A firm has a December 31 fiscal year end. Provide the required journal entry for each of the followingsituations. (Omit explanations and dates.) The company pays its one employee $2,500 wages for a 5 - daywork week every Friday. December 31" fell on a Wednesday. What is the journal entry when the employee isnext paid? At the end of its first year in business, the firm estimates that merchandise sold for $9000 (cost - S4000) will be returned next year, All sales were in cash. Total inventory at cost is $300,000, market is $295,000. Write-downs are commonplace. What is the adjusting entry on Dec 31 ? The firm has a purchasecommitment to buy inventory for $50,000. By the end of the year, market value of this inventory was S45,000, and at the purchase date, it was worth $35,000. What is the journal entry on the date of purchase?

Journal Entry for Employee Wages:Debit: Wage Expense $2,500Credit: Cash $2,500Adjusting Entry for…

A firm has a December 31 fiscal year end. Provide the required journal entry for each of the following situations. (Omit explanations and dates.) The company pays its one employee $2,500 wages for a 5-day work week every Friday. December 31" fell on a Wednesday. What is the journal entry when the employee is next paid? At the end of its first year in business, the firm estimates that merchandise sold for $9000 (cost-$ 4000) will be returned next year, All sales were in cash. Total inventory at cost is $300,000, market is $ 295,000. Write-downs are commonplace. What is the adjusting entry on Dec 31? The firm has a purchase commitment to buy inventory for $50,000. By the end of the year, market value of this inventory was $ 45,000, and at the purchase date, it was worth $35,000. What is the journal entry on the date of purchase?

A firm has a December 31 fiscal year end. Provide the required journal entry for each of the following situations. (Omit explanations and dates.) The company pays its one employee $2,500 wages for a 5-day work week every Friday. December 31" fell on a Wednesday. What is the journal entry when the employee is next paid? At the end of its first year in business, the firm estimates that merchandise sold for $9000 (cost-$ 4000) will be returned next year, All sales were in cash. Total inventory at cost is $300,000, market is $ 295,000. Write-downs are commonplace. What is the adjusting entry on Dec 31? The firm has a purchase commitment to buy inventory for $50,000. By the end of the year, market value of this inventory was $ 45,000, and at the purchase date, it was worth $35,000. What is the journal entry on the date of purchase?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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