ACCOUNTING PRINCIPLES-W/WILEYPLUS
ACCOUNTING PRINCIPLES-W/WILEYPLUS
14th Edition
ISBN: 9781119707158
Author: Weygandt
Publisher: WILEY
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Chapter 11, Problem 15E
To determine

Vacation Pay Liability: Some companies offer paid leaves for employees after they have worked for a certain time. The salary or wage due to be paid for these leaves is called vacation pay liability.

Adjusting Journal Entries: Companies need to record the journal entries at the end of accounting period to apply the matching and revenue recognition principles. These journal entries are adjusting entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced. Expenses, assets and the receiver are debited if the balance is increased and credited if the balance is reduced

To prepare: The journal entries for vacation pay expense and pension expense.

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Required information Skip to question   [The following information applies to the questions displayed below.]Brianna's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Brianna's Boutique uses a periodic inventory system.  Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory 6 $830 $4,980 October 4 Sale 4     October 10 Purchase 5 840 4,200 October 13 Sale 3     October 20 Purchase 4 850 3,400 October 28 Sale 7     October 30 Purchase 6 860 5,160         $17,740   2. Using FIFO, calculate ending inventory and cost of goods sold at October 31.
Why do companies make adjusting entries? When are adjusting entries made and at what point in the accounting process?
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