College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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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
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.
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.
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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 $204,073. The Merchandise Inventory account shows a balance of $207,572.
c.
Subscriptions received in advance amounting to $142,456 were recorded as Unearned Subscriptions. At year-end, $101,502 has been earned.
d.
Depreciation of equipment for the year is $12,183.
e.
The amount of expired insurance for the year is $1,553.
f.
The balance of Prepaid Rent is $2,540, 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 $3,880.
h.
As of December 31, the balance of the…
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
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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