College Accounting
13th Edition
ISBN: 9781337280563
Author: Scott, Cathy J.
Publisher: Cengage Learning,
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Chapter 11, Problem 4PA
Here are the accounts in the ledger of Misha’s Jewel Box, with the balances as of December 31, the end of its fiscal year.
Here are the data for the adjustments. Assume that Misha’s Jewel Box uses the perpetual inventory system.
a. Merchandise Inventory at December 31, $124,630.
b. Insurance expired during the year, $1,294.
c.
d. Depreciation of store equipment, $6,470.
e. Salaries accrued at December 31, $2,470.
f. Store supplies inventory (on hand) at December 31, $1,959.
Required
- 1. Complete the work sheet after entering the account names and balances onto the work sheet. Ignore this step if using CLGL.
- 2. Journalize the
adjusting entries . If using manual working papers, record adjusting entries on journal page 63.
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Hatfield Corporation, which has only one product, has provided the following data
concerning its most recent month of operations:
Selling price $158
Units in beginning inventory 100
Units produced 1,720
Units sold 920
Units in ending inventory 900
Variable costs per unit:
Direct materials $59
Direct labor $37
Variable manufacturing overhead $6
Variable selling and administrative $9
Fixed costs:
Fixed manufacturing overhead $15,480
Fixed selling and administrative $17,480
What is the total period cost for the month under the variable costing?
A- $32,960
B- $25,760
C- $41,240
D- $15,480
Help
How much Total sales are required to achieve a net income of 160000?
Chapter 11 Solutions
College Accounting
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 - For the university football programs Unearned...Ch. 11 - On October 31, the Vermillion Igloos Hockey Club...Ch. 11 - Basga Company uses the periodic inventory system....Ch. 11 - Indicate the work sheet columns (Income Statement...Ch. 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 - Adjusting Entries Two months (July and August)...
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