Question

Prepare the items in the journal. In the initial balance there is cash deposited in Banco Atlántida L 365,000.00; in stock: from the purchase of January 4, 200 items Y at a price of L 50.00 c. or. and from January 29, 300 articles Y to L 55.00 c. or. All assets are provided by the company's partners. For the valuation of merchandise, the first-in, first-out method and perpetual inventory system are used. Operations of the month 2 - 400 items are purchased Y for L 50.00 c. u, in the purchase L 800.00 are paid for freight and transportation of the purchased merchandise. 3- 25 Y items from the previous purchase are returned. 4 - Sold according to invoice # 1456, 350 items and at a price of L105.00 each, a discount of L1,050.00 is granted. 6 - Customers return 40 items from the previous sale. The respective check is issued. Existing cash is deposited into the checking account. 7 - According to fact. 1457-1470, 310 items are sold AND at a price of L110.00(c)/(u), a discount of (1)/(2)% is granted. 9- 440 items Y are purchased at a price of L 52.00. They give us a discount of L 2.00 on each item. The purchase generates expenses worth L1,760.00. 10- 260 items are sold Y in L 110.00(c)/(u). 11- From the previous sale they return us 40 items Y. When counting the merchandise, 470 Y items were found. The shortage was charged to the winemaker Luis Eduardo Merlo for not justifying the difference.

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Answer to a math question Prepare the items in the journal. In the initial balance there is cash deposited in Banco Atlántida L 365,000.00; in stock: from the purchase of January 4, 200 items Y at a price of L 50.00 c. or. and from January 29, 300 articles Y to L 55.00 c. or. All assets are provided by the company's partners. For the valuation of merchandise, the first-in, first-out method and perpetual inventory system are used. Operations of the month 2 - 400 items are purchased Y for L 50.00 c. u, in the purchase L 800.00 are paid for freight and transportation of the purchased merchandise. 3- 25 Y items from the previous purchase are returned. 4 - Sold according to invoice # 1456, 350 items and at a price of L105.00 each, a discount of L1,050.00 is granted. 6 - Customers return 40 items from the previous sale. The respective check is issued. Existing cash is deposited into the checking account. 7 - According to fact. 1457-1470, 310 items are sold AND at a price of L110.00(c)/(u), a discount of (1)/(2)% is granted. 9- 440 items Y are purchased at a price of L 52.00. They give us a discount of L 2.00 on each item. The purchase generates expenses worth L1,760.00. 10- 260 items are sold Y in L 110.00(c)/(u). 11- From the previous sale they return us 40 items Y. When counting the merchandise, 470 Y items were found. The shortage was charged to the winemaker Luis Eduardo Merlo for not justifying the difference.

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Madelyn

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86 Answers

\begin{array}{ll}\text{Step 1: Initial Balance} & \\\text{ Cash} & L 365,000 \\\text{ Inventory} & 200 \times L 50 + 300 \times L 55 = L 26,500 \\\text{ Capital} & L 391,500 \\\\\text{Step 2: Purchase of Inventory} & \\\text{ Inventory} & 400 \times L 50 = L 20,000 \\\text{ Freight and Transportation} & L 800 \\\text{ Cash} & L 20,800 \\\\\text{Step 3: Return of Inventory} & \\\text{ Cash} & 25 \times L 50 = L 1,250 \\\text{ Inventory} & L 1,250 \\\\\text{Step 4: Sale of Items} & \\\text{ Accounts Receivable} & 350 \times L 105 = L 36,750 \\\text{ Sales} & L 36,750 \\\text{ Sales Discounts} & L 1,050 \\\text{ Accounts Receivable} & L 1,050 \\\text{ Cost of Goods Sold} & 350 \times L 50 = L 17,500 \\\text{ Inventory} & L 17,500 \\\\\text{Step 6: Return of Sold Items} & \\\text{ Sales Returns} & 40 \times L 105 = L 4,200 \\\text{ Accounts Receivable} & L 4,200 \\\text{ Inventory} & 40 \times L 50 = L 2,000 \\\text{ Cost of Goods Sold} & L 2,000 \\\text{ Cash deposit but no amount given} & \\\\\text{Step 7: Sale of Items} & \\\text{ Accounts Receivable} & 310 \times L 110 = L 34,100 \\\text{ Sales} & L 34,100 \\\text{ Sales Discounts} & (1/2\% \times L 34,100) = L 170.50 \\\text{ Accounts Receivable} & L 170.50 \\\text{ Cost of Goods Sold} & 310 \times L 50 = L 15,500 \\\text{ Inventory} & L 15,500 \\\\\text{Step 9: Purchase of Inventory} & \\\text{ Inventory} & 440 \times (L 52 - L 2) = L 22,000 \\\text{ Other Expenses} & L 1,760 \\\text{ Cash} & L 23,760 \\\\\text{Step 10: Sale of Items} & \\\text{ Accounts Receivable} & 260 \times L 110 = L 28,600 \\\text{ Sales} & L 28,600 \\\text{ Cost of Goods Sold} & 260 \times L 50 = L 13,000 \\\text{ Inventory} & L 13,000 \\\\\text{Step 11: Return of Sold Items} & \\\text{ Sales Returns} & 40 \times L 110 = L 4,400 \\\text{ Accounts Receivable} & L 4,400 \\\text{ Inventory} & 40 \times L 50 = L 2,000 \\\text{ Cost of Goods Sold} & L 2,000 \\\text{ (Shortage charged, amount not given)} & \\\\\end{array}

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