Journal entries: The business runs with the transactions it makes. Every transaction results in some outcome like the creation of asset, liability, income, loss, gain or expense. The transactions are recorded on the basis of the resulted outcome. The debits and the credits are made on the basis of the rules of the accounting. Adjusting entries : Adjusting entries are prepared to complete the financial statement of the company and to reflect the accrual method of accounting. Adjusting entries are prepared before issuance of financial statement. To prepare: December 31 year-end adjusting entry for estimated future sales returns and allowances (revenue side).

Question

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Answer 1

Question

Chapter 5, Problem 21E

To determine

Concept Introduction:

Journal entries:

The business runs with the transactions it makes. Every transaction results in some outcome like the creation of asset, liability, income, loss, gain or expense. The transactions are recorded on the basis of the resulted outcome. The debits and the credits are made on the basis of the rules of the accounting.

Adjusting entries:

Adjusting entries are prepared to complete the financial statement of the company and to reflect the accrual method of accounting. Adjusting entries are prepared before issuance of financial statement.

To prepare:

December 31 year-end adjusting entry for estimated future sales returns and allowances (revenue side).

To determine

Concept Introduction:

Journal entries:

The business runs with the transactions it makes. Every transaction results in some outcome like the creation of asset, liability, income, loss, gain or expense. The transactions are recorded on the basis of the resulted outcome. The debits and the credits are made on the basis of the rules of the accounting.

Adjusting entries:

Adjusting entries are prepared to complete the financial statement of the company and to reflect the accrual method of accounting. Adjusting entries are prepared before issuance of financial statement.

To prepare:

December 31 year-end adjusting entry for estimated future inventory returns and allowances (cost side).

To determine

Concept Introduction:

Journal entries:

The business runs with the transactions it makes. Every transaction results in some outcome like the creation of asset, liability, income, loss, gain or expense. The transactions are recorded on the basis of the resulted outcome. The debits and the credits are made on the basis of the rules of the accounting.

Adjusting entries:

Adjusting entries are prepared to complete the financial statement of the company and to reflect the accrual method of accounting. Adjusting entries are prepared before issuance of financial statement.

To prepare:

Journal entry to record merchandise returned on January 3

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Answer 2

Question

Chapter 5, Problem 21E

To determine

Concept Introduction:

Journal entries:

The business runs with the transactions it makes. Every transaction results in some outcome like the creation of asset, liability, income, loss, gain or expense. The transactions are recorded on the basis of the resulted outcome. The debits and the credits are made on the basis of the rules of the accounting.

Adjusting entries:

Adjusting entries are prepared to complete the financial statement of the company and to reflect the accrual method of accounting. Adjusting entries are prepared before issuance of financial statement.

To prepare:

December 31 year-end adjusting entry for estimated future sales returns and allowances (revenue side).

To determine

Concept Introduction:

Journal entries:

The business runs with the transactions it makes. Every transaction results in some outcome like the creation of asset, liability, income, loss, gain or expense. The transactions are recorded on the basis of the resulted outcome. The debits and the credits are made on the basis of the rules of the accounting.

Adjusting entries:

Adjusting entries are prepared to complete the financial statement of the company and to reflect the accrual method of accounting. Adjusting entries are prepared before issuance of financial statement.

To prepare:

December 31 year-end adjusting entry for estimated future inventory returns and allowances (cost side).

To determine

Concept Introduction:

Journal entries:

The business runs with the transactions it makes. Every transaction results in some outcome like the creation of asset, liability, income, loss, gain or expense. The transactions are recorded on the basis of the resulted outcome. The debits and the credits are made on the basis of the rules of the accounting.

Adjusting entries:

Adjusting entries are prepared to complete the financial statement of the company and to reflect the accrual method of accounting. Adjusting entries are prepared before issuance of financial statement.

To prepare:

Journal entry to record merchandise returned on January 3

Expert Solution & Answer

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Answer 3

Question

Chapter 5, Problem 21E

To determine

Concept Introduction:

Journal entries:

The business runs with the transactions it makes. Every transaction results in some outcome like the creation of asset, liability, income, loss, gain or expense. The transactions are recorded on the basis of the resulted outcome. The debits and the credits are made on the basis of the rules of the accounting.

