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 6SEB
To determine
Journalize the
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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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