We have to determine journal entries for the given transactions.

Question

Want to see the full answer?

Answer 1

Question

Chapter 5, Problem 16QS

Periodic Inventory system is an inventory system in which an organization updates the closing inventory balances in general ledger when it conducts physical inventory count. All purchases are recorded in purchase account and when physical counting is done then balance is transferred to inventory account.

Journal entry means a record of company’s transaction in chronological order in the accounting records of a business.

To determine

To determine:

We have to determine journal entries for the given transactions.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Recently, Abercrombie & Fitch has been implementing a turnaround strategy since its sales had been falling for the past few years (11% decrease in 2014, 8% in 2015, and just 3% in 2016.) One part of Abercrombie's new strategy has been to abandon its logo-adorned merchandise, replacing it with a subtler look. Abercrombie wrote down $20.6 million of inventory, including logo-adorned merchandise, during the year ending January 30, 2016. Some of this inventory dated back to late 2013. The write-down was net of the amount it would be able to recover selling the inventory at a discount. The write-down is significant; Abercrombie's reported net income after this write-down was $35.6 million. Interestingly, Abercrombie excluded the inventory write-down from its non-GAAP income measures presented to investors; GAAP earnings were also included in the same report. Question: What impact would the write-down of inventory have had on Abercrombie's expenses, Gross margin, and Net income?

Recently, Abercrombie & Fitch has been implementing a turnaround strategy since its sales had been falling for the past few years (11% decrease in 2014, 8% in 2015, and just 3% in 2016.) One part of Abercrombie's new strategy has been to abandon its logo-adorned merchandise, replacing it with a subtler look. Abercrombie wrote down $20.6 million of inventory, including logo-adorned merchandise, during the year ending January 30, 2016. Some of this inventory dated back to late 2013. The write-down was net of the amount it would be able to recover selling the inventory at a discount. The write-down is significant; Abercrombie's reported net income after this write-down was $35.6 million. Interestingly, Abercrombie excluded the inventory write-down from its non-GAAP income measures presented to investors; GAAP earnings were also included in the same report. Question: What impact would the write-down of inventory have had on Abercrombie's assets, Liabilities, and Equity?

Need answer general Accounting

Answer 2

Question

Chapter 5, Problem 16QS

Periodic Inventory system is an inventory system in which an organization updates the closing inventory balances in general ledger when it conducts physical inventory count. All purchases are recorded in purchase account and when physical counting is done then balance is transferred to inventory account.

Journal entry means a record of company’s transaction in chronological order in the accounting records of a business.

To determine

To determine:

We have to determine journal entries for the given transactions.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 5, Problem 16QS

Periodic Inventory system is an inventory system in which an organization updates the closing inventory balances in general ledger when it conducts physical inventory count. All purchases are recorded in purchase account and when physical counting is done then balance is transferred to inventory account.

Journal entry means a record of company’s transaction in chronological order in the accounting records of a business.

To determine

To determine:

We have to determine journal entries for the given transactions.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 5, Problem 16QS

Periodic Inventory system is an inventory system in which an organization updates the closing inventory balances in general ledger when it conducts physical inventory count. All purchases are recorded in purchase account and when physical counting is done then balance is transferred to inventory account.

Journal entry means a record of company’s transaction in chronological order in the accounting records of a business.

To determine

To determine:

We have to determine journal entries for the given transactions.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 5, Problem 16QS

Periodic Inventory system is an inventory system in which an organization updates the closing inventory balances in general ledger when it conducts physical inventory count. All purchases are recorded in purchase account and when physical counting is done then balance is transferred to inventory account.

Journal entry means a record of company’s transaction in chronological order in the accounting records of a business.

To determine

To determine:

We have to determine journal entries for the given transactions.

Answer 6

Chapter 5, Problem 16QS

Periodic Inventory system is an inventory system in which an organization updates the closing inventory balances in general ledger when it conducts physical inventory count. All purchases are recorded in purchase account and when physical counting is done then balance is transferred to inventory account.

Journal entry means a record of company’s transaction in chronological order in the accounting records of a business.

To determine

To determine:

We have to determine journal entries for the given transactions.

Answer 7

Chapter 5, Problem 16QS

Periodic Inventory system is an inventory system in which an organization updates the closing inventory balances in general ledger when it conducts physical inventory count. All purchases are recorded in purchase account and when physical counting is done then balance is transferred to inventory account.

Journal entry means a record of company’s transaction in chronological order in the accounting records of a business.

To determine