Adjusting entry: When stationery supplies for Design Thinking Ltd arepurchased, they are recorded as an asset. An end of period stock-take(count) revealed a closing balance of $10,000. There was an openingbalance of $15,000 and during the period a total of $35,000 of supplieswere purchased.Instructions: Record the adjusting entry for the year ending 31 August2021 by selecting the correct amounts that are debited and credited.General JournalAugust[ Select ][ Select ]31.[ Select ]><>

Supplies used = Opening supplies + supplies purchased - ending supplies = 15000+35000-10000 =…

Answered: Adjusting entry: When stationery…

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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prepare these entries for Sarah's plant services. prepare general journal entries for the needed balance dy adjustments for the year ending 30/6/21: A stocktake of the inventory on hand was completed on 30/6/21. The value of the stocktake was $17,000. The inventory asset account as at 30/6/21 before adjustments was $18,000 The allowance for Doubtful debts should be 5% of the balance of Accounts Receivable. The accounts receivable balance at 30/6/21 is $76,120 and the balance of the Allowance for Doubtful Debts was $3,450
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Required: 30. What is the amount of sales from January 1, 2021 to April 30, 2021?31. What is the amount of purchases from January 1, 2021 to April 30, 2021?32. What is the amount of fire loss to be recognized on April 30, 2021?
Current Attempt in Progress The trial balance of Crane Company at the end of its fiscal year, August 31, 2022, includes these accounts: Inventory $35,000; Purchases $154,900; Sales Revenue $191,000; Freight-In $9,200; Sales Returns and Allowances $4,400; Freight-Out $1,900; and Purchases Returns and Allowances $6,900. The ending inventory is $28,000. Prepare a cost of goods sold section for the year ending August 31.
The general trial balance of NBA Inc. includes the following accounts on December 31,2021: Inventory, including inventory expected in the ordinary course operations to be sold within 15 months Trade receivables Prepaid insurance Listed available held for trading purposes at fair value Financial assets classified as available for sale Cash, including cash surrender value of P100,000 Deferred tax asset Bank overdraft Land held for sale P1,000,000 1,200,000 80,000 200,000 800,000 300,000 150,000 250,000 200,000 What amount should be classified as total current assets on December 31,2021?
eBook Show Me How Print Item Question Content Area Accrued Product Warranty Fosters Manufacturing Co. warrants its products for one year. The estimated product warranty is 3% of sales. Assume that sales were $185,000 for January. On February 7, a customer received warranty repairs requiring $160 of parts and $75 of labor. a. Journalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to record the accrued product warranty. If an amount box does not require an entry, leave it blank. blank Product Warranty Expense Product Warranty Expense Cash Cash Feedback Area Feedback b. Journalize the entry to record the warranty work provided in February. If an amount box does not require an entry, leave it blank.
Subject: accounting
Bought office supplies of P21,400 in cash on May 29, 2019. At the end of the fiscal reporting period on September 30, 2019, the physical inventory indicated the stock on hand amounting to P6,800. Under Expense Method, which entry will not be recorded: Select the correct response: Cr. Supplies expense P6,800 Dr. Office supplies P 6,800 Cr. Supplies expense P14,600 Dr. Supplies expense P21,400
Quimby Sports Authority purchased inventory costing $30,000 by signing a 6% short-term, one-year note payable. The purchase occurred on July 31, 2021. Quimby pays annual interest each year on July 31. Read the requirements. First, journalize the company's (a) purchase of inventory. (Record debits first, then credits Exclude explanations from journal entries.) Journal Entry Jul Date 2021 31 Accounts Print Debit Requirements Joutnalize the company's (a) purchase of inventory; (b) accrual of interest expense on April 30, 2022, which is the company's fiscal year-end; and (c) payment of the note plus interest on July 31, 2022. (Round your answers to the nearest whole number) (d) Show what the company would report for liabilities on its balance sheet at April 30, 2022, and on its income statement for the year ended on that date Done - X Credit Clear all Check answer
Prepare the journal entries, with appropriate journal entry descriptions, for 2020, including any required year-end adjusting entries.The company prepares annual adjusting entries.
Do a journal entry based on this transections, round interest amounts to the nearest dollar,
XYZ Co. is an HST registrant and started business on Feb 1, 2021. In February, they purchased $100,000 of inventory, had sales of $125,000, and purchased $30,000 of equipment. All purchases and sales were subject to 15% HST. How much HST is owed/owing (refund) for February? Prepare the journal entries to record the transactions for February. Please do in EXCEL with clear format

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