Meadows Company had $1,800 of supplies on hand on January 1. During the year, the company purchased $4,200 of supplies, and on December 31, determined that $1,200 of supplies remained on hand. What is the adjusting entry for Meadows Company on December 31?
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- Georgetown purchased supplies on August 8, 20X2, for $4,400. At the fiscal year-end on September 30, the inventory of suppiles was $3,150. Required: a Assume that Georgetown uses the consumption method of accounting for inventortes. (If no entry is r transaction/event, select "No journal entry required" in the first account field.) Prepare the entry for the purchase on August 8, 20x2. Prepare the entries required on September 30, 20x2, including the closing of the Expenditures account. Assuming the supplies were used during 20X3, prepare the entries on September 30, 20X3. View transaction list Journal entry worksheet CreifilOn Dec 1, our taco stand company pays $600 for a 6 month rental rental space for our taco truck, recording the $600 as an asset. Our fiscal year-end is Dec 31. What is the journal entry when purchasing the deal? What is the adjusting entry, if any, on Dec 31? What would the adjusting entry be, if any, if the original entry had been recorded as an expense?Best Hardware uses a periodic inventory system. Its inven-tory was $38,000 at the beginning of the year and $40,000 at the end. During the year, Best made purchases of mer-chandise totaling $107,000. Identify all of the correct answers:a. To use this system, Best must take a complete physicalinventory twice each year.b. Prior to making adjusting and closing entries atyear-end, the balance in Best’s Inventory account is$38,000.c. The cost of goods sold for the year is $109,000.
- please note every entry should have narration , explanation , calculation answer in text form show full working for each entry and partsThe following purchase transactions occurred during the last few days of Whilczel Company's business year, which ends October 31, or in the first few days after that date. A periodic inventory system is used. · An invoice for P6,000, terms FOB shipping point, was received and entered November 1. The invoice shows that the material was shipped October 29, but the receiving report indicates receipt of goods on November 3. · An invoice for P2,700, terms FOB destination, was received and entered November 2. The receiving report indicates that the goods were received October 29. · An invoice for P3,150, terms, FOB shipping point, was received October 15, but never entered. Attached to it is a receiving report indicating that the goods were received October 18. Across the face of the receiving report is the following notation: "Merchandise not of the same quality as ordered - returned for credit October 19". · An invoice for P3,600 terms FOB shipping…The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000
- The following accounts appear in the ledger of Sheldon Company on January 31, the end of this fiscal year. The data needed for adjustments on January 31 are as follows: ab.Merchandise inventory, January 31, 55,750. c.Insurance expired for the year, 1,285. d.Depreciation for the year, 5,482. e.Accrued wages on January 31, 1,556. f.Supplies used during the year 1,503. Required 1. Prepare a work sheet for the fiscal year ended January 31. Ignore this step if using QuickBooks or general ledger. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. Ignore this step if using CLGL. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. Check Figure Net loss, 1,737prepare these entries for Sarah's plant services. prepare general journal entries for the needed balance dy adjustments for the year ending 30/6/21: A stocktake of the inventory on hand was completed on 30/6/21. The value of the stocktake was $17,000. The inventory asset account as at 30/6/21 before adjustments was $18.000 The allowance for Doubtful debts should be 5% of the balance of Accounts Receivable. The accounts receivable balance at 30/6/21 is $76,120 and the balance of the Allowance for Doubtful Debts was $3,450The ledger of Pina Colada Corp. at the end of the current year shows Accounts Receivable $108,000; Sales Revenue $832,000; and Sales Returns and Allowances $18,100. If Pina Colada uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at (a) December 31, assuming Pina Colada determines that L. Dole's $1,000 balance is uncollectible. If Allowance for Doubtful Accounts has a credit balance of $2,000 in the trial balance, journalize the adjusting entry at (b) December 31, assuming bad debts are expected to be 11% of accounts receivable. If Allowance for Doubtful Accounts has a debit balance of $199 in the trial balance, journalize the adjusting entry (c) December 31, assuming bad debts are expected to be 8% of accounts receivable.
- Having sold the equipment, OPC pays off the note payable in full on 1/17. The amount paid is $23,613, which includes interest accrued in December and an additional $95 interest through January 17. Record the transaction.The general ledger of the Jumper Incorporated is showing an Accounts Receivable balance of $80,000, Sales Revenue of $650,000, and Sales Returns and Allowances of $30,000. If Jumper Inc used the direct write-off method to account for uncollectible accounts, do the adjusting journal entry on December 31st, assuming Jumper Inc determines that John Hancock's $2,500 balance is uncollectable.The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. Jan. 2 Issued Ck. No. 6981 to JSS Management Company for monthly rent, $758. 2 J. Hammond, the owner, invested an additional $3,518 in the business. 4 Bought merchandise on account from Valencia and Company, invoice no. A691, $2,932; terms 2/10, n/30; dated January 2. 4 Received check from Vega Appliance for $972.16 in payment of $992 invoice less discount. 4 Sold merchandise on account to L. Paul, invoice no. 6483, $864. 6 Received check from Petty, Inc., $653.66, in payment of $667 invoice less discount. 7 Issued Ck. No. 6982, $594.86, to Fischer and Son, in payment of invoice no. C1272 for $607 less discount. 7 Bought supplies on account from Doyle Office Supply, invoice no. 1906B, $108; terms net 30 days. 7 Sold merchandise on account to Ellison and Clay,…



