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.

likes

387 views

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.

$Expert avatar$

Madelyn

4.7

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}

Frequently asked questions (FAQs)

What is the product of (3+4i) and (2-5i)?

What is the length of the median

What is the magnitude and direction of the unit vector formed by the components (3, 4)

New questions in Mathematics

A circle with a 12-inch diameter is folded in half and then folded in half again. What is the area of the resulting shape?

Calculate the 6th term of PA whose 1st term is 6.5 and the ratio 5

(m²-121)

Margin of error E=0.30 populations standard deviation =2.5. Population means with 95% confidence. What I the required sample size (round up to the whole number)

Log(45)

Subscribers to the FAME magazine revealed the following preferences for three categories: Fashion 30, Athletics 24 and Business 15. Following these frequencies of observation, compute the chi-square test statistic. At the 0.05 level of significance, would you conclude they are similar?

How many anagrams of the word STROMEC there that do not contain STROM, MOST, MOC or CEST as a subword? By subword is meant anything that is created by omitting some letters - for example, the word EMROSCT contains both MOC and MOST as subwords.