College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 14, Problem 8SEB
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…
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 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…
Chapter 14 Solutions
College Accounting, Chapters 1-27
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 - Under the periodic inventory system, what account...Ch. 14 - Under the periodic inventory system, what account...Ch. 14 - Under the periodic inventory system, what account...Ch. 14 - Unearned revenue is classified as what type of...Ch. 14 - Under the perpetual inventory method, what account...
Ch. 14 - Prepare the cost of goods sold section for Josephs...Ch. 14 - The Venice Theatre sold and collected cash of...Ch. 14 - Information relating to inventory for Janie Par...Ch. 14 - Using the spreadsheet provided below, prepare the...Ch. 14 - Prob. 5CECh. 14 - A firm is preparing to make adjusting entries at...Ch. 14 - What spreadsheet amounts are used to compute cost...Ch. 14 - Why are both the debit and credit amounts in the...Ch. 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 - ADJUSTMENT FOR MERCHANDISE INVENTORY USING T...Ch. 14 - CALCULATION OF COST OF GOODS SOLD: PERIODIC...Ch. 14 - CALCULATION OF COST OF GOODS SOLD: PERIODIC...Ch. 14 - ADJUSTMENT FOR UNEARNED REVENUES USING T ACCOUNTS...Ch. 14 - MERCHANDISE INVENTORY ADJUSTMENTS: PERIODIC...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 - ADJUSTMENTS FOR A MERCHANDISING BUSINESS:...Ch. 14 - JOURNALIZE ADJUSTING ENTRY FOR INVENTORY...Ch. 14 - PREPARATION OF ADJUSTMENTS ON A SPREADSHEET FOR A...Ch. 14 - WORKING BACKWARD FROM ADJUSTED TRIAL BALANCE TO...Ch. 14 - ADJUSTMENT FOR MERCHANDISE INVENTORY USING T...Ch. 14 - ADJUSTMENT FOR MERCHANDISE INVENTORY USING T...Ch. 14 - CALCULATION OF COST OF GOODS SOLD: PERIODIC...Ch. 14 - CALCULATION OF COST OF GOODS SOLD: PERIODIC...Ch. 14 - ADJUSTMENT FOR UNEARNED REVENUES USING T ACCOUNTS...Ch. 14 - MERCHANDISE INVENTORY ADJUSTMENTS: PERIODIC...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 - ADJUSTMENTS FOR A MERCHANDISING BUSINESS:...Ch. 14 - JOURNALIZE ADJUSTING ENTRY FOR INVENTORY...Ch. 14 - Prob. 12SPBCh. 14 - WORKING BACKWARD FROM ADJUSTED TRIAL BALANCE TO...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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- Create General Journal entriesarrow_forwardEntries 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_forwardInstructions In this assignment you will record eight transactions related to the sale and purchase of merchandise. You will record each transaction according to the procedures of a periodic inventory system. You will record each transaction according to the procedures of a perpetual inventory system. Include the date for each transaction. Include a brief explanation for each entry similar to the sample entry example. Please skip a line between each transaction entry. You may use the journals provided or create your own journals. If you create your own journals they must have a date column, description column, a debit column and a credit column. You may hand write the journal entries or type them. Transactions to Record Sample Ace Company issues a $200 Sales Allowance to a customer who received damaged merchandise purchased in Feb from Ace. Mar 1 Ace Company sells merchandise totaling $1,500 on account with terms 2/15, n/30, FOB destination. Cost of goods is…arrow_forward
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- Purchase-related transactions using periodic inventory system Selected transactions for Niles Co. during March of the current year are listed in Problem 5-1B. Instructions Journalize the entries to record the transactions of Niles Co. for March using the periodic inventory system.arrow_forwardSelected transactions for Niles Co. during March of the current year are listed in Problem 6-1B. Instructions Journalize the entries to record the transactions of Niles Co. for March using the periodic inventory system.arrow_forwardJournal entries using the periodic inventory system The following selected transactions were completed by Air Systems Company during January of the current year. Air Systems uses the periodic inventory system. Journalize the entries to record the transactions of Air Systems Company.arrow_forward
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