Required (2points each) (Answer& Solution) : Show separately the effect, if any, of each of the eight transactions on the December 31, 2020. If the transactions have no effect on the initial amount shown, state NONE. "Answer the yellow highlighted numbers"

Jordan Company, a manufacturer of basketballs, provided the following information from its accounting records for the year ended December 31, 2020: Inventory at December 31, 2020 (based on physical count of goods in Jordan's plant at cost on December 31, 2020 2,400,000 Accounts receivable at December 31, 2020 800,000 Net sales (sales less sales returns) 10,150,000 Additional information is as follows: a.Included in the physical count were basketballs billed to a customer FOB shipping point on December 31, 2020. These basketballs had a cost of P44,000 and were billed at P60,000. The shipment was on Jordan's loading dock waiting to be picked up by the common carrier. b.Goods were in transit from a vendor to Jordan on December 31, 2020. The invoice was P65,000, and the goods were shipped FOB shipping point on December 29,2020. 0. Work in process inventory costing P50,000 was sent to an outside processor for finishing on December 30, 2020. d. Basketballs returned by customers and held pending inspection in the returned goods area on December 31, 2020 were not included in the physical count. On January 8, 2021, the basketballs costing P32,000 were inspected and returned to inventory. Credit memos totaling P45,000 were issued to the customers on the same date. e.Basketballs shipped to a customer FOB destination on December 26, 2020, were in transit at December 31, 2020 and had a cost of P61,000. Upon inspection of receipt by the customer on January 2,2021, Jordan issued a sales invoice for P85,000. f.Goods, with an invoice cost of P27,000, received from a vendor at 5:00 pm on December 31, 2020, were received on a receiving report dated January 2, 2021. The goods were not included in the physical count, but the invoice was included in accounts payable at December 31, 2020. g. Goods received from a vendor on December 26, 2020 were included in the physical count. However, the related P56,000 vendor invoice was not included in accounts payable at December 31, 2020, because the accounts payable copy of the receiving report was lost. h. On January 3, 2021, a monthly freight bill in the amount of P8,000 was received. The bill specifically related to merchandise purchased in December 2020, one-half of which was still in the inventory at December 31, 2020. The freight charges were not included in either the inventory or in the accounts payable at December 31, 2020. REQUIRED (2 points each): Using the format shown below, prepare a schedule of adjustments as of December 31, 2020, to the initial amounts per Jordan's accounting records. Show separately the effect, if any, of each of the eight transactions on the December 31, 2020. If the transactions have no effect on the initial amount shown, state NONE. Initial amount 2,400,000 Adjustments increase (decrease) a. 11. 12. 13. 14. 15. 16. 17. . 18. Correct balance 19. 3C! 'hClJ D. O a' Uuuuuuuuu