answer in text form with explanation , narrations , calculation , steps Ayayai Athletic Wear Inc.'s adjusted trial balance amounts (with the exclusion of the adjusting entry to update Inventory and Cost ofGoods Sold accounts) appear in alphabetical order as follows on December 31, 2024, the end of its fiscal year:Accounts payableAccounts receivableAccumulated depreciation-buildingsAccumulated depreciation-equipmentAdministrative expensesBuildingsCashCommon sharesDeferred revenueDividends declaredEquipmentFreight inIncome tax expenseInterest expenseAdditional information:1.2.3.$147,90079,56093,240 Mortgage payablePrepaid insuranceProperty tax payablePurchases discountsPurchase returns and allowancesPurchases4.77,220325,620342,00030,60094,50014,940Refund liability14,400Retained earnings198,000 Salaries payableSalesSelling expenses10,08028,800Inventory, Jan. 1Land18,720$72,900135,000225,0004,3208,64040,50011,520722,8807,440123,480Ayayai Athletic Wear uses a periodic inventory system. Returned inventory is not saleable.A physical inventory count determined that Inventory on December 31, 2024, was $130,680.Of the mortgage payable, $22,500 is due in the next year.Common shares were issued during the year for $45,000.prepare the adjusted entry required to update inventory and related acounts december 31. update the affected accounts6,3001,146,60014,400

The record of day-to-day transactions in the books of accounts is called journal entries. In a…

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prepare the adjusted entry required to update inventory and related acounts december 31. update the affected accounts

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

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 8E: Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives...

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Concept explainers

Master Budget

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.

Sales Budget and Selling

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.

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answer in text form with explanation , narrations , calculation , steps

Ayayai Athletic Wear Inc.'s adjusted trial balance amounts (with the exclusion of the adjusting entry to update Inventory and Cost of
Goods Sold accounts) appear in alphabetical order as follows on December 31, 2024, the end of its fiscal year:
Accounts payable
Accounts receivable
Accumulated depreciation-buildings
Accumulated depreciation-equipment
Administrative expenses
Buildings
Cash
Common shares
Deferred revenue
Dividends declared
Equipment
Freight in
Income tax expense
Interest expense
Additional information:
1.
2.
3.
$147,900
79,560
93,240 Mortgage payable
Prepaid insurance
Property tax payable
Purchases discounts
Purchase returns and allowances
Purchases
4.
77,220
325,620
342,000
30,600
94,500
14,940
Refund liability
14,400
Retained earnings
198,000 Salaries payable
Sales
Selling expenses
10,080
28,800
Inventory, Jan. 1
Land
18,720
$72,900
135,000
225,000
4,320
8,640
40,500
11,520
722,880
7,440
123,480
Ayayai Athletic Wear uses a periodic inventory system. Returned inventory is not saleable.
A physical inventory count determined that Inventory on December 31, 2024, was $130,680.
Of the mortgage payable, $22,500 is due in the next year.
Common shares were issued during the year for $45,000.
prepare the adjusted entry required to update inventory and related acounts december 31. update the affected accounts
6,300
1,146,600
14,400

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