On July 1st, FreshMart Inc. purchased $1,500 worth of supplies on account. On December 31st, the fiscal year-end, it was determined that $800 worth of supplies still remain. What is the balance in the supplies account after adjustment? A. $1,500 B. $800 C. $700 D. $900

On July 1st, FreshMart Inc. purchased $1,500 worth of supplies on account. On December 31st, the fiscal year-end, it was determined that $800 worth of supplies still remain. What is the balance in the supplies account after adjustment? A. $1,500 B. $800 C. $700 D. $900

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 1MC: The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before...

See similar textbooks

Similar questions

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
prepare 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 $3,450
What is the payable deferral period on these general accounting question?
Ramir Alindogan Catering 's Inventory showed a balance of P100,000 before the year-end adjustments. The physical count of goods on hand totaled P97,000. What account would Ramir Alindigan close at the end of the year? Accounts Receivable Accounts Payable Inventory Cost of Goods Sold
1. Make adjusting entries in the journal (rounding to the nearest dollar) using the information below: A physical count of inventory revealed $440,020.00 of inventory A physical count of supplies revealed $7232.00 of supplies Depreciation for the year was $24,005 The balance in prepaid rent represents an amount paid Dec. 1st for one year Even though the notes receivable aren't due until April 30 2021 they will include 8% interest. The Dec. 31 balance represents a 6 month note originating on Nov. 1st 2020. Dec. 31st is a Thursday and $11,000 of salaries for a five day workweek are paid every Friday. 2. On the designated pages, make an Adjusted Trial Balance and then Create Financial Statements for 2020 (note: withdrawals of $50,000 were taken earlier in the year.) 3. Answer these questions: a. How would the…
Current Attempt in Progress The ledger of Cullumber Company at the end of the current year shows Accounts Receivable $68,000, Credit Sales $810,000, and Sales Returns and Allowances $38,000. Prepare journal entries for each separate scenario below. If Cullumber Company uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Cullumber Company determines that Matisse's $500 balance is uncollectible. (a) If Allowance for Doubtful Accounts has a credit balance of $900 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable. (b) If Allowance for Doubtful Accounts has a debit balance of $490 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 7% of accounts receivable. (c) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles…
Adjustment data: Supplies on hand are valued at $4,480. Accrued salaries payable are $1,400. Depreciation for the month is $700. $1,820 of services related to the unearned service revenue has not been performed by month-end.
At the end of October, the ABC Company needed to make accrual adjustments to the accounts, using the following information: Depreciation for the month is £50 An inventory count on October 31 revealed that 125units were in the company’s warehouse. The cost flow assumption followed for the preparation of statements is FIFO. On September 1, ABC Company issued a 3-month, annual rate 6%, $1,000 Note Payable to Credit Bank. Capital and interest are to be paid at the end of November. Prepare a worksheet showing the October transactions and the October accrual adjustments for the ABC Company. The work sheet is attached below, which is solvevd. But I wonder how to get the lastest amount of inventory, which is 125? Can you please show me the calculation process?
For its most recent year a company had Sales (all on credit) of OMR 830000 and Cost of Goods Sold of OMR 525000. At the beginning of the year its Accounts Receivable were OMR 80000 and its Inventory was OMR 100000. At the end of the year its Accounts Receivable were OMR 86000 and its Inventory was OMR 110000. Calculate Receivable days. Select one: a. 37 Days b. 58 Days c. 46 Days d. 73 Days
Can you help me wit the spreadsheet in the picture attached. this is the rest of the information given. for my homeowrk please help asap The fiscal period is one month. Merchandise Inventory at November 30 is $265 000. Supplies on hand November 30 are valued at $11 400. Equipment depreciation is 25 percent per year, using the declining-balance method. Round off the depreciation to the nearest dollar. $450 interest is owed on the bank loan. $1300 is owed to employees.
On January 1, 2022, Sunland Company had Accounts Receivable of $54,800 and Allowance for Doubtful Accounts of $3,800. Sunland Company prepares financial statements annually. During the year, the following selected transactions occurred: Jan. 5 Sold $4,700 of merchandise to Rian Company, terms n/30. Feb. 2 Accepted a $4,700, 4-month, 9% promissory note from Rian Company for balance due. 12 Sold $10,140 of merchandise to Cato Company and accepted Cato’s $10,140, 2-month, 10% note for the balance due. 26 Sold $5,300 of merchandise to Malcolm Co., terms n/10. Apr. 5 Accepted a $5,300, 3-month, 8% note from Malcolm Co. for balance due. 12 Collected Cato Company note in full. June 2 Collected Rian Company note in full. 15 Sold $1,800 of merchandise to Gerri Inc. and accepted a $1,800, 6-month, 11% note for the amount due. Journalize the transactions. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is…
At the end of the year, the following adjustments (a)–(j) need to be made: (a, b) Merchandise inventory as of December 31, $19,700.(c, d, e) Jones estimates that customers will be granted $400 in refunds of this year’s sales next year, and the merchandise expected to be returned will have a cost of $300.(f) Unused supplies on hand, $525.(g) Unexpired insurance on December 31, $1,000.(h) Depreciation expense on the building for the year, $800.(i) Depreciation expense on the store equipment for the year, $450.(j) Wages earned but not paid as of December 31, $330.journalise and post adjusting entries.