Assignment Problem: Inventory and accounts payable journal entries.
Tesco is the U.K.'s largest grocery store chain. It applies IFRS and reports its results in millions of pounds sterling (£). For a recent year, Tesco reported at year-end and at the beginning of the year, as follows: (Millions of £)
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End of Year
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Beginning of Year
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Merchandise Inventory
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£2,420
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£1,911
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Trade Payables
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3,936
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3,317
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During the year ended Tesco paid its suppliers £43,558 million. Assume that Trade Payables relates only to inventory.
Q1. What journal entry did Tesco make to record the payments to suppliers during the year?
Q2. How much merchandise inventory did Tesco purchase during the year and what journal entry did it make to record those purchases?
Q3. What was Tesco's Cost of Goods Sold for the year? What journal entry did it record to reflect this cost?
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