Question

Reagan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagans records are as
Accounts payable, December 31 Sales for the year $1,072, eee $9,450,000 Additional Information: 1. Parts held by Reagan on co
3. Parts in transit on December 31 to customers, shipped f.o.b. shipping point on December 28, amounted to $52,000. The custo
Required: Complete the following schedule of adjustments to the initial amounts.. (Amounts to be deducted should be indicated
5. Total adjustments Adjusted amounts
0 0
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Answer #1
Inventory Accounts Payable Sales
Initial amounts 1340000 1072000 9450000
Adjustments-increase (decrease):
1 -200000 -200000
2 -31000
3 58000
4 300000
5 34000 34000
6 2900 2900
7 -8490 -8490
Total adjustments 97410 -171590 58000
Adjusted amounts 1437410 900410 9508000

7. Discount = 3% x $283000 = $8490

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