19. The balance in Moon Co.'s accounts payable account at December 31, 2012 was $900,000 before any necessary year-end adjustments relating to the following: Goods were in transit to Moon from a vendor on December 31, 2012. The invoice cost was $40,000. The goods were shipped f.o.b. shipping point on December 29, 2012 and were received on January 4, 2013. • Goods shipped f.o.b. destination on December 21, 2012 from a vendor to Moon were received on January 6, 2013. The invoice cost was $25,000. On December 27, 2012, Moon wrote and recorded checks to creditors totaling $30,000 that were mailed on January 10, 2013. In Moon's December 31, 2012 balance sheet, the accounts payable should be a. $930,000. b. $940,000. c. $965,000. d. $970,000.
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- 20. Kerr Co.'s accounts payable balance at December 31, 2012 was $1,300,000 before considering the following transactions: Goods were in transit from a vendor to Kerr on December 31, 2012. The invoice price was $70,000, and the goods were shipped f.o.b. shipping point on December 29, 2012. The goods were received on January 4, 2013. Goods shipped to Kerr, f.o.b. shipping point on December 20, 2012, from a vendor were lost in transit. The invoice price was $50,000. On January 5, 2013, Kerr filed a $50,000 claim against the common carrier In its December 31, 2012 balance sheet, Kerr should report accounts payable of a. $1,420,000. b. $1,370,000. c. $1,350,000. d. $1,300,000.Kerr Co.'s accounts payable balance at December 31, 2010 was $1,500,000 before considering the following transactions: • Goods were in transit from a vendor to Kerr on December 31, 2010. The invoice price was $70,000, and the goods were shipped f.o.b. shipping point on December 29, 2010. The goods were received on January 4, 2011. • Goods shipped to Kerr, f.o.b. shipping point on December 20, 2010, from a vendor were lost in transit. The invoice price was $50,000. On January 5, 2011, Kerr filed a $50,000 claim against the common carrier. In its December 31, 2010 balance sheet, Kerr should report accounts payable of O$1.620,000. $1,570,000. $1,550,000. O $1.500,000.Pork Company's accounts payable at December 31, 2020 totaled P20,000,000 before any necessary year-end adjustments relating to the following transactions: Goods shipped FOB destination on December 31, 2020, from a vendor to Pork were lost in transit. The invoice cost of P3,000,000 was not recorded by Pork. On January 5, 2021, Pork notified the vendor of the lost shipment. On December 31, 2020, Pork wrote and recorded checks to creditors totaling P5,000,000 causing an overdraft of P1,000,000. The checks were mailed on January 5, 2021. Goods shipped FOB warehouse on December 31, 2022 from a vendor to Pork were received and recorded on January 5, 2021. The invoice cost was P2,000,000 At December 31, 2022, what amount should Pork report as accounts payable? 27,000,000 26,000,000 30,000,000 23,000,000
- 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 ofGear 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 January 4, 2022. B. Goods shipped to Gear, FOB shipping point on December 20, 2021 from a vendor were lost in transit. The invoice price was P50,000. On January 5, 2022, Gear filed a P50,000 claim against the common carrier. In its December 31, 2021 statement of financial position, Gear should report accounts payable of:The Lawrence Company records its trade accounts payable net of any cash discounts. At the end of 2016, Lawrence had a balance of $300,000 in its trade accounts payable account before any adjustments related to the following items: 1. Goods shipped to Lawrence FOB shipping point were in transit on December 31. The invoice price of the goods was $50,000, with a 2% discount allowed for prompt payment. 2. Goods shipped to Lawrence FOB destination on December 29 arrived on January 2, 2017. The invoice price of the goods was $9,000, with a 4% discount allowed for payment within 20 days. 3. On December 10, Lawrence had recorded a shipment received. The recorded invoice price was $24,750, net, with a 1% discount allowed for payment within 14 days. At the end of the year, payment had not been made. At what amount should Lawrence report trade accounts payable on its December 31, 2016 balance sheet? a. $349,000 b. $357,930 c. $357,680 d. $349,250
