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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- Prepare the necessary journal entries related to the parts inventory. Maintenance and Parts During the year, Red Robin bills clients for parts for a total of $114,258. The cost of these parts to Red Robin (on a FIFO basis) was $90,322. At the end of the year, clients did not owe Red Robin for any of these parts. During the year, Red Robin purchased new parts for a total of $62,684. It has not paid for $27,493 of this by December 31. Red Robin did not owe for any parts at the beginning of the year. Red Robin does not get a discount on parts inventory. Tax Considerations For the sake of simplicity, we will assume that the uniform capitalization rules do not exist. Business and Accounting Policies Red Robin uses a perpetual inventory system. It uses FIFO for all inventory except finished goods. It uses dollar-value LIFO for its finished goods inventory. Dollar-value LIFO is implemented the same for book and tax purposes. Red Robin sells all goods f.o.b. destination. Red Robin uses…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 CreifilThe supplies account had a begging balance of 3375 and was debited for 6450 for supplies purchased during the year. Journalize the adjusting entry required at 5he end of the year assuming the amount of supplies on hand is 2980.
- Lancaster Company must make three adjusting entries on December 31, 20X1. a. Supplies used, $9,200 (supplies totaling $14,400 were purchased on Decem b. Expired insurance, $6,400; on December 1, 20X1, the firm paid $38,400 for s debited Prepsid Insurance for this amount. c. Depreciation expense for equipment, $4,000. Required: Prepare the journal entries for these adjustments and post the entries to the gerNeed answer the questionBest 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.
- On January 5, Barnaby, Incorporated, purchased a patent costing $100,000 with a useful life of 20 years. The company records its adjusting entries at the end of each year on December 31. Complete the necessary adjusting entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet On January 5, Barnaby, Inc., purchased a patent costing $100,000 with a useful life of 20 years. The company records its adjusting entries at the end of each year on December 31. Note: Enter debits before credits. Date Dec. 31 General Journal Debit CreditSubject - account Please help me. Thankyou.On March 1, Gonzales Company purchased $2,280 of supplies on account. On March 1, Gonzales Company debited Supplies Expense, which is an alternate way of recording the initial expenditure. By the end of the calendar year, $350 of supplies was used. Required:Journalize the adjusting entry on December 31.
- The 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…Fragmental Co. leased a portion of its store to another company for eight months beginning on October 1, at a monthly rate of $1,025. Fragmental collected the entire $8,200 cash on October 1 and recorded it as unearned revenue. Assuming adjusting entries are only made at year-end, the adjusting entry made by Fragmental Co. on December 31 would be: Multiple Choice A debit to Cash and a credit to Rent Revenue for $8.200. A debit to Unearned Rent and a credit to Rent Revenue for $5,125. A debit to Rent Revenue and a credit to Unearned Rent for $3,075. m 8:05 PM 1009% e here to search 2/21/2022The 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
