Applying both a perpetual and periodic inventory system

Assignment Help Financial Accounting
Reference no: EM131204308

The following information is available for the Johnson Corporation for 2016: Beginning inventory $ 38,000 Merchandise purchases (on account) 168,000 Freight charges on purchases (paid in cash) 23,000 Merchandise returned to supplier (for credit) 25,000 Ending inventory 43,000 Sales (on account) 263,000 Cost of merchandise sold 161,000 Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Reference no: EM131204308

Prepare all of relevant journal entries from time of sale

Sanford Co. sells $515,700 of 10% bonds on March 1, 2014. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2017. The bonds yield 12

Compute the cost per equivalent unit for materials

The units in ending Work in Process were 85 percent complete with respect to materials and 45 percent complete with respect to conversion costs. Compute the cost per equiva

Manufactures custom-ordered commemorative beer steins

Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Quantity Standard Price (Rate) Standard Unit Cost Dir

Prepare balance sheet and income statement

Prepare a balance sheet, an income statement, and a statement of retained earnings for the year ended May 31, 2015. Prepare a post-closing trial balance. The post-closing tria

What is controllable margin and total contribution by profit

Of the fixed costs, controllable fixed costs are $100,000 and noncontrollable fixed costs are $300,000. What is the controllable margin and total contribution by profit cent

Identifying accounts receivable

When identifying Accounts Receivable is the amount shown the net amount when the line item is stateted as listed below? Accounts Receivable (net of allowance for doubtful acco

Controller discovered that ending inventories

In 2016, Winslow International, Inc.’s controller discovered that ending inventories for 2014 and 2015 were overstated by $200,000 and $500,000, respectively. Determine the ef

Periodic inventory system-inventory costing methods

Kirtland Corporation uses a periodic inventory system. Compute the dollar amount of ending inventory and cost of goods sold at December 31, 2015 under Average cost, First-in,

Reviews

Write a Review

 
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!

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