Question:1 Presented is information related to Rogers Co. for the month of January 2010. Ending inventory per perpetual records $21,520 Ending inventory actually on hand 21,000 Cost of goods sold 210,000 Freight out 7,068 Insurance expense 12,300 Rent expense 20,500 Salary expense 62,100 Sales discounts 10,500 Sales returns and allowances 13,700 Sales 350,000 Instructions: (a) Prepare the necessary adjusting entry for inventory. (b) Prepare the necessary closing entries. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
Question:1 Presented is information related to Rogers Co. for the month of January 2010. Ending inventory per perpetual records $21,520 Ending inventory actually on hand 21,000 Cost of goods sold 210,000 Freight out 7,068 Insurance expense 12,300 Rent expense 20,500 Salary expense 62,100 Sales discounts 10,500 Sales returns and allowances 13,700 Sales 350,000 Instructions: (a) Prepare the necessary adjusting entry for inventory. (b) Prepare the necessary closing entries. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Want Correct Answer
Transcribed Image Text:Question:1
Presented is information related to Rogers Co. for the month of January 2010.
Ending inventory per perpetual records $21,520
Ending inventory actually on hand
21,000
Cost of goods sold
210,000
Freight out
7,068
Insurance expense
12,300
Rent expense
20,500
Salary expense
62,100
Sales discounts
10,500
Sales returns and allowances
13,700
Sales
350,000
Instructions:
(a) Prepare the necessary adjusting entry for inventory.
(b) Prepare the necessary closing entries. (For multiple debit/credit entries, list amounts
from largest to smallest eg 10, 5, 3, 2.)
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education