Comprehensive Problem 2 Part 4 and 6: Note: You must complete parts 1, 2 and 3 before attempting to complete part 4 and part 6. Part 5 is an optional work sheet. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete Part 6. a. Inventory on May 31 $570,000 b. Insurance expired during the year 12,000 c. Store supplies on hand on May 31 4,000 d. Depreciation for the current year 14,000 e. Accrued salaries on May 31: Sales salaries $7,000 Office salaries 6,600 13,600 f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold. 6. Journalize the adjusting entries. If an amount box does not require an entry, leave it blank. Post the adjusting entries to the attached spreadsheet you used in parts 1 and 2. Date Description Post. Ref. Debit Credit Adjusting Entries 20Y6 May 31 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 May 31 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 May 31 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 May 31 fill in the blank 20 fill in the blank 21 fill in the blank 23 fill in the blank 24 May 31 fill in the blank 26 fill in the blank 27 fill in the blank 29 fill in the blank 30 fill in the blank 32 fill in the blank 33 May 31 fill in the blank 35 fill in the blank 36 fill in the blank 38 fill in the blank 39 May 31 fill in the blank 41 fill in the blank 42 fill in the blank 44 fill in the blank 45
Comprehensive Problem 2 Part 4 and 6: Note: You must complete parts 1, 2 and 3 before attempting to complete part 4 and part 6. Part 5 is an optional work sheet. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete Part 6. a. Inventory on May 31 $570,000 b. Insurance expired during the year 12,000 c. Store supplies on hand on May 31 4,000 d. Depreciation for the current year 14,000 e. Accrued salaries on May 31: Sales salaries $7,000 Office salaries 6,600 13,600 f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold. 6. Journalize the adjusting entries. If an amount box does not require an entry, leave it blank. Post the adjusting entries to the attached spreadsheet you used in parts 1 and 2. Date Description Post. Ref. Debit Credit Adjusting Entries 20Y6 May 31 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 May 31 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 May 31 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 May 31 fill in the blank 20 fill in the blank 21 fill in the blank 23 fill in the blank 24 May 31 fill in the blank 26 fill in the blank 27 fill in the blank 29 fill in the blank 30 fill in the blank 32 fill in the blank 33 May 31 fill in the blank 35 fill in the blank 36 fill in the blank 38 fill in the blank 39 May 31 fill in the blank 41 fill in the blank 42 fill in the blank 44 fill in the blank 45
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Comprehensive Problem 2
Part 4 and 6:
Note: You must complete parts 1, 2 and 3 before attempting to complete part 4 and part 6. Part 5 is an optional work sheet.
4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete Part 6.
a. | Inventory on May 31 | $570,000 | ||||
b. | Insurance expired during the year | 12,000 | ||||
c. | Store supplies on hand on May 31 | 4,000 | ||||
d. | 14,000 | |||||
e. | Accrued salaries on May 31: | |||||
Sales salaries | $7,000 | |||||
Office salaries | 6,600 | 13,600 |
f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold.
6. Journalize the
Date | Description | Post. Ref. | Debit | Credit |
---|---|---|---|---|
Adjusting Entries | ||||
20Y6 | ||||
May 31 | fill in the blank 2 | fill in the blank 3 | ||
fill in the blank 5 | fill in the blank 6 | |||
May 31 | fill in the blank 8 | fill in the blank 9 | ||
fill in the blank 11 | fill in the blank 12 | |||
May 31 | fill in the blank 14 | fill in the blank 15 | ||
fill in the blank 17 | fill in the blank 18 | |||
May 31 | fill in the blank 20 | fill in the blank 21 | ||
fill in the blank 23 | fill in the blank 24 | |||
May 31 | fill in the blank 26 | fill in the blank 27 | ||
fill in the blank 29 | fill in the blank 30 | |||
fill in the blank 32 | fill in the blank 33 | |||
May 31 | fill in the blank 35 | fill in the blank 36 | ||
fill in the blank 38 | fill in the blank 39 | |||
May 31 | fill in the blank 41 | fill in the blank 42 | ||
fill in the blank 44 | fill in the blank 45 |
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