ACCT 220 ACCT/220 ACCT220 Week 3 Brief Exerciese (UMUC)
(1) What is the difference between FOB Shipping Point and FOB Destination Point? Which of the two will cause a debit to Inventory for the buyer and a debit for the seller?
(2) Make the journal entries for the following transactions assuming a perpetual inventory system for Upsy.
(3) The end of year perpetual inventory record for Upsy Company showed merchandise inventory valued at $98,000. A physical count of the inventory shown that $94,700 was actually on hand. Make the adjusting entry.
(4) Parkwood Department Store uses a perpetual inventory system. Data for the Shirt and Skirt Department include the following purchases for restocking: