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What would be the calculation for inventory for December?  How is this created?   Also, are there any other ledger entries needed for sales and cost of sales? Known information: Debit--Accts receivable  Nov. 10,000   Dec. 3,000 Debit--Prepaid Insurance  Nov 5,000   Dec 7,500 Debit--Inventory   Nov 7,000    Dec 6,000 Credit--Accounts Payable   Nov 12,000   Dec 15,000 Credit--Salaries Payable    Nov  5,000    Dec 3,000   Cash collected from credit customers $80,000 Cash paid for insurance   $5,000 Cash paid to suppliers of inventory  $60,000  (entire accts payable relate to inventory purchases) Cash paid to employees for salaries  $10,000 What would be the journal entries for the above information?

What would be the calculation for inventory for December?  How is this created?   Also, are there any other ledger entries needed for sales and cost of sales? Known information: Debit--Accts receivable  Nov. 10,000   Dec. 3,000 Debit--Prepaid Insurance  Nov 5,000   Dec 7,500 Debit--Inventory   Nov 7,000    Dec 6,000 Credit--Accounts Payable   Nov 12,000   Dec 15,000 Credit--Salaries Payable    Nov  5,000    Dec 3,000   Cash collected from credit customers $80,000 Cash paid for insurance   $5,000 Cash paid to suppliers of inventory  $60,000  (entire accts payable relate to inventory purchases) Cash paid to employees for salaries  $10,000 What would be the journal entries for the above information?

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter14: Adjustments For A Merchandising Business
Section: Chapter Questions
Problem 2MC: Under the periodic inventory system, what account is debited when an estimate is made for sales made...
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What would be the calculation for inventory for December?  How is this created?  

Also, are there any other ledger entries needed for sales and cost of sales?

Known information:

Debit--Accts receivable  Nov. 10,000   Dec. 3,000

Debit--Prepaid Insurance  Nov 5,000   Dec 7,500

Debit--Inventory   Nov 7,000    Dec 6,000

Credit--Accounts Payable   Nov 12,000   Dec 15,000

Credit--Salaries Payable    Nov  5,000    Dec 3,000

 

Cash collected from credit customers $80,000

Cash paid for insurance   $5,000

Cash paid to suppliers of inventory  $60,000  (entire accts payable relate to inventory purchases)

Cash paid to employees for salaries  $10,000

What would be the journal entries for the above information?

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