College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 14, Problem 6SEA
JOURNALIZE
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Journalize Adjusting Entries for a Merchandising Business
The following partial spreadsheet is taken from the books of Vinnie’s Vegetable Market, for the year ended December 31, 20--.
Vinnie’s Vegetable MarketEnd-of-Period Spreadsheet (Partial)For Year Ended December 31, 20--
ACCOUNT TITLE
TRIAL BALANCE
ADJUSTMENTS
DEBIT
CREDIT
DEBIT
CREDIT
Merchandise Inventory
47,000.00
(b) 49,000.00
(a) 47,000.00
Supplies
11,000.00
(d) 7,500.00
Building
48,000.00
Accum. Depr.—Building
12,000.00
(e) 4,000.00
Wages Payable
(f) 1,200.00
Unearned Membership Fees
4,000.00
(c) 3,000.00
Income Summary
(a) 47,000.00
(b) 49,000.00
Membership Fees
18,000.00
(c) 3,000.00
Wages Expense
36,000.00
(f) 1,200.00
Supplies Expense
(d) 7,500.00
Depr. Expense—Building
(e) 4,000.00
111,700.00
111,700.00
Journalize the adjustments in a general journal.
Journalize Adjusting Entries for a Merchandising Business
The following partial spreadsheet is taken from the books of Vinnie’s Vegetable Market, for the year ended December 31, 20--.
Vinnie’s Vegetable MarketEnd-of-Period Spreadsheet (Partial)For Year Ended December 31, 20--
ACCOUNT TITLE
TRIAL BALANCE
ADJUSTMENTS
DEBIT
CREDIT
DEBIT
CREDIT
Merchandise Inventory
45,000.00
(b) 50,000.00
(a) 45,000.00
Supplies
10,000.00
(d) 7,000.00
Building
60,000.00
Accum. Depr.—Building
15,000.00
(e) 5,000.00
Wages Payable
(f) 1,200.00
Unearned Membership Fees
3,000.00
(c) 2,000.00
Income Summary
(a) 45,000.00
(b) 50,000.00
Membership Fees
20,000.00
(c) 2,000.00
Wages Expense
37,000.00
(f) 1,200.00
Supplies Expense
(d) 7,000.00
Depr. Expense—Building
(e) 5,000.00
110,200.00
110,200.00
Journalize the adjustments in a general journal.
Page: 1
ROW NUMBER
DATE
ACCOUNT TITLE
DOC.NO.
POST.REF.
DEBIT
CREDIT
ROW…
Create General Journal entries
Chapter 14 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 14 - Under the periodic inventory system, the beginning...Ch. 14 - Under the periodic inventory system, the ending...Ch. 14 - The cash received in advance before delivering a...Ch. 14 - Unearned revenue is adjusted into an expense...Ch. 14 - Sales Returns and Allowances is classified as a...Ch. 14 - Prob. 1MCCh. 14 - Prob. 2MCCh. 14 - Prob. 3MCCh. 14 - Prob. 4MCCh. 14 - Prob. 5MC
Ch. 14 - Prepare the cost of goods sold section for Josephs...Ch. 14 - The Venice Theatre sold and collected cash of...Ch. 14 - Prob. 3CECh. 14 - Using the partial work sheet provided below,...Ch. 14 - Prob. 5CECh. 14 - A firm is preparing to make adjusting entries at...Ch. 14 - Prob. 2RQCh. 14 - Prob. 3RQCh. 14 - What is an unearned revenue?Ch. 14 - Give three examples of unearned revenue.Ch. 14 - Prob. 6RQCh. 14 - Prob. 7RQCh. 14 - A firm is preparing to make adjusting entries at...Ch. 14 - ADJUSTMENT FOR MERCHANDISE INVENTORY USING T...Ch. 14 - CALCULATION OF COST OF GOODS SOLD: PERIODIC...Ch. 14 - ADJUSTMENT FOR UNEARNED REVENUES USING T ACCOUNTS...Ch. 14 - WORK SHEET EXTENSIONS FOR MERCHANDISE INVENTORY...Ch. 14 - DETERMINING THE BEGINNING AND ENDING INVENTORY...Ch. 14 - JOURNALIZE ADJUSTING ENTRIES FOR A MERCHANDISING...Ch. 14 - JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY...Ch. 14 - Prob. 8SEACh. 14 - COMPLETION OF A WORK SHEET SHOWING A NET INCOME...Ch. 14 - COMPLETION OF A WORK SHEET SHOWING A NET LOSS The...Ch. 14 - WORKING BACKWARD FROM ADJUSTED TRIAL BALANCE TO...Ch. 14 - Prob. 12SPACh. 