College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Textbook Question
Chapter 11, Problem 1PA
The
Here are the data for the adjustments.
a–b. Merchandise Inventory at December 31, $64,742.80.
c. Store supplies inventory (on hand), $420.20.
d. Insurance expired, $738.
e. Salaries accrued, $684.50.
f. Depreciation of store equipment, $3,620.
Required
Complete the work sheet after entering the account names and balances onto the work sheet.
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Flounder Company had the following account balances at year-end: Cost of Goods Sold $64,510, Inventory $14,660, Utilities Expense $29,240, Sales Revenue $126,730, Sales Discounts $1,140, and Sales Returns and Allowances $1,830. A physical count of inventory determines that merchandise inventory on hand is $12,760. They use the perpetual inventory system.
(a)
Prepare the adjusting entry necessary as a result of the physical count. (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
Debit
Credit
enter an account title
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enter a credit amount
enter an account title
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enter a credit amount
(b)
Prepare closing entries. (List all…
Based on the information, Determine the adjusted balances of Inventory,Accounts receivable,Sales,Purchases and net income.
Valley Company's odjusted trial balance on August 31, its fiscal year-end, follows. It cstegorizes the following accounts os selling
expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It cotegorizes the
remaining expenses os general and administrative.
Debit
Credit
Merchandise inventory (ending)
Other (noninventory) assets
Total liabilitics
$ 42,680
55,518
$ 24,100
Conmon stock
15,520
Retained carnings
Dividends
Sales
Sales discounts
Sales returns and allowances
19,48e
8,700
225,480
Cost of goods sold
Sales salaries expense
Rent expense-Selling space
Store supplies expense
Advertising expense
office salaries expense
Rent expense office space
Office supplies expense
2,268
14, 000
72,600
32,180
8,600
1,se0
13,000
29,800
3,400
350
Totals
$284,420
$284,420
Beginning merchandise inventory wes $25,700. Supplementery records of merchandising octivities for the year ended August 31
reveal the following itemized costs.
Invoice cost of…
Chapter 11 Solutions
College Accounting (Book Only): A Career Approach
Ch. 11 - Which of the following is the adjusting entry for...Ch. 11 - The adjusting entry for unearned revenue pertains...Ch. 11 - An account that has unearned in its name is...Ch. 11 - This type of inventory system does not require an...Ch. 11 - The Supplies account has a 1,400 balance. A...Ch. 11 - Prob. 6QYCh. 11 - Prob. 7QYCh. 11 - What is a physical inventory? What does the word...Ch. 11 - Prob. 2DQCh. 11 - Using the perpetual inventory system, what account...
Ch. 11 - Prob. 4DQCh. 11 - Prob. 5DQCh. 11 - Why is it necessary to adjust the Merchandise...Ch. 11 - A merchandising company shows 8,842 in the...Ch. 11 - Prob. 8DQCh. 11 - Prob. 1ECh. 11 - On October 31, the Vermillion Igloos Hockey Club...Ch. 11 - Basga Company uses the periodic inventory system....Ch. 11 - Prob. 4ECh. 11 - Journalize the required adjusting entries for the...Ch. 11 - On December 31, the end of the year, the...Ch. 11 - On December 31, Marchant Company took a physical...Ch. 11 - The trial balance of Hadden Company as of December...Ch. 11 - The balances of the ledger accounts of Beldren...Ch. 11 - Prob. 3PACh. 11 - Here are the accounts in the ledger of Mishas...Ch. 11 - A portion of Anderson Publishings work sheet for...Ch. 11 - The trial balance of Jillson Company as of...Ch. 11 - The balances of the ledger accounts of Pelango...Ch. 11 - Prob. 3PBCh. 11 - The accounts and their balances in the ledger of...Ch. 11 - A portion of Johnsons Farm Supply work sheet for...Ch. 11 - BURTS BEES, Durham, North Carolina Burts Bees...Ch. 11 - Prob. 2ACh. 11 - Prob. 3ACh. 11 - Prob. 4ACh. 11 - Prob. 5ACh. 11 - Prob. 1CP
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