Question

Required information Use the following information for the Quick Study below. The following information applies to the questi
Prepare the entry to record any inventory shrinkage. View transaction list Journal entry worksheet Record the adjustment for
Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for s
Required information Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to con
0 0
Add a comment Improve this question Transcribed image text
Answer #1

1) Adjusting entry

Date General Journal Debit Credit
July 31 Cost of goods sold (40300-38900) 1400
Merchandise inventory 1400
(To record inventory shrinkage)

2) Closing entry

Date account and explanation Debit Credit
July 31 Sales revenue 159200
Retained earnings 159200
(Close credit balance )
July 31 Retained earnings 168100
Sales return and allowance 6000
Sales discount 3400
Cost of goods sold (106500+1400) 107900
Depreciation expense 10800
Salaries expense 35000
Miscellaneous expense 5000
(Close debit balance)
Add a comment
Know the answer?
Add Answer to:
Required information Use the following information for the Quick Study below. The following information applies to...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Help Save & Exit Submit O Required information The following information applies to the questions displayed...

    Help Save & Exit Submit O Required information The following information applies to the questions displayed below! Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'It uses the perpetual inventory system). Merchandise inventory T. Nix, Capital T. Nix, withdrawals Sales Sales discounts $ 37,800 Sales returns and allowances 115,300 Cost of goods sold 7,000 Depreciation expense 160,200 Salaries expense 4,700 Miscellaneous expenses $ 6,500 105,000 10,300 32,580 5,000 A physical...

  • Required information Use the following information for the Quick Study below. [The following information applies to...

    Required information Use the following information for the Quick Study below. [The following information applies to the questions displayed below.) Nix'it Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'it uses the perpetual inventory system). Merchandise inventory Retained earnings Dividends Sales Sales discounts $ 37,800 115,300 7,000 160,200 4,700 Sales returns and allowancea Coat of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 6,500 105,000 10,300 32,500 5,000 A physical...

  • VIUNON-ps%253A%252F%252Fkei... HW Saved Help Save & Ch ! Required information [The following information applies to the...

    VIUNON-ps%253A%252F%252Fkei... HW Saved Help Save & Ch ! Required information [The following information applies to the questions displayed below.) Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'It uses the perpetual inventory system). Merchandise inventory T. Nix, Capital T. Nix, Withdrawals Sales Sales discounts $ 38,300 116,300 7,000 160,000 3,000 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 6,400 105,300 10,400 33,00 5,000...

  • Required information Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts...

    Required information Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'lt uses the perpetual inventory system) Merchandise inventory Retained earnings Dividends Sales Sales discounts $39,300 Sales returns and allowances $ 6,200 105,900 10,600 34,000 5,000 118,300 Cost of goods sold 7,000 Depreciation expense 159, 600 Salaries expense 3,200 Miscellaneous expenses A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is...

  • Required information [The following information applies to the questions displayed below.) The general ledger of Jackrabbit...

    Required information [The following information applies to the questions displayed below.) The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Credits Debits $ 46,500 30,700 115,800 Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings Totals 15,800 35,000 105,000 37,200 $193,000 $193,000 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $67,400. 2. February 25...

  • Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have...

    Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix’It uses the perpetual inventory system). Merchandise inventory $ 42,300 Sales returns and allowances $ 5,600 Retained earnings 124,300 Cost of goods sold 107,700 Dividends 7,000 Depreciation expense 11,200 Sales 159,100 Salaries expense 37,000 Sales discounts 3,800 Miscellaneous expenses 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $40,700. Prepare...

  • Required information [The following information applies to the questions displayed below.] The December 31, 2021, adjusted...

    Required information [The following information applies to the questions displayed below.] The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Debit Credit Accounts $ 10,500 Cash Accounts Receivable 135,000 Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) 4,500 22,500 250,000 $120,000 10,500 9,500 3,500 25,000 150,000 45,000 350,000 Common Stock Retained Earnings Service Revenue Salaries Expense 250,000 12,500 25,000 Rent Expense Depreciation Expense Interest...

  • Required Information The following information applies to the questions displayed below] Pro-Weave manufactures stadium blankets by...

    Required Information The following information applies to the questions displayed below] Pro-Weave manufactures stadium blankets by passing the products through a weaving department and a sewing department. The following information is available regarding its June inventories: Beginning Inventory 156,000 355,000 Ending Inventory $ 245,000 425,000 Raw materials inventory Work in process inventory- Weaving Work in process inventory- Sewing Finished goods inventory 735,000 1,426,000 970,000 1,326,000 The following additional information describes the company's manufacturing activities for June: $ 665,000 3,120,000 198,000...

  • Required information The following information applies to the questions displayed below) The general ledger of Pipers...

    Required information The following information applies to the questions displayed below) The general ledger of Pipers Plumbing at January 1, 2021, Includes the following account balances. Accounts Debito Credits Cash $ 3,950 Accounts Receivable 8.950 Supplies 2.950 Equipment 25,000 Accumulated Depreciation $ 5,800 Accounts Payable 3,800 Utilities Payable 4,800 Deferred Revenue 0 Common Stock 17,500 Retained Earnings 8,950 Totals $40,850 $40,850 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash,...

  • Required information [The following information applies to the questions displayed below.) The following information is available...

    Required information [The following information applies to the questions displayed below.) The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,486 debit balance, but its July bank statement shows a $28,221 cash balance. b. Check No. 3031 for $1,660, Check No. 3065 for $606, and Check No. 3069 for $2,428 are outstanding checks as of July...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT