Question: On December 31 Year 6 the Merchandise Inventories account of
On December 31, Year 6, the Merchandise Inventories account of a Japanese electronics firm had a balance of ¥408,710 million, based on the firm’s financial reports for fiscal Year 7. Assume that during Year 7, the firm purchased merchandise inventories on account for ¥1,456,412 million. On December 31, Year 7, it finds that merchandise inventory on hand is ¥412,387 million. The Accounts Payable account had a balance of ¥757,006 million on December 31, Year 6, and ¥824,825 million on December 31, Year 7. Present journal entries to account for all changes in the Inventories and Accounts Payable accounts during Year 7. The firm reports its results in millions of yen (¥). In answering this question, assume that the firm uses either U.S. GAAP or IFRS; for purposes of this problem, this choice will not matter.
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