intermediate accounting

posted by .

goods in transit, purchased on credit and shipped FOB destination. $10000 . were included in purchases but not in the ending inventory? how would you write this journal entry.( this company uses periodic inventory.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Accounting

    A company using the periodic inventory system has the following account balances: Merchandise Inventory at the beginning of the year, $4,000; Transportation-In, $450; Purchases, $12,000; Purchases Returns and Allowances, $2,300; Purchases …
  2. accounting

    Question 2.) Hawkeye Electric Company engaged in the following transactions during July. July 2 – Purchased inventory for cash, $800 July 5 – Purchased store supplies on credit terms of net eom, $600. July 8 – Purchased inventory …
  3. COLLEGE ACCOUNTING

    Sunset Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost 1/1 Beginning Inventory 200 $6.20 1/20 Purchase 300 $6.50 7/25 Purchase 200 $6.80 10/20 Purchase 300 $7.00 A physical …
  4. accounting

    Eddings Company had a beginning inventory of 400 units of Product XNA at a cost of $8.00 per unit. During the year, purchases were: Feb. 20 600 units at $9 Aug. 12 300 units at $11 May 5 500 units at $10 Dec. 8 200 units at $12 Eddings …
  5. accounting

    Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2011, its fiscal-year end, based on a physical count, was determined to be $326,000. Capwell's unadjusted trial balance also showed …
  6. Math

    On July 15,2009, the Nixon Car Company purchased 1,000 tires from the Harwell Company for $50 each. The terms for the sale were 2/10, n/30. Nixon uses a periodic inventory system and the net method of accounting for purchase discounts. …
  7. Accounting

    Hawkeye Electric Company engaged in the following transactions during July. Journalize the preceding transactions on the books of Hawkeye Electric Company using the perpetual system of inventory. July 2 – Purchased inventory for …
  8. Accounting

    The Major Issue in inventory accounting is: A. determining whether to take inventory using cycle counts as opposed to counting all inventory only at the end of the year. B. deciding whether to maintain records on a periodic or perpetual …
  9. accounting

    Determine the ending balance of the Merchandise Inventory account given the following transactions: TooDaLoo had a beginning balance of $8,500 in its Merchandise Inventory account. They purchased $45,000 worth of inventory on account …
  10. accounting

    The following are the transaction of s company will in branch for 2(two) year they follow periodic inventory system. 1. Beginning inventory balance with in birr 10000 2. S company shipped merchandise is birr costing 80000 cash 20000 …

More Similar Questions