The following inventory transactions took place near December 31, 2018, the end of the Rasul Company's fiscal year-end:On December 27, 2018, merchandise costing $2,000 was shipped to the Myers Company on consignment. The shipment arrived at Myers's location on December 29, but none of the merchandise was sold by the end of the year. The merchandise was not included in the 2018 ending inventory.On January 5, 2019, merchandise costing $8,000 was received from a supplier and recorded as a purchase on that date and notincluded in the 2018 ending inventory. The invoice revealed that the shipment was made f.o.b. shipping point on December 28, 2018.On December 29, 2018, the company shipped merchandise costing $12,000 to a customer f.o.b. destination. The goods, which arrived at the customer’s location on January 4, 2019, were not included in Rasul's 2018 ending inventory. The sale was recorded in 2018.Merchandise costing $4,000 was received on December 28, 2018, on consignment from the Aborn Company. A purchase was notrecorded and the merchandise was not included in 2018 ending inventory.Merchandise costing $6,000 was received and recorded as a purchase on January 8, 2019. The invoice revealed that the merchandise was shipped from the supplier on December 28, 2018, f.o.b. destination. The merchandise was not included in 2018 ending inventory.Required:Select whether Rasul correctly accounted for each of the above transactions.1.The transaction correctly accounted for.2.The transaction correctly accounted for.3.The transaction correctly accounted for.4.The transaction correctly accounted for.5.The transaction correctly accounted for.
Solved
Show answers
More tips
- C Computers and Internet How to Create a VKontakte App: A Detailed Guide...
- L Leisure and Entertainment When will Maslenitsa start?...
- F Food and Cooking Discovering the Mysterious Fruit of Feijoa...
- B Business and Finance How to Open an Online Store? A Detailed Guide for Beginners...
- W Work and Career How to Write a Resume That Catches the Employer s Attention?...
- C Computers and Internet Е-head: How it Simplifies Life for Users?...
- F Family and Home How to Choose the Best Diapers for Your Baby?...
- F Family and Home Parquet or laminate, which is better?...
- L Leisure and Entertainment How to Properly Wind Fishing Line onto a Reel?...
- L Leisure and Entertainment How to Make a Paper Boat in Simple Steps...
Answers on questions: Business
- M Mathematics Jan needs to buy a backpack and several folders for school. If she shops at Smart Supply, the backpack will cost $45 and folders cost $0.45 each. If she shops at...
- M Mathematics Asap with math question what is (-image down below-) equal...
- M Mathematics Select the correct answer. a square field was enlarged by adding 5 feet to the length and width of the original field. if the area of the enlarged field is 576...
Ответ:
On December 27, 2018, merchandise costing $2,000 was shipped to the Myers Company on consignment. The shipment arrived at Myers's location on December 29, but none of the merchandise was sold by the end of the year. The merchandise was not included in the 2018 ending inventory.
TRANSACTION CORRECTLY ACCOUNTED FOR
On January 5, 2019, merchandise costing $8,000 was received from a supplier and recorded as a purchase on that date and not included in the 2018 ending inventory. The invoice revealed that the shipment was made f.o.b. shipping point on December 28, 2018.
TRANSACTION INCORRECTLY ACCOUNTED FOR, it should have been included in the ending inventory on December 31, 2018, since it was purchased FOB shipping point.
On December 29, 2018, the company shipped merchandise costing $12,000 to a customer f.o.b. destination. The goods, which arrived at the customer’s location on January 4, 2019, were not included in Rasul's 2018 ending inventory. The sale was recorded in 2018.
TRANSACTION INCORRECTLY ACCOUNTED FOR, it should have been included in the ending inventory on December 31, 2018, since it was sold FOB destination.
Merchandise costing $4,000 was received on December 28, 2018, on consignment from the Aborn Company. A purchase was not recorded and the merchandise was not included in 2018 ending inventory.
TRANSACTION CORRECTLY ACCOUNTED FOR
Merchandise costing $6,000 was received and recorded as a purchase on January 8, 2019. The invoice revealed that the merchandise was shipped from the supplier on December 28, 2018, f.o.b. destination. The merchandise was not included in 2018 ending inventory.
TRANSACTION CORRECTLY ACCOUNTED FOR
Ответ: