College Accounting: A Career Approach (with Quickbooks Online), Loose-leaf Version
College Accounting: A Career Approach (with Quickbooks Online), Loose-leaf Version
13th Edition
ISBN: 9781337395243
Author: Cathy J. Scott
Publisher: South-Western College Pub
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Chapter 12, Problem 3PA

The following partial work sheet covers the affairs of Masanto and Company for the year ended June 30.

Chapter 12, Problem 3PA, The following partial work sheet covers the affairs of Masanto and Company for the year ended June

Required

  1. 1. Journalize the six adjusting entries.
  2. 2. Journalize the closing entries.
  3. 3. Journalize the reversing entry as of July 1, for the salaries that were accrued in the June adjusting entry.

Check Figure

Reversing entry amount, $1,240

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A company uses the weighted average method of inventory valuation under a periodic inventory system. The company began the year with a zero inventory balance. They had the following transactions during the year: Purchased 65 units at AED 7 per unit Purchased 130 units at AED 7 per unit Sold 110 units at AED 11 per unit Purchased 55 units at AED 8 per unit Sold 110 units at AED 13.25 per unit At the end of the year, the company counted the inventory and found 30 units remaining. Calculate the beginning merchandise inventory.

Chapter 12 Solutions

College Accounting: A Career Approach (with Quickbooks Online), Loose-leaf Version

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