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Year Supply Exp
accounting for computing merchandise purchased?
How do I compute the total cost of merchandise purchased for the year? I do not want the answer I just want to know if I am leaving a part out when I am computing this for the year
Merchandise inventory = 31000
other noninventory assets = 120400
total liabilities = 35500
Capital = 101650
withdrawls = 8000
sales = 212000
sales discounts = 3250
COG sold = 82600
sales salaries = 29000
rent exp selling space = 10000
store supplies exp = 2500
advert exp = 18000
office salaries exp = 26500
rent exp office space = 2600
office supplies exp =800 Supplementary records include]
Invoice cost of merch purchase = 91000.
Purchase discounts received = 1900
Purchase returns & allowances = 4400
cost of transportation in = 800
You included a lot of information that can be ignored. Focus on the last 4 items in your list: ending inventory, inventory purchases, purchase discounts, returns/allowances, and freight.
91,000 Purchases
(1,900) Discounts
(4,400) Returns/Allowances
800 Freight
-------------------
85,500 Net Purchases
The cost on the books for purchases has to be the cost you actually incurred. That's why you decrease the amount by any discounts you took or any returns you sent back or any allowances the vendor gave.
Freight is tricky, as sometimes it is expensed separately instead of flowing through to COGS. Honestly, it depends on what kind of inventory is involved.
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accountant need help?
i am doing a year end for an adjustment entries can you guy correct me if i am wrong. thank you
1. Allowance for uncollectible accounts is estimated to be 10% of accounts receivable. (exp. Acc receivable 41,000)
acc receivable 4,100 in debit
Allowance for uncollectible 4,100 in credit.
2. Supplies used, $12,000.
Supplies expenses 12,000 debit
Supplies 12,000 credit.
3.Depreciation expense for the year $16,000.
Depreciation expense 16,000 debit
Accumulated depreciation 16,000 credit.
4. Salaries accrued, end of December $3,000.
Salaries expense 3,000 debit
Cash 3,000 credit.
5. Interest accrued on notes payable, $1,000.
Interest expense 1,000 debit
Note payable 1,00 credit.
6. Ending Inventory is $15,000. (exp. i have . Purchase 241,000 , and Inventory 94, 000)
what do we do with this ??? do i need to find cost of good sold for this.
1. Allowance for uncollectible accounts is estimated to be 10% of accounts receivable. (exp. Acc receivable 41,000)
Uncollectible accounts 4,100 in debit
Allowance for uncollectible 4,100 in credit.
4. Salaries accrued, end of December $3,000.
Salaries expense 3,000 debit
Salaries payable 3,000 credit.
5. Interest accrued on notes payable, $1,000.
Interest expense 1,000 debit
Interest payable 1,000 credit
6. Ending Inventory is $15,000. (exp. i have . Purchase 241,000 , and beginning Inventory 94,000)
Dr COGS $320,000
Cr Beginning inventory $94,000
Cr Purchases $226,000
The rest are correct.
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