from Tawan and resells them to domestic Canadian markets. Maypole uses a perpetu
ID: 2606364 • Letter: F
Question
from Tawan and resells them to domestic Canadian markets. Maypole uses a perpetual inventory system A typical transaction stream follows 18 July 24 August 10 September Goods delivered to customer. Agreed-on price, $699 000 Purchased goods for $448,000 Goods repackaged and ready for sale. Cost incurred, $58,900 22 November Customer paid Required 1. Prepare jounal entries assumin g that the revenue is recognised the following critical events: (If no entry is require d for a transaction/event, select "No journal entry requirecExplanation / Answer
Jouranl Entries -
Please note all values are in $.
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Date General Journal Debit Credit 18-Jul Purchase A/c 448000 To Accounts payable 448000 (Being goods purchased on credit) 24-Aug WIP A/c 58900 to manufacturing overhead 58900 (Being cost incurred on goods for repackaging) 24-Aug finished goods A/c 506900 To WIP A/c 506900 (Goods that were completed trasnferred to FG ) 10-Sep Accounts receivable A/c 699000 To sale A/c 699000 (Being goods sold on credit) 22-Nov Cash A/c Dr. 699000 To Accounts receivable A/c 699000 (Being debtors paid )Related Questions
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