14 - ADJUSTMENT FOR MERCHANDISE INVENTORY USING T...Ch. 14 - CALCULATION OF COST OF GOODS SOLD: PERIODIC...Ch. 14 - ADJUSTMENT FOR UNEARNED REVENUES USING T ACCOUNTS...Ch. 14 - WORK SHEET EXTENSIONS FOR MERCHANDISE INVENTORY...Ch. 14 - Prob. 5SEBCh. 14 - Prob. 6SEBCh. 14 - JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY...Ch. 14 - JOURNALIZE ADJUSTING ENTRY FOR A MERCHANDISING...Ch. 14 - COMPLETION OF A WORK SHEET SHOWING A NET INCOME A...Ch. 14 - Prob. 10SPBCh. 14 - WORKING BACKWARD FROM ADJUSTED TRIAL BALANCE TO...Ch. 14 - WORKING BACKWARD FROM THE INCOME STATEMENT AND...Ch. 14 - A friend of yours recently opened Abracadabra, a...Ch. 14 - Jason Tierro, an inventory clerk at Lexmar...Ch. 14 - John Neff owns and operates Waikiki Surf Shop. A...Ch. 14 - Block Foods, a retail grocery store, has agreed to...
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- Entries for notes receivable, including year-end entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: Journalize the entries to record the transactions.arrow_forwardJournalize Adjusting Entries for a Merchandising Business The following partial spreadsheet is taken from the books of Vinnie's Vegetable Market, for the year ended December 31, 20--. Vinnie's Vegetable Market End-of-Period Spreadsheet (Partial) For Year Ended December 31, 20-- TRIAL BALANCE ADJUSTMENTS ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT Merchandise Inventory 45,000.00 (b) 50,000.00 (a) 45,000.00 Supplies Building 10,000.00 (d) 7,000.00 60,000.00 Accum. Depr.-Building 15,000.00 (e) 5,000.00 Wages Payable () 1,200.00 (c) 2,000.00 Unearned Membership Fees Income Summary 3,000.00 (a) 45,000.00 (b) 50,000.00 Membership Fees 20,000.00 (c) 2,000.00 Wages Expense 37,000.00 (f) 1,200.00 Supplies Expense (d) 7,000.00 Depr. Expense-Building (e) 5,000.00 110,200.00 110,200.00 Journalize the adjustments in a general journal. Page: 1 DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-- 1 Dec. 31 2 3 4 Dec. 31 5 6. 6. 7 Dec. 31 7 8. 8. 9. 9. 10 Dec. 31 10 11 11 12 12 13 Dec. 31 13 14 14 15…arrow_forwardBay Book and Software has two sales departments: Book and Software. After recording and posting all adjustments, including the adjustments for merchandise inventory, the accountant prepared the adjusted trial balance (shown on the next page) at the end of the fiscal year. Merchandise inventories at the beginning of the year were as follows: Book Department, 53,410; Software Department, 23,839. The bases (and sources of figures) for apportioning expenses to the two departments are as follows (rounded to the nearest dollar): Sales Salary Expense (payroll register): Book Department, 45,559; Software Department, 35,629 Advertising Expense (newspaper column inches): Book Department, 550 inches; Software Department, 450 inches Depreciation Expense, Store Equipment (property and equipment ledger): Book Department, 7,851; Software Department, 2,682 Store Supplies Expense (requisitions): Book Department, 205; Software Department, 199 Miscellaneous Selling Expense (volume of gross sales): Book Department, 240; Software Department, 110 Rent Expense and Utilities Expense (floor space): Book Department, 9,000 square feet; Software Department, 7,000 square feet Bad Debts Expense (volume of gross sales): Book Department, 1,029; Software Department, 441 Miscellaneous General Expense (volume of gross sales): Book Department, 364; Software Department, 156 Required Prepare an income statement by department to show income from operations, as well as a nondepartmentalized income statement (using the Total columns) to show net income for the entire company.arrow_forward
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