Adjusting entries Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting entries based upon the following: a. The inventory account has a balance of $1,339,100, while physical inventory indicates that $1,301,800 of merchandise is on hand. Assume any shrinkage is a normal amount. If an amount box does not require an entry, leave it blank. Dec. 31 b. Sales returns of $236,510 and merchandise returns of $70,040 are estimated for the current year's sales. If an amount box does not require an entry, leave it blank. Dec. 31

Adjusting entries Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting entries based upon the following: a. The inventory account has a balance of $1,339,100, while physical inventory indicates that $1,301,800 of merchandise is on hand. Assume any shrinkage is a normal amount. If an amount box does not require an entry, leave it blank. Dec. 31 b. Sales returns of $236,510 and merchandise returns of $70,040 are estimated for the current year's sales. If an amount box does not require an entry, leave it blank. Dec. 31

Name: Adjusting entriesHahn Flooring Company uses a perpetual inventory sys
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Adjusting entriesHahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting entries based upon the following:a. The inventory account has a balance of $1,339, 100, while physical inventory indicates that $1,301,800

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

DONT GIVE ANSWER IN IMAGE FORMAT
Adjustment for Merchandise Inventory Shrinkage Intrax Inc.'s perpetual inventory records indicate that $815,400 of merchandise should be on hand on December 31, 20Y4. The physical inventory indicates that $798,300 of merchandise is actually on hand. Illustrate the effects on the accounts and financial statements of the inventory shrinkage for Intrax Inc. for the year ended December 31, 20Y4. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. When entering the income statement effects, enter amounts that decrease net income as negative values. Balance Sheet Assets = Liabilities + Stockholders' Equity No Effect + Inventory = No Effect + Retained Earnings fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 Statement of Cash Flows Income Statement No effect fill in the blank 10 Cost of…
Provide 7 entries in worksheet
Don't give answer in image
Determining Merchandise to Be Included or Excluded from Ending Inventory The unadjusted inventory balance of Ann Corp. is $600,000 on December 31 based on a physical inventory count. The following items must be considered before the inventory valuation is finalized. a. On December 31, the physical inventory excluded $600 of merchandise inventory shipped to Ann Corp. from a vendor f.o.b. destination that arrived on January 1 of the following year. b. On December 31, the physical inventory included $21,600 of merchandise inventory held on consignment by a customer. Ann Corp. is the consignor. c. On December 31, the physical inventory included $960 of merchandise held on consignment. The consignor is Ann's largest vendor. d. $21,600 of in-transit merchandise was shipped f.o.b. shipping point to a customer and was excluded from the physical inventory count. The merchandise was shipped on December 28 and is expected to arrive at the customer on December 31. e. Goods are in transit from a…
Subject : Accounting
The perpetual inventory records of Penny Co. indicate that $415,000 of merchandise should be on hand on December 31. The physical inventory indicates that $370,000 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for the year ended December 31.
Please do not give solution in image format thanku
Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 November 1 Nov. 24 Nov. 30 10 15 20 24 30 15 X Inventory 27 units at $88 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Sale a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Purchase Sale Sale Purchase 59 units at $81 48 units. 33 units at $84 17 units 18 units. Quantity Purchases Purchases Purchased Unit Cost Total Cost Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Cost of Cost of Quantity Goods Sold Goods Sold Inventory Inventory Inventory Sold Unit Cost Total Cost Quantity Unit Cost Total Cost O UD 000 8 00 00
! Required information [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 1,000 units at a price of $11 cash per unit (for a total cost of $11,000). 5 Allied sold 500 of the units in inventory for $15 per unit (invoice total: $7,500) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $5,500. 7 Macy returns 50 units because they did not fit the customer's needs (invoice amount: $750). Allied restores the units, which cost $550, to its inventory. 8 Macy discovers that 50 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $350 to compensate for the damage. 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of…
Do not give answer in image
Please don't provide answer in image format thank you