Sheffield Machine plc maintains a general ledger account for each class of inventory, debiting such accounts...
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Sheffield Machine plc maintains a general ledger account for each class of inventory, debiting such accounts for increases during the period and crediting them for decreases. The transactions below relate to the Raw Materials inventory account, which is debited for materials purchased and credited for materials requisitioned for use. 1. An invoice for £14,985, terms f.o.b. destination, was received and entered January 2, 2023. The receiving report shows that the materials were received December 28, 2022. N 2. 3. 4. 5. 1. SPEA 2. Prepare correcting general journal entries required at December 31, 2022, assuming that the books have not been closed. (If no entry is required, select "No entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 3. Materials costing £13,505 were returned to the supplier on December 29, 2022, and were shipped f.o.b. shipping point. The return was entered on that date, even though the materials are not expected to reach the supplier's place of business until January 6, 2023. No. Account Titles and Explanation 4. Materials costing £51,800, shipped f.o.b. destination, were not recorded by December 31, 2022, "because they were in a railroad car on the company's siding on that date and had not been unloaded." 5. An invoice for £13,875, terms f.o.b. shipping point, was received and entered December 30, 2022. The receiving report shows that the materials were received January 4, 2023, and the bill of lading shows that they were shipped January 2, 2023. Materials costing £36,630 were received December 30, 2022, but no entry was made for them because "they were ordered with a specified delivery of no earlier than January 10, 2023." Raw Materials Accounts Payable Raw Materials Accounts Payable No Entry No Entry Accounts Payable Raw Materials Raw Materials Accounts Payable Debit 14985 13505 0 13875 36630 Credit 14985 ▬▬▬ 13505 13875 36630 Sheffield Machine plc maintains a general ledger account for each class of inventory, debiting such accounts for increases during the period and crediting them for decreases. The transactions below relate to the Raw Materials inventory account, which is debited for materials purchased and credited for materials requisitioned for use. 1. An invoice for £14,985, terms f.o.b. destination, was received and entered January 2, 2023. The receiving report shows that the materials were received December 28, 2022. N 2. 3. 4. 5. 1. SPEA 2. Prepare correcting general journal entries required at December 31, 2022, assuming that the books have not been closed. (If no entry is required, select "No entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 3. Materials costing £13,505 were returned to the supplier on December 29, 2022, and were shipped f.o.b. shipping point. The return was entered on that date, even though the materials are not expected to reach the supplier's place of business until January 6, 2023. No. Account Titles and Explanation 4. Materials costing £51,800, shipped f.o.b. destination, were not recorded by December 31, 2022, "because they were in a railroad car on the company's siding on that date and had not been unloaded." 5. An invoice for £13,875, terms f.o.b. shipping point, was received and entered December 30, 2022. The receiving report shows that the materials were received January 4, 2023, and the bill of lading shows that they were shipped January 2, 2023. Materials costing £36,630 were received December 30, 2022, but no entry was made for them because "they were ordered with a specified delivery of no earlier than January 10, 2023." Raw Materials Accounts Payable Raw Materials Accounts Payable No Entry No Entry Accounts Payable Raw Materials Raw Materials Accounts Payable Debit 14985 13505 0 13875 36630 Credit 14985 ▬▬▬ 13505 13875 36630
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Related Book For
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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