Cash 12500 Goods 42500 D. Date Accounts Debit Credit (RO) (RO) Goods 42500 30000 15.12.2020 Cash Payable 12500ABC Co. purchased goods with invoice price of P1,000 on account on Dec. 27, 2019. The related shipping costs amounted to P10. The seller shipped the goods on Dec. 31, 2019. ABC Co. received the goods on Jan. 2, 2020 and settled the account on Jan. 5, 2020. Prepare journal entries under the following terms of purchase a. FOB shipping point, freight collect