Adjusting entries:

Adjusting entries are prepared to complete the financial statement of the company and to reflect the accrual method of accounting. Adjusting entries are prepared before issuance of financial statement.

To prepare:

December 31 year-end adjusting entry for estimated future sales returns and allowances (revenue side).

To determine

Concept Introduction:

Journal entries:

The business runs with the transactions it makes. Every transaction results in some outcome like the creation of asset, liability, income, loss, gain or expense. The transactions are recorded on the basis of the resulted outcome. The debits and the credits are made on the basis of the rules of the accounting.

Adjusting entries:

Adjusting entries are prepared to complete the financial statement of the company and to reflect the accrual method of accounting. Adjusting entries are prepared before issuance of financial statement.

To prepare:

December 31 year-end adjusting entry for estimated future inventory returns and allowances (cost side).

To determine

Concept Introduction:

Journal entries:

The business runs with the transactions it makes. Every transaction results in some outcome like the creation of asset, liability, income, loss, gain or expense. The transactions are recorded on the basis of the resulted outcome. The debits and the credits are made on the basis of the rules of the accounting.

Adjusting entries:

Adjusting entries are prepared to complete the financial statement of the company and to reflect the accrual method of accounting. Adjusting entries are prepared before issuance of financial statement.

To prepare:

Journal entry to record merchandise returned on January 3

Expert Solution & Answer

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See solution

Answer 4

Question

Chapter 5, Problem 21E

To determine

Concept Introduction:

Journal entries:

The business runs with the transactions it makes. Every transaction results in some outcome like the creation of asset, liability, income, loss, gain or expense. The transactions are recorded on the basis of the resulted outcome. The debits and the credits are made on the basis of the rules of the accounting.

Adjusting entries:

Adjusting entries are prepared to complete the financial statement of the company and to reflect the accrual method of accounting. Adjusting entries are prepared before issuance of financial statement.

To prepare:

December 31 year-end adjusting entry for estimated future sales returns and allowances (revenue side).

To determine

Concept Introduction:

Journal entries:

The business runs with the transactions it makes. Every transaction results in some outcome like the creation of asset, liability, income, loss, gain or expense. The transactions are recorded on the basis of the resulted outcome. The debits and the credits are made on the basis of the rules of the accounting.

Adjusting entries:

Adjusting entries are prepared to complete the financial statement of the company and to reflect the accrual method of accounting. Adjusting entries are prepared before issuance of financial statement.

To prepare:

December 31 year-end adjusting entry for estimated future inventory returns and allowances (cost side).

To determine

Concept Introduction:

Journal entries:

The business runs with the transactions it makes. Every transaction results in some outcome like the creation of asset, liability, income, loss, gain or expense. The transactions are recorded on the basis of the resulted outcome. The debits and the credits are made on the basis of the rules of the accounting.

Adjusting entries:

Adjusting entries are prepared to complete the financial statement of the company and to reflect the accrual method of accounting. Adjusting entries are prepared before issuance of financial statement.

To prepare:

Journal entry to record merchandise returned on January 3

Expert Solution & Answer

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Answer 5

Chapter 5, Problem 21E

To determine

Concept Introduction:

Journal entries:

The business runs with the transactions it makes. Every transaction results in some outcome like the creation of asset, liability, income, loss, gain or expense. The transactions are recorded on the basis of the resulted outcome. The debits and the credits are made on the basis of the rules of the accounting.

Adjusting entries:

Adjusting entries are prepared to complete the financial statement of the company and to reflect the accrual method of accounting. Adjusting entries are prepared before issuance of financial statement.

To prepare:

December 31 year-end adjusting entry for estimated future sales returns and allowances (revenue side).

To determine

Concept Introduction:

Journal entries:

The business runs with the transactions it makes. Every transaction results in some outcome like the creation of asset, liability, income, loss, gain or expense. The transactions are recorded on the basis of the resulted outcome. The debits and the credits are made on the basis of the rules of the accounting.

