QS 5-13 Shrinkage LO4 Beamer Company's unadjusted ledger on July 31, the end of the fiscal year, includes the following accounts, which have normal balances (assume a perpetual inventory system): Merchandise inventory.. Joy Beamer, capital.. Joy Beamer, withdrawals Sales Sales discounts.. Sales returns and allowances. Cost of goods sold.. Depreciation expense.... Salaries expense. Miscellaneous expenses.. $ 34,800 115,300 4,000 157,200 1,700 3,500 102,000 7,300 29,500 2,000 A physical count of the inventory discloses that the cost of the merchandise on hand is $32,900. Prepare the entry to record this information and calculate gross profit.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Topic Video
Question

I need help with my accounting homework 

QS 5-13 Shrinkage LO4
Beamer Company's unadjusted ledger on July 31, the end of the fiscal year, includes the following accounts,
which have normal balances (assume a perpetual inventory system):
Merchandise inventory..
Joy Beamer, capital..
Joy Beamer, withdrawals..
Sales
Sales discounts...
Sales returns and allowances.
Cost of goods sold.
Depreciation expense..
Salaries expense.
Miscellaneous expenses..
$ 34,800
115,300
4,000
157,200
1,700
3,500
102,000
7,300
29,500
2,000
A physical count of the inventory discloses that the cost of the merchandise on hand is $32,900. Prepare the
entry to record this information and calculate gross profit.
Transcribed Image Text:QS 5-13 Shrinkage LO4 Beamer Company's unadjusted ledger on July 31, the end of the fiscal year, includes the following accounts, which have normal balances (assume a perpetual inventory system): Merchandise inventory.. Joy Beamer, capital.. Joy Beamer, withdrawals.. Sales Sales discounts... Sales returns and allowances. Cost of goods sold. Depreciation expense.. Salaries expense. Miscellaneous expenses.. $ 34,800 115,300 4,000 157,200 1,700 3,500 102,000 7,300 29,500 2,000 A physical count of the inventory discloses that the cost of the merchandise on hand is $32,900. Prepare the entry to record this information and calculate gross profit.
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education