When Sheffield counted its inventory on June 30, it determined that there were 120 books with a total cost of $1,385. Record the adjusting entry for the inventory theft or shrinkage. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 fo the amounts.)
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- On June 1, Calumet Corp. paid $25,000 for inventory previously purchased on account. Which of the following statements is correct with respect to how this transaction should be shown on the transaction worksheet? Select one: a. The cash account will decrease and the deferred revenue account will decrease. b. The inventory account will decrease and the cash account will decrease. c. The cash account will decrease and the accounts payable account will decrease. d. The cash account will decrease and the retained earnings account will decrease. e. The cash account will increase and the accounts payable account will increase.At year-end, the perpetual inventory records of Marigold Company showed merchandise inventory of $100,600. The company determined, however, that its actual inventory on hand was $96,900.Record the necessary adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit eTextbook and MediaHaynes Jewelers uses a perpetual inventory system and had the following purchase transactions. Journalize all necessary transactions. Explanations are not required. View the transactions. Journalize all necessary transactions in the order they are presented in the transaction list. (Record debits first, then credits. Exclude explanations from journal entries. Round all numbers to the nearest whole dollar.) Jun. 20: Purchased inventory of $5,900 on account from Luca Diamonds, a jewelry importer. Terms were 1/15, n/45, FOB shipping point. Date Jun. 20 Accounts Debit Credit Transactions Purchased inventory of $5,900 on account from Luca Diamonds, a jewelry importer. Terms were 1/15, n/45, FOB shipping point. Paid freight charges, $200. Returned $700 of inventory to Luca Diamonds. Jun. 20 Jun. 20 Jul. 4 Jul. 14 Jul. 16 Jul. 18 Jul. 24 Paid Jia Diamonds, less allowance and discount. Paid Luca Diamonds, less return. Purchased inventory of $4,100 on account from Jia Diamonds, a jewelry…
- Prior to recording the following, Elite Electronics, Incorporated, had a credit balance of $2,200 in its Allowance for Doubtful Accounts. Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) On August 31, a customer balance for $320 from a prior year was determined to be uncollectible and was written off. On December 15, the customer balance for $320 written off on August 31 was collected in full.unland Company buys merchandise on account from Splish Brothers Company. The selling price of the goods is $ 1,150 and the cost of the goods sold is $ 590. Both companies use perpetual inventory systems.Journalize the transactions on the books of both companies. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Sunland Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Splish Brothers Enter an account title to record sale of merchandise Enter a debit amount Enter a credit amount Enter an account title to record sale of merchandise Enter a debit amount Enter a credit amount (To record sale of merchandise) Enter an account title Enter a debit…Crane Company has the following merchandise account balances at its September 30 year end: Cost of goods sold Delivery expense Merchandise inventory Salaries expense Date Sept. 30 $120,000 Sept. 30 2,300 22,000 40,000 Sales Sales discounts Sales returns and allowances Supplies Prepare the entries to close the appropriate accounts to the Income Summary account. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.) Account Titles and Explanation | $187,500 (To close income statement account with credit balance.) 970 3,100 2,300 Debit Credit TOU
- Prepare the necessary journal entries on the books of Kelly Carpet Company to record the following transactions, assuming a perpetual inventory system: Kelly purchased $45,000 of merchandise on account, terms 2/10,n/30. Returned $3,000 of damaged merchandise for credit. Paid for the merchandise purchased within 10 days. (a) (b) (c) (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation No. (a) (b) (c) Inventory Accounts Payable Accounts Payable Inventory Accounts Payable Cash Purchase Discounts Debit 45,000 3,000 42,000 Credit 45,000 3,000 41,160 840Prepare the journal entries to record the following transactions on Cullumber Company's books under a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) (a) (b) (c) On March 2, Marin Company sold $928,800 of merchandise to Cullumber Company on account, terms 2/10, n/30. The cost of the merchandise sold was $511,500. On March 6, Cullumber Company returned $108,400 of the merchandise purchased on March 2. The cost of the merchandise returned was $60,800. On March 12, Marin Company received the balance due from Cullumber Company. Date Account Titles and Explanation Toxtbookand Media Debit CreditKing Enterprises is a book wholesaler. King hired a new accounting clerk on January 1 of the current year. The new clerk does not understand accrual accounting and recorded the following transactions based on when cash receipts and disbursements changed hands rather than when the transaction occurred. King uses a perpetual inventory system, and its accounting policy calls for inventory purchases to be recorded net of any discounts offered. Jan. 10 Paid Aztec Enterprises $11,100 for books that it received on December 15. (This purchase was recorded as a debit to Inventory and a credit to Accounts Payable on December 15 of last year, but the accounting clerk ignores that fact.) Dec. 27 Received books from McSaw Inc. for $26,500; terms 2/10, n/30. Dec. 30 Sold books to Booksellers Unlimited for $43,000; terms 1/10, n/30. The cost of these books to King was $34,000. Required: a) As a result of the accounting clerk's errors, compute the amount by which How much…
- On March 2, Ivanhoe Company sold $890,000 of merchandise on account to Bridgeport Company, terms 2/10, n/30. The cost of the merchandise sold was $522,000. (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 0 for the amounts.) Account Titles and Explanation (b) Inventory Accounts Payable Your Answer Correct Answer (Used) (c) Account Titles and Explanation Accounts Payable On March 6, Bridgeport Company returned $89,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $54,800. (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 0 for the amounts.) Inventory Debit count Titles and Explanation Debit 890,000 Debit Credit…Carla Vista Company uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions. Omit cost of goods sold entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) January 5 April 15 August 21 October 5 Date Sold merchandise to Ryan Seacrest for $2,800, terms n/15. Received $480 from Ryan Seacrest on account. Wrote off as uncollectible the balance of the Ryan Seacrest account when he declared bankruptcy. Unexpectedly received a check for $690 from Ryan Seacrest. V Account Titles and Explanation (To reverse write-off of Ryan Seacrest account) (To record collection from Ryan Seacrest account) Debit CreditTeal Mountain, Inc. uses a perpetual inventory system. Its beginning inventory consists of 200 units that cost $ 220 each. During August, the company purchased 255 units at $ 220 each, returned 4 units for credit, and sold 375 units at $ 340 each. Journalize the August transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)