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
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Chapter 11, Problem 7E

On December 31, Marchant Company took a physical count of its merchandise inventory. It operates under the perpetual inventory system. The physical count amounted to $185,294. The Merchandise Inventory account shows a balance of $187,936. Journalize the adjusting entry.

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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 enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount                     (b)     Prepare closing entries. (List all…
Riverbed Company had the following account balances at year-end: Cost of Goods Sold $62,380, Inventory $14,410, Utilities Expense $32,500, Sales Revenue $126,790, Sales Discounts $1,170, and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $12,360. 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 enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount (b) Prepare closing entries. (List all debit entries before credit entries. Credit account titles are automatically…
Cheyenne Company had the following account balances at year-end: Cost of Goods Sold $62,020, Inventory $17,320, Utilities Expense $29,150, Sales Revenue $121,470, Sales Discounts $1,380, and Sales Returns and Allowances $1,890. A physical count of inventory determines that merchandise inventory on hand is $12,230. 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 O for the amounts.) Account Titles and Explanation $ Debit Credit

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College Accounting (Book Only): A Career Approach

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