Adjusting entries:

Adjusting entries are prepared to complete the financial statement of the company and to reflect the accrual method of accounting. Adjusting entries are prepared before issuance of financial statement.

To prepare:

December 31 year-end adjusting entry for estimated future inventory returns and allowances (cost side).

To determine

Concept Introduction:

Journal entries:

The business runs with the transactions it makes. Every transaction results in some outcome like the creation of asset, liability, income, loss, gain or expense. The transactions are recorded on the basis of the resulted outcome. The debits and the credits are made on the basis of the rules of the accounting.

Adjusting entries:

Adjusting entries are prepared to complete the financial statement of the company and to reflect the accrual method of accounting. Adjusting entries are prepared before issuance of financial statement.

To prepare:

Journal entry to record merchandise returned on January 3

Answer 6

Chapter 5, Problem 21E

To determine

Concept Introduction:

Journal entries:

The business runs with the transactions it makes. Every transaction results in some outcome like the creation of asset, liability, income, loss, gain or expense. The transactions are recorded on the basis of the resulted outcome. The debits and the credits are made on the basis of the rules of the accounting.

Adjusting entries:

Adjusting entries are prepared to complete the financial statement of the company and to reflect the accrual method of accounting. Adjusting entries are prepared before issuance of financial statement.

To prepare:

December 31 year-end adjusting entry for estimated future sales returns and allowances (revenue side).

Answer 7

Chapter 5, Problem 21E

To determine

Concept Introduction:

Journal entries:

The business runs with the transactions it makes. Every transaction results in some outcome like the creation of asset, liability, income, loss, gain or expense. The transactions are recorded on the basis of the resulted outcome. The debits and the credits are made on the basis of the rules of the accounting.

Adjusting entries:

Adjusting entries are prepared to complete the financial statement of the company and to reflect the accrual method of accounting. Adjusting entries are prepared before issuance of financial statement.

To prepare:

December 31 year-end adjusting entry for estimated future sales returns and allowances (revenue side).

Answer 8

To determine

Concept Introduction:

Journal entries:

The business runs with the transactions it makes. Every transaction results in some outcome like the creation of asset, liability, income, loss, gain or expense. The transactions are recorded on the basis of the resulted outcome. The debits and the credits are made on the basis of the rules of the accounting.

Adjusting entries:

Adjusting entries are prepared to complete the financial statement of the company and to reflect the accrual method of accounting. Adjusting entries are prepared before issuance of financial statement.

To prepare:

December 31 year-end adjusting entry for estimated future inventory returns and allowances (cost side).

Answer 9

To determine

Concept Introduction:

Journal entries:

The business runs with the transactions it makes. Every transaction results in some outcome like the creation of asset, liability, income, loss, gain or expense. The transactions are recorded on the basis of the resulted outcome. The debits and the credits are made on the basis of the rules of the accounting.

Adjusting entries:

Adjusting entries are prepared to complete the financial statement of the company and to reflect the accrual method of accounting. Adjusting entries are prepared before issuance of financial statement.

To prepare:

December 31 year-end adjusting entry for estimated future inventory returns and allowances (cost side).

Answer 10

To determine

Concept Introduction:

Journal entries:

The business runs with the transactions it makes. Every transaction results in some outcome like the creation of asset, liability, income, loss, gain or expense. The transactions are recorded on the basis of the resulted outcome. The debits and the credits are made on the basis of the rules of the accounting.

Adjusting entries:

Adjusting entries are prepared to complete the financial statement of the company and to reflect the accrual method of accounting. Adjusting entries are prepared before issuance of financial statement.

To prepare:

Journal entry to record merchandise returned on January 3

Answer 11

To determine

Concept Introduction:

Journal entries:

The business runs with the transactions it makes. Every transaction results in some outcome like the creation of asset, liability, income, loss, gain or expense. The transactions are recorded on the basis of the resulted outcome. The debits and the credits are made on the basis of the rules of the accounting.

Adjusting entries:

Adjusting entries are prepared to complete the financial statement of the company and to reflect the accrual method of accounting. Adjusting entries are prepared before issuance of financial statement.

To prepare:

Journal entry to record merchandise returned on January 3

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

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