CengageNOWv2← → CM Gmail ► YouTube1. BE.05.022. BE.05.03Chapter 5 -Req Homework3. BE.05.044. BE.05.065. EX.05.07| Online teachin x +6. EX.05.15v2.cengagenow.com/ilmn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false36°FClearMaps7. PR.05.03A.BLANKSHEET<eBookAdjusting entriesHahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting entries based upon the following:a. The inventory account has a balance of $1,333,150, while physical inventory indicates that $1,309,900 of merchandise is on hand. Assume anyshrinkage is a normal amount. If an amount box does not require an entry, leave it blank.Dec. 31T■b. Sales returns of $125,000 and merchandise returns of $80,000 are estimated for the current year's sales. If an amount box does not require an entry,leave it blank.Show Me HowDec. 31Q Search00 000000myhp ?с2:28 AM3/18/2023X:22

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JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Business

Accounting

eBook Adjusting entries Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting entries based upon the following: Show Me How a. The inventory account has a balance of $1,333,150, while physical inventory indicates that $1,309,900 of merchandise is on hand. Assume any shrinkage is a normal amount. If an amount box does not require an entry, leave it blank. Dec. 31 186 b. Sales returns of $125,000 and merchandise returns of $80,000 are estimated for the current year's sales. If an amount box does not require an entry, leave it blank. Dec. 31 Q Search 2:28 AM 3/18/2023

eBook Adjusting entries Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting entries based upon the following: Show Me How a. The inventory account has a balance of $1,333,150, while physical inventory indicates that $1,309,900 of merchandise is on hand. Assume any shrinkage is a normal amount. If an amount box does not require an entry, leave it blank. Dec. 31 186 b. Sales returns of $125,000 and merchandise returns of $80,000 are estimated for the current year's sales. If an amount box does not require an entry, leave it blank. Dec. 31 Q Search 2:28 AM 3/18/2023

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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Use the information in the table below to answer the questions that follow. Аpril 1 Inventory 100 units @ $40 Sale 60 units 10 Purchase 40 units $42 15 Sale 50units Purchase 60 units $45 Assuming the business maintains a perpetual inventory system, calculate the cost of merchandise sold on April 5 as well as ending inventory as of April 30th, using FIFO, Enter as whole numbers! Do not use decimals or dollar signs. COMS April 5h $ COMS April 15th $ Ending Inventory April 30th $ 20
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Adjustment for Merchandise Inventory Using T Accounts: Periodic Inventory System Ibby Smith owns and operates Ibby's Ice Cream Cones. Her beginning inventory as of January 1, 20--, was $48,300, and her ending inventory as of December 31, 20- -, was $55,200. Set up T accounts for Merchandise Inventory and Income Summary and perform the year-end adjustment for Merchandise Inventory. Use the labels shown. (a) Remove the beginning balance in Merchandise Inventory. (b) Add the new balance in Merchandise Inventory. Merchandise Inventory (Beginning Inventory) 48,300 Income Summary
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Question Content Area The records of Penny Co. indicated that $397,580 of merchandise should be on hand on December 31. The physical inventory count indicates that $394,400 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for the year ended December 31. If an amount box does not require an entry, leave it blank. Date Account Debit Credit December 31
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…
Adjusting entries Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting entries based upon the following: a. The inventory account has a balance of $1,339, 100, while physical inventory indicates that $1,301,800 of merchandise is on hand. Assume any shrinkage is a normal amount. If an amount box does not require an entry, leave it blank. Dec. 31 b. Sales returns of $236,510 and merchandise returns of $70,040 are estimated for the current year's sales. If an amount box does not require an entry, leave it blank. Dec. 31
Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Date December 7 December 14 Total December 14 Totals December 15 Total December 15 December 21 Goods purchased # of units Cost of Goods Available for Sale 10 at $ 6.00 = $ 60.00 $ 240.00 10 units @ $ 6 cost 20 units @ $12 cost 15 units @ $14 cost Cost per unit 20 at $ 12.00 = 15 at $ 14.00 = $ 210.00 Perpetual LIFO: # of units sold 8 at Cost of Goods Sold Cost per Cost of Goods unit Sold $ 6.00 = $ 48.00 48.00 Inventory Balance # of units 10 at 10 at 20 at 2 at 2 at 2 at 13 at 15 at Cost per unit $ 6.00 = $6.00 =…
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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