User Account

All Pages

Prepare the adjusting entry needed for merchandise inventory

Assignment Help Financial Accounting
Reference no: EM132746183

Adjusting Entry for Merchandise Inventory

Listed below is a partial trial balance of the Charito Guillermo Retailers at Dec. 31, 2020'.

Merchandise Inventory P80,000

Sales P190,000

Sales Returns and Allowances 20,000

Purchases 60,000

Purchases Discounts 3,000

Transportation-ln 1,000

The merchandise inventory on Dec. 31 is P74,000 Required:

Problem 1. Prepare the adjusting entry needed for merchandise inventory.

Problem 2. Prepare the partial income statement

Reference no: EM132746183

Questions Cloud

Compute the Incremental profit or loss for each product : These sales values are as follows: raw sugar, $39,000; brown sugar, $43,250; and white sugar, $49,500. Compute the Incremental profit or loss for each product
Determine the adjusted cash balance per bank : At July 31, Cullumber Company has this bank information: cash balance per bank $7,600, outstanding checks $790, deposits in transit $1,380 and a bank service.
What is the balance of elizabeth capital account at the en : The partnership of Meliodas and Elizabeth begins, What is the balance of Elizabeth's capital account at the end of the second point year?
How can you create customer invoices : How can you create customer invoices/bills? How can youcreate and maintain customers? What are the reports available to support your revenue activities?
Prepare the adjusting entry needed for merchandise inventory : Prepare the adjusting entry needed for merchandise inventory. Sales Returns and Allowances 20,000. Merchandise Inventory P80,000
What is the conversion price : The conversion ratio is 25. Currently, the common stock is selling for $30 per share on the Venture Exchange. What is the conversion price
What is return on investment for the period : You sell your shares for $71.75 per share and you received a $1.65 per share dividend during the year. What is your return on investment for this period?
Compute the annualised discount or premium on myr relative : 180-day interest rate in Malaysia : 8% per annum. Compute the annualised discount or premium on the MYR relative to the USD.
Find what is amount of cash on the company balance sheet : Cooke Corporation, what is the amount of cash on the company's balance sheet at year-end? Net cash flows from investing activities -$210

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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