- 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.During August 2024, Lima Company recorded the following: Requirements • Sales of $133,300 ($122,000 on account; $11,300 for cash). Ignore Cost of 1. Journalize Lima's transactions during August 2024, assuming Lima uses the direct write-off method. Goods Sold. • Collections on account, $106,400. 2. Journalize Lima's transactions during August 2024, assuming Lima uses the allowance method. • Write-offs of uncollectible receivables, $990. • Recovery of receivable previously written off, $800. Requirement 1. Journalize Lima's transactions during August 2024, assuming Lima uses the direct write-off method. Sales of $133,300 ($122,000 on account, $11,300 for cash). Ignore Cost of Goods Sold. (Record debits first, then credits. Select the explanation on the last line of the journal entratable. Prepare a single compound journal entry.) Accounts and Explanation Debit Credit Date Aug4. On December 31, 2018, KLM Co. has accounts payable of P1 000 000 before possible adjustment for the following: a. Checks drawn but not yet released to payees amounted to P12 000 while checks drawn and released to payees but were postdated amounted to P5 000. b. On December 28, 2018, a vendor authorized ABC to return for full credit goods shipped and billed at P25 000 on Dec. 14, 2018. ABC shipped the on December 31, 2018, but the credit memo received and recorded only on January 3, 2019. c. Goods shipped FOB shipping point, freight prepaid from a vendor on December 28, 2018, was recorded at invoice cost at shipment date. The invoice cost is P14 000 while the freight cost is P3 000. d. Goods shipped FOB destination; freight collect were received on December 29, 2018. The invoice cost of P40 000 was credited to accounts payable on date of receipt and the related freight of P5 000 was debited to an expense account. Requirement: Compute for the adjusted accounts payable on December 31,…
- 41.Toto Company’s accounts payable balance at December 31, 2020 was P8,000,000 before considering the following data: ∙ Goods shipped to Toto FOB shipping point on December 15, 2020 were lost in transit. The invoice cost of P500,000 was not recorded by Baggao. On January 15, 2021, Toto filed a P500,000 claim against the common carrier. ∙ On December 30, 2020, a vendor authorized Toto to return for full credit goods shipped and billed at P200,000 on December 15, 2020. The returned goods were shipped by Toto on December 31, 2020. A P200,000 credit memo was received and recorded on January 5, 2021. What should Toto report as accounts payable on December 31, 2020?During August 2024, Texit Company recorded the following: • Sales of $37,000 ($22,000 on account; $15,000 for cash). Ignore Cost of Goods Sold. • Collections on account, $11,800. • Write-offs of uncollectible receivables, $1,480. • Recovery of receivable previously written off, $600. C Requirements Journalize Texit's transactions during August 2024, assuming Texit uses the direct write-off method. Journalize Texit's transactions during August 2024, assuming Texit uses the allowance method. 1. 2. Requirement 1. Journalize Texit's transactions during August 2024, assuming Texit uses the direct write-off method. Sales of $37,000 ($22,000 on account; $15,000 for cash). Ignore Cost of Goods Sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Prepare a single compound journal entry.) Credit Accounts and Explanation Debit Date Aug.Swiss Supplies showed the following selected adjusted balances at its December 31, 2019, year-end: Accounts Receivable Dec. 31/19 Balance During 2020, the following selected transactions occurred: a. Sales totalled $2,810,000, of which 25% were cash sales (cost of sales $1,813,000). b. Sales returns were $115,000, half regarding credit sales. The returned merchandise was scrapped. c. An account for $31,000 was recovered. No Allowance for Doubtful Accounts d. Several accounts were written off: $33,000. e. Collections from credit customers totalled $1,770,000 (excluding the recovery in (c) above). Part A 1 420,000 Required: 1. Journalize transactions (a) through (e). You may find it useful to post your entries to T-accounts for Accounts Receivable and Allowance for Doubtful Accounts. 2 19,200 Dec. 31/19 Balance Transaction a(1) a(2) Cash Accounts receivable Sales Cost of goods sold Answer is complete and correct. General Journal > Debit 702,500 2,107,500 1,813,000 Credit 2,810,000