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ACCT 220 ACCT/220 ACCT220 Week 3 Brief Exerciese (UMUC)

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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:

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