Writing Kieso, Intermediate Accounting, 16e ent Flint Machine Company maintains
ID: 2560989 • Letter: W
Question
Writing Kieso, Intermediate Accounting, 16e ent Flint Machine Company maintains a general ledger account for each lass of ineentory materials purchased and credited for materials requishioned for use. accounts for increaes during the period and crediting them for decreases. The 1. An invoice for $12,960, terms f.o.b. destination, was recelived and entered Jaquary 2, 2017. The receving repot shows tht the maturials were neceived Decenber 2, 201 2. Materials costing S44,soo, shipped f.ob dematon, mere fot entered by em ', 201e, "becaus, they-e n .rand a, n. enorn-on nut d nd 3. Materials costing S 11,680 were returned to the Supplier on December 29, 2016, and wer·sh pped t oh tipp g pol t he nim was e meda ma ate-en-me maan nawetenint-aan 4. An invoice for $12.000, terms f.o.b. shipping pont, mas received and entered Decen er 30, 201. The receiving repat the the mem-" meed-y·2017,-d- · -"' s. Materials costing $3,680 were received December 30, 2015, but no entry was made for then becaese''wy-" ordered a spect wyofno eate Inary 10, 2t. aed ett. 120 desed. (roomy. me--, ---o Prepare conecting e era ra e tries required Decanber 1, 2016, as indented whee amount is entered. Do net indent manualyJ ning that the books ha erst be ea y No. Account Titles and Explanation CrednExplanation / Answer
Answer:
No
Account title and explanation
debit $
Credit $
1
Raw material inventory
12960
Accounts payable
12960
( to record the material received)
2
Raw material inventory
44500
Accounts payable
44500
( to record the material received)
3
No entry Required
4
Accounts payable
12000
Raw material inventory
12000
( to record the corrected entry for material
yet to be received)
5
Raw material inventory
31680
Accounts payable
31680
( to record the material received)
Note:
As the image is not very much clear so I have doubled ZOOM In but still it not legible figure so it may possible that figure may differed but the accounting effect and entry are absolutely correct
No
Account title and explanation
debit $
Credit $
1
Raw material inventory
12960
Accounts payable
12960
( to record the material received)
2
Raw material inventory
44500
Accounts payable
44500
( to record the material received)
3
No entry Required
4
Accounts payable
12000
Raw material inventory
12000
( to record the corrected entry for material
yet to be received)
5
Raw material inventory
31680
Accounts payable
31680
( to record the material received)
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