College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
bartleby

Concept explainers

bartleby

Videos

Textbook Question
Book Icon
Chapter 11, Problem 6E

On December 31, the end of the year, the accountant for Fireside Magazine was called away suddenly because of an emergency. However, before leaving, the accountant jotted down a few notes pertaining to the adjustments. Journalize the necessary adjusting entries. Assume that Fireside Magazine uses the periodic inventory system.

a–b. A physical count of inventory revealed a balance of $199,830. The Merchandise Inventory account shows a balance of $202,839.

c. Subscriptions received in advance amounting to $156,200 were recorded as Unearned Subscriptions. At year-end, $103,120 has been earned.

d. Depreciation of equipment for the year is $12,300.

e. The amount of expired insurance for the year is $1,612.

f. The balance of Prepaid Rent is $2,400, representing four months’ rent. Three months’ rent has expired.

g. Three days’ salaries will be unpaid at the end of the year; total weekly (five days’) salaries are $4,000.

h. As of December 31, the balance of the supplies account is $1,800. A physical inventory of the supplies was taken, with an amount of $920 determined to be on hand.

Blurred answer
Students have asked these similar questions
Novelty Furnishings Company’s perpetual inventory records indicate that $677,500 of merchandise should be on hand on November 30, 20Y1. The physical inventory indicates that $664,400 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Novelty Furnishings Company for the year ended November 30, 20Y1. Assume that the inventory shrinkage is a normal amount. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
The records of Penny Co. indicated that $417,650 of merchandise should be on hand on December 31. The physical inventory indicates that $414,310 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for the year ended December 31. If an amount box does not require an entry, leave it blank. Dec. 31
Novelty Furnishings Company's perpetual inventory records indicate that $755,000 of merchandise should be on hand on November 30, 20Y1. The physical inventory indicates that $742,000 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Novelty Furnishings Company for the year ended November 30, 20Y1. Assume that the inventory shrinkage is a normal amount. Refer to the chart of accounts for the exact wording of the account titles. CNOW jourmals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 立

Chapter 11 Solutions

College Accounting (Book Only): A Career Approach

Additional Business Textbook Solutions

Find more solutions based on key concepts
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Text book image
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Text book image
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
Text book image
Financial And Managerial Accounting
Accounting
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:Cengage Learning,
Text book image
Century 21 Accounting General Journal
Accounting
ISBN:9781337680059
Author:Gilbertson
Publisher:Cengage
Text book image
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License