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
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- 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.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. $349,250VICO'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 of
- During August 2024, Link Company recorded the following Sales of $84,200 ($77,000 on account: $7,200 for cash), Ignore Cost of Goods Sold Collections on account, $60,500. .Write-offs of uncollectible receivables, $1,820 • Recovery of receivable previously written off, $500. Debit Requirements 1. Journalize Link's transactions during August 2024, assuming Link uses the direct write-off method Credit 2 Requirement 1. Joumalize Link's transactions during August 2024, assuming Link uses the direct write-off method Sales of $54,200 ($77,000 on account: $7,200 for cash), Ignore Cost of Goods Sold (Record debifs first, then credits. Select the explanation on the last line of the journal entry table. Prepare a single compound journal entry) Date Accounts and Explanation Aug Journalize Link's transactions during August 2024, assuming Link uses the allowance methodConner Company's accounts payable balance on December 31, 2017 was $1,400,000 before considering the following transactions: Goods were in transit from a vendor to Conner on December 31, 2017. The invoice price was $250,000, and the goods were shipped FOB shipping point on December 29, 2017. The goods were received on January 4, 2018. Goods were shipped to Conner FOB destination on December 20, 2017, from a vendor. The invoice price was $125,000. The goods were received on January 1, 2018.Given the above information, on December 31, 2017, Conner should report an accounts payable balance of?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 Aug
- 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 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:Cinnamon Buns Co. (CBC) started 2021 with $53,900 of merchandise on hand. During 2021, $288,000 in merchandise was purchased on account with credit terms of 3/10 n/30. All discounts were taken. Purchases were all made f.o.b. shipping point. CBC paid freight charges of $10,900. Merchandise with an invoice amount of $3,000 was returned for credit. Cost of goods sold for the year was $302,000. CBC uses a perpetual inventory system.Assuming CBC uses the gross method to record purchases, ending inventory would be:Joyce's Company received an invoice for $211,250 dated November 4, 2011 with payment terms 7/3, 2/20, n/45 for a truck-load of goods. Calculate the amount required to settle the invoice on the following dates. a. November 6, 2011 Round to the nearest cent b. November 24, 2011 Round to the nearest cent c. December 19, 2011 Round to the nearest cent
- At December 1, 2023, Imalda Inc. reported the following information on its statement of financial position: Accounts receivable Allowance for doubtful accounts $154,000 4,500 (credit balance) The following transactions were completed during December 2023: December 5 Sold merchandise items for $67,000. An amount of $19,000 was received in cash and the rest on account; terms 2/10, n/60. The total cost of sales was $35,000. December 12 Collected amount due from customers for credit sales made on December 5. December 20 Collected $90,000 in cash from customers for credit sales made in November 2023. December 26 One of Imalda's customers that owed $3,000 to the company experienced financial problems and was forced to close its business in December. The full amount was considered uncollectible. Total Estimated % uncollectible The company records sales revenue net of the sales discount. If a customer pays after the discount period, the sales discount that is forfeited is recorded in a…On June 1, FDN Trading purchased goods with an invoice price of P249,000 on terms 2/15, n/30, FOB Shipping Point. FDN Trading paid P10,000 for the freight. On June 5, FDN Trading returned P17,000 worth of goods due to defects. The account was paid in full on June 16. How much was paid on June 16?Goods costing $20,000 are purchased on account on April 1, 2021, with credit terms 2/10 n/30. On April 3, a $4,000 credit was received from the supplier for goods returned. Give the journal entry on April 9, 2021, to record the payment of the balance due within the discount period. When do companies normally post to the subsidiary ledger accounts the general ledger control accounts? Describe the relationship between the control account and subsidiary ledger accounts.