Brief Exercise 5-6At year-end, the perpetual inventory records of Larkspur, Inc. showed merchandise inventory of $106,420, The company determined, however, that its actual inventory on hand was $101,240.Record the necessary adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enamounts.)Account Titles and ExplanationDebitCreditSHOW LIST OF ACCOUNTSLINK TO TEXTVIDEO TUTORIAL Accounts PayableAccounts ReceivableAccumulated Depreciation-BuildingsAccumulated Depreciation-EquipmentAdvertising ExpenseBuildingsCashCasualty Loss from VandalismCommon StockCost of Goods SoldDepreciation ExpenseDividendsDividend RevenueEquipmentFreight-InFreight-OutGain on Disposal of Plant AssetsIncome SummaryInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueInventoryLandLoss on Disposal of Plant AssetsMaintenance and Repairs ExpenseMortgage PayableNo EntryNotes PayableOperating ExpensesPrepaid InsuranceProperty Tax ExpenseProperty Taxes PayablePurchase DiscountsPurchase Returns and AllowancesPurchasesRent ExpenseRetained EarningsSalaries and Wages ExpenseSalaries and Wages PayableSales Commissions ExpenseSales Commissions PayableSales DiscountsSales Returns and AllowancesSales RevenueSuppliesSupplies ExpenseUnearned Service RevenueUtilities ExpenseUtilities Payable

The difference between as per record inventory and actual count should be charged to cost of goods…

Brief Exercise 5-6 At year-end, the perpetual inventory records of Larkspur, Inc. showed merchandise inventory of $106,420, The company determined, however, that its actual inventory on hand was $101,240. Record the necessary adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and e amounts.) Account Titles and Explanation Debit Credit SHOW LTET OF ACCOUNTC

Brief Exercise 5-6 At year-end, the perpetual inventory records of Larkspur, Inc. showed merchandise inventory of $106,420, The company determined, however, that its actual inventory on hand was $101,240. Record the necessary adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and e amounts.) Account Titles and Explanation Debit Credit SHOW LTET OF ACCOUNTC

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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Current Attempt in Progress Bramble Ltd. had beginning inventory of 54 units that cost $105 each. During September, the company purchased 206 units on account at $105 each, returned 6 units for credit, and sold on account 153 units at $201 each. Prepare journal entries for the September transactions, assuming that Bramble uses a periodic inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit (To record purchase on account) (To record purchase return) Preparjalneries for the Sopomber tramming that perdicimentary titles are automatically indented whes the amount is entered De not indest manually. If ne entry is required, Entry for the account ctles and enter O for the amounts List el dret estr les defane crentes) Account Titles and…
k t K nt ences Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventory information about the five major items stocked for regular sale follows: Required: 1-a. Complete the table column "Write-Down per Item" and then sum the final column. 1-b. Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. 2. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. Complete this question by entering your answers in the tabs below. h Req 1A Req 1B Item Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers Complete the table column "Write-Down per Item" and then sum the final column. NRV per Item Write-down per Item Req 2 Unit Cost (FIFO) $ 60 55 53 55 22 $ 56 55 59 55 14 Req 1A Quantity on Hand 50 30 80 70 50 Total Write- down Req 1B >
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Required information [The following information applies to the questions displayed below.] The transactions listed below are typical of those involving Southern Sporting Goods (SSG) and Sports R Us (SRU). SSG is a wholesale merchandiser and SRU is a retail merchandiser. Assume all sales of merchandise from SSG to SRU are made with terms n/30, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended December 31. a. SSG sold merchandise to SRU at a selling price of $140,000. The merchandise had cost SSG $100,000. b. Two days later, SRU complained to SSG that some of the merchandise differed from what SRU had ordered. SSG agreed to give an allowance of $4,500 to SRU. SRU also returned some sporting goods, which had cost SSG $13,500 and had been sold to SRU for $18,000. No further returns are expected c. Just three days later SRU paid SSG, which settled all amounts owed. . Prepare…
esc Honest Tea, Inc. is a merchandiser. Use the following information to its Inventory balance on its December 31 year-end balance sheet. Note: All purchases of inventory are on account. Cost of Goods Sold during the year January 1 Inventory Sales during the year December 31 Accounts Receivable Purchases of Inventory on Account during the year December 31 Inventory = $. 1 Q A N Click Save and Submit to save and submit. Click Save All Answers to save all answers. 2 W S Ma # 3 E D x 'I X $34,000 $ 4 10,000 77,000 24,000 35,000 C с R % or op F 5 T MacBook Pro V < 6 G Y & 7 H B * 00 つ 8 J N O Save All Answe O 0 K M
! 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…
Sept. 1 Oct. 1 Oct. 1 (a) Purchased inventory from Encino Company on account for $46,800. Crane records purchases gross and uses a periodic inventory system. Issued a $46,800, 12-month, 8% note to Encino in payment of account. Borrowed $46,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $49,920 note. Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.) Date October 1 Account Titles and Explanation Debit T Credit
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