MobilCo, which uses the periodic method, has beginning inventory of $100,000. During the fiscal year, it...
MobilCo, which uses the periodic method, has beginning inventory of $100,000. During the fiscal year, it purchases $200,000 of inventory, FOB shipping point with the seller paying the $8,000 shipping costs. What is the balance in MobilCo's Purchases account at year end?
Homework Answers
| Purchase account balance | = | $200000 + $8000 |
| = | $ 2,08,000 | |
| Here, $8000 freight added as this is FOB Shipping which means freight expenses to be bear by buyer even if they amount is paid by seller later on they should be reimbursed by the buyer to the seller. | ||
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MobilCo, which uses the periodic method, has beginning inventory
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Brief Exercise 13-1 Martinez Corporation uses a periodic inventory system and the gross method of accounting...
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Brief Exercise 13-1 Martinez Corporation uses a periodic inventory system and the gross method of accounting for purchas...
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purchased $80,000 of inventory, terms 1/10, n/30, FOB shipping
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Brief Exercise 13-1 Martinez Corporation
uses a periodic inventory system and the gross method of accounting
for purchase discounts. (a) On July 1, (1) Martinez purchased
$80,000 of inventory, terms 1/10, n/30, FOB shipping point. (2)
Martinez paid freight costs of $1,207. (b) On July 3, Martinez
returned damaged goods and received credit of $8,000. (c) On July
10, Martinez paid for the goods. Prepare all necessary journal
entries for Martinez. (If no entry is required, select "No Entry"
for...
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of accounting for purchase discounts. (a) On July 1, (1) Martinez
purchased $80,000 of inventory, terms 1/10, n/30, FOB shipping
point. (2) Martinez paid freight costs of $1,207. (b) On July 3,
Martinez returned damaged goods and received credit of $8,000. (c)
On July 10, Martinez paid for the goods. Prepare all necessary
journal entries for Martinez. (If no entry is required, select "No
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