Cash Merchandise inventory Store supplies Prepaid insurance Store equipment RELOUR LAIENE Unadjusted Trial Balance January 31 Accumulated depreciation-Store equipment Accounts payable Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Depreciation expense-Store equipment Sales salaries expense Office salaries expense Insurance expense Rent expense-Selling space Rent expense-Office space Store supplies expense Advertising expense Totals Debit $ 21,200 14,500 5,100 2,400 42,800 2,300 1,800 2,200 38,000 0 15,650 15,650 0 8,000 8,000 0 9,400 $ 187,000 Credit $ 18,150 16,000 5,000 32,000 115,850 $ 187,000 Additional Information: a. Store supplies still available at fiscal year-end amount to $2,200. b. Expired insurance, an administrative expense, Is $1,600 for the fiscal year. c. Depreciation expense on store equipment, a selling expense, is $1,675 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,800 of inventory available at fiscal year-end.

Cash Merchandise inventory Store supplies Prepaid insurance Store equipment RELOUR LAIENE Unadjusted Trial Balance January 31 Accumulated depreciation-Store equipment Accounts payable Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Depreciation expense-Store equipment Sales salaries expense Office salaries expense Insurance expense Rent expense-Selling space Rent expense-Office space Store supplies expense Advertising expense Totals Debit $ 21,200 14,500 5,100 2,400 42,800 2,300 1,800 2,200 38,000 0 15,650 15,650 0 8,000 8,000 0 9,400 $ 187,000 Credit $ 18,150 16,000 5,000 32,000 115,850 $ 187,000 Additional Information: a. Store supplies still available at fiscal year-end amount to $2,200. b. Expired insurance, an administrative expense, Is $1,600 for the fiscal year. c. Depreciation expense on store equipment, a selling expense, is $1,675 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,800 of inventory available at fiscal year-end.

Name: rchandising Operations Problems Assig....CashMerchandise inventorySto
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: rchandising Operations Problems Assig....CashMerchandise inventoryStore suppliesPrepaid insuranceStore equipmentRELOUN LUPIENVEUnadjusted Trial BalanceJanuary 31Accumulated depreciation-Store equipmentAccounts payableCommon stockRetained earningsDiv

Accounting Information Systems

10th Edition

ISBN:9781337619202

Author:Hall, James A.

Publisher:Hall, James A.

Chapter4: The Revenue Cycle

Section: Chapter Questions

Problem 4MCQ

See similar textbooks

Similar questions

What document signals that a company should record thepurchase of goods on account?a. Purchase requisitionb. Purchase orderc. Receiving reportd. Supplier invoice
Accounting for Merchandising Businesses and Inventory and Assets Define the following: Cost of goods sold Credit memo Credit terms Debit memo FIFO FOB Gross profit Invoice LIFO Net sales Periodic inventory Perpetual inventory Sales Selling expense Subsidiary ledger Trade discount Weighted average
Terminology Match each phrase with its definition. A. Sales discount B. Credit period C. Discount period D. FOB destination E. FOB shipping point F. Gross profit G. Merchandise inventory H. Purchases discount 1. 2. 3. 4. 5. 6. 7. 8. Goods a company owns and expects to see to its customers. Time period that can pass before a customer's full payment is due. Seller's description of a cash discount granted to buyers in return for early payment. Ownership of goods is transferred when the seller delivers goods to the carrier. Purchaser's description of a cash discount received from a supplier of goods. Difference between net sales and the cost of goods sold. Time period in which a cash discount is available. Ownership of goods is transferred when delivered to the buyer's place of business. 1
Financial accounting Q
C. As the auditor of STUVWXYZ Partnership Ltd., you discovered the following transaction entries made in 2022 to the Cost and Expense Account control ledger. The respective contra accounts used by the accountant are indicated respectively. The company uses periodic method of recording inventories. Cost and Expense Account Purchase of raw materials P357,657 Purchase discount on purchase of raw Payment of utility bills Salaries of administrative personnel Salaries of sales personnel Commission paid to personnel Payment of machine maintenance Depreciation of building Wages of factory workers Loss incurred on sale of inventories (value of impaired inventories P70,0000 20,000 Sales discount granted to customers 27,300 materials P2,750 29,430 Gain on sale of raw materials, on account 5,000 35,785 22,570 10,530 85,200 Purchase return for defective items 22,470 77,800 15,320 Notes: 1. For debit transactions, the accountant used cash or accounts payable as the credit or contra account 2. For…
How do retail companies correctly match expenses with revenue for the period to get an accurate net income? a. With a modern POS system. b. With the consistency principle. c With a goods-on-hand estimate from the Controller. d. With a physical inventory. please provide me a corect asnwer option and step by expalnaation
Q-1: The following accounts are included in the ledger of David Company: Advertising expense Freight-in Inventory Purchases Purchase returns and allowances Sales Sales returns and allowances Which of the accounts would be included in calculating cost of goods sold?
accounting SOLUTION WANT
Changing the method of inventory valuation should be reported in the financial statements under what enhancing quality of accounting information?A. TimelinessB. VerifiabilityC. ComparabilityD. Understandability
Multiple choice
Question:When recording a purchase of inventory on credit, which accounts are typically affected? A) Debit Accounts Payable, Credit CashB) Debit Inventory, Credit Accounts PayableC) Debit Accounts Receivable, Credit SalesD) Debit Cash, Credit Inventory
Problem related financial Accounting