Presented below is selected information related to Blue Co. for the month of January 2022. Ending inventory per Insurance expense $11,560 perpetual records $23,710 Rent expense 20,350 Ending inventory actually Salaries and wages expense 57,710 on hand 22,910 Sales discounts 11,620 Cost of goods sold 217,820 Sales returns and allowances 14,730 Freight-out 7,070 Sales revenue 403,550 (a) Prepare the necessary adjusting entry for inventory. (List all debit entries before credit entries. Credit account titles are automatically indented when 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.) Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Presented below is selected information related to Blue Co. for the month of January 2022.
Ending inventory per
Insurance expense
$11,560
perpetual records
$23,710
Rent expense
20,350
Ending inventory actually
Salaries and wages expense
57,710
on hand
22,910
Sales discounts
11.620
Cost of goods sold
217,820
Sales returns and allowances
14.730
Freight-out
7,070
Sales revenue
403,550
(a)
Prepare the necessary adjusting entry for inventory. (List all debit entries before credit entries. Credit account titles are automatically
indented when 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.)
Account Titles and Explanation
Debit
Credit
eTextbook and Media
Assistance Used
List of Accounts
Transcribed Image Text:Presented below is selected information related to Blue Co. for the month of January 2022. Ending inventory per Insurance expense $11,560 perpetual records $23,710 Rent expense 20,350 Ending inventory actually Salaries and wages expense 57,710 on hand 22,910 Sales discounts 11.620 Cost of goods sold 217,820 Sales returns and allowances 14.730 Freight-out 7,070 Sales revenue 403,550 (a) Prepare the necessary adjusting entry for inventory. (List all debit entries before credit entries. Credit account titles are automatically indented when 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.) Account Titles and Explanation Debit Credit eTextbook and Media Assistance Used List of Accounts
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(b)
Prepare the necessary closing entries. (List all debit entries before credit entries. Credit account titles are automatically indented when
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.)
Account Titles and Explanation
Debit
Credit
(To close accounts with credit balances)
Transcribed Image Text:(b) Prepare the necessary closing entries. (List all debit entries before credit entries. Credit account titles are automatically indented when 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.) Account Titles and Explanation Debit Credit (To close accounts with credit balances)
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