5) The trial balance for a merchandiser, before the journal entries below, is as follows. A physical count of inventory at the end of the accounting year reveals $28,000 of inventory on hand. (Assume a perpetual inventory system.) Debit Credit Cash $12,600 2,400 800 Accounts Receivable Prepaid Rent Merchandise Inventory Accounts Payable Salaries Payable Notes Payable Yung, Capital Yung, Withdrawals Sales Revenue Cost of Goods Sold Delivery Expense Salaries Expense Rent Expense Selling Expense Supplies Expense Total 30,000 $ 4,200 1,000 800 13,800 1,000 96,000 23,000 2,000 21,000 14,000 8,500 500 $115,800 $115,800 Prepare the journal entry to record the inventory shrinkage and prepare all closing entries. (
5) The trial balance for a merchandiser, before the journal entries below, is as follows. A physical count of inventory at the end of the accounting year reveals $28,000 of inventory on hand. (Assume a perpetual inventory system.) Debit Credit Cash $12,600 2,400 800 Accounts Receivable Prepaid Rent Merchandise Inventory Accounts Payable Salaries Payable Notes Payable Yung, Capital Yung, Withdrawals Sales Revenue Cost of Goods Sold Delivery Expense Salaries Expense Rent Expense Selling Expense Supplies Expense Total 30,000 $ 4,200 1,000 800 13,800 1,000 96,000 23,000 2,000 21,000 14,000 8,500 500 $115,800 $115,800 Prepare the journal entry to record the inventory shrinkage and prepare all closing entries. (
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:5) The trial balance for a merchandiser, before the journal entries below, is as follows. A physical count of
inventory at the end of the accounting year reveals $28,000 of inventory on hand. (Assume a perpetual
inventory system.)
Debit
Credit
Cash
$12,600
2,400
800
Accounts Receivable
Prepaid Rent
Merchandise Inventory
Accounts Payable
Salaries Payable
Notes Payable
Yung, Capital
Yung, Withdrawals
Sales Revenue
Cost of Goods Sold
Delivery Expense
Salaries Expense
Rent Expense
Selling Expense
Supplies Expense
Total
30,000
$ 4,200
1,000
800
13,800
1,000
96,000
23,000
2,000
21,000
14,000
8,500
500
$115,800
$115,800
Prepare the journal entry to record the inventory shrinkage and prepare all closing entries. (
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