Adjusted balances of Welby Company for its calendar year period ended on December 31, 2019 wasgiven below. Welby Company found out later that its inventory actually on hand was $24,000, but thebalance in the inventory account was $22,500. Welby Company uses Perpetual inventory system.Account titlesDebitCreditCash$67,500Accounts Receivable35,200InventoryAccounts Payable22,50016,000Share Capital – OrdinaryRetained Earnings100,00010,000Dividends4,000Sales Revenue106,000Rent Revenue1,200Sales discount7,000Cost of Goods Sold79,500Delivery ExpenseSalaries and Wages Expense1,50014,000Sales Commission Expense1,000Utilities Expense800 Sales discount7,000Cost of Goods Sold79,500Delivery ExpenseSalaries and Wages Expense1,50014,000Sales Commission Expense1,000Utilities Expense800Interest Expense200Instructions:(a) Prepare adjusting entry as necessary on December 31, 2019(b) Prepare a multiple-step Income statement.

Name: Adjusted balances of Welby Company for its calendar year period ended
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Description: Adjusted balances of Welby Company for its calendar year period ended on December 31, 2019 wasgiven below. Welby Company found out later that its inventory actually on hand was $24,000, but thebalance in the inventory account was $22,500. Welby Comp

a) The understated inventory is there because actual inventory is more than what is there on the…

Business

Accounting

Sales discount 7,000 Cost of Goods Sold 79,500 Delivery Expense Salaries and Wages Expense 1,500 14,000 Sales Commission Expense 1,000 Utilities Expense 800 Interest Expense 200 Instructions: (a) Prepare adjusting entry as necessary on December 31, 2019 (b) Prepare a multiple-step Income statement.

Sales discount 7,000 Cost of Goods Sold 79,500 Delivery Expense Salaries and Wages Expense 1,500 14,000 Sales Commission Expense 1,000 Utilities Expense 800 Interest Expense 200 Instructions: (a) Prepare adjusting entry as necessary on December 31, 2019 (b) Prepare a multiple-step Income statement.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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