Comparing the entries made by the company and your should be entries, prepare one compound entry to adjust the affected accounts considering the books are still open. (On the space provided below, write the total amount of the credit side of your entry) Present the COMPLETE ADJUSTING ENTRY in your solutions LEMON, Inc. inaugurated a new sales promotional program. For every 15 cereal box topsreturned to LEMON, customers will receive an attractive prize. LEMON estimates that only 25%of the cereal box tops reaching the customers will be redeemed.Sale of cereal boxes (585,000 units)Purchase of prizes (12,000 units)Prizes distributed to customer, in units15,795,000216,0008,000The accountant of LEMON, Inc. journalized the purchase of prizes as: Debit to PREMIUMEXPENSE and a Credit to CASH. He just prepared a memo entry for prizes distributed.

Journal entries 1). To record Purchase Purchase A/c debit 216,000 To bank a…

Comparing the entries made by the company and your should be entries, prepare one compound entry to adjust the affected accounts considering the books are still open. (On the space provided below, write the total amount of

Comparing the entries made by the company and your should be entries, prepare one compound entry to adjust the affected accounts considering the books are still open. (On the space provided below, write the total amount of

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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On August 1, 2021, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Sheridan Ltd. Accounts payable $2,330 Accounts receivable 4,470 Accumulated depreciation-equipment 1,990 Cash 6,190 Common shares 11,800 Deferred revenue 1,370 Equipment 11,000 Interest receivable 22 Note receivable, due October 31, 2021 4,400 Retained earnings 8,162 Salaries payable 1,540 Supplies 1,110 During August, the following summary transactions were completed. Aug. 1 Paid $410 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. (Hint: Use the Prepaid Advertising account.) 3 Paid August rent $400. (Hint: Use the Prepaid Rent account.) 6 Received $3,450 cash from customers in payment of accounts. 10 Paid $3,360 for salaries due employees, of which $1,820 is for August and $1,540 is for July salaries payable. 13 Received $3,850 cash for services performed…
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