Homework Answers
| Date | accounts | debit | credit |
| december 31 | Income summary | 123,000 | |
| ..........To merchandise inventory a/c | 123,000 | ||
| (to adjust beginning inventory) | |||
| december 31 | Merchandise inventory a/c | 104,319 | |
| .........To Income summary | 104,319 | ||
| (to adjust ending inventory) |
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The beginning inventory of Norcal Wholesalers was $123,000, and the ending inventory is $104,319. What entries...
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms...
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10, 1/60 and an invoice price of $22,500. The merchandise had cost Mesa $15,345. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase. (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for...
a. b. Merchandise Inventory, before adjustment, has a balance of $7,400. The newly counted inventory balance...
a. b. Merchandise Inventory, before adjustment, has a balance of $7,400. The newly counted inventory balance is $7.900 c. Unearned Seminar Fees has a balance of $5.900, representing prepayment by customers for five seminars to be conducted in June, July, and August 2019. Two seminars had been conducted by June 30, 2019. d. Prepaid Insurance has a balance of $11.400 for six months' insurance paid in advance on May 1, 2019 e. Store equipment costing $13,450 was purchased on March...
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney...
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter
into the following transactions.
May
11
Sydney accepts
delivery of $38,000 of merchandise it purchases for resale from
Troy: invoice dated May 11; terms 3/10, n/90; FOB shipping point.
The goods cost Troy $25,460. Sydney pays $310 cash to Express
Shipping for delivery charges on the merchandise.
12
Sydney returns
$1,300 of the $38,000 of goods to Troy, who receives them the same
day and restores them to its inventory. The...
QS 15-5 Multiyear fair value adjustments to trading securities LO P1 Kitty Company began operations in...
QS 15-5 Multiyear fair value adjustments to trading securities LO P1 Kitty Company began operations in 2016 and maintains short-term investments in trading securities. The year-end cost and fair values for its portfolio of these investments follow. Cost $65 Fair Value $49 Portfolio of Trading Securities December 31, 2016 December 31, 2017 December 31, 2018 December 31, 2019 Prepare journal entries to record each December 31 year-end fair value adjustment for these above securities. Prepare journal entries to record each...
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts...
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $25,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, POB shipping point. The goods cost Troy $16,750. Sydney pays $330 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,400 of the $25,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned...
Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,100 (supplies...
Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,100 (supplies totaling $16,200 were purchased on December 1, 2019, and debited to the Supplies account). b. Expired insurance, $7,300; on December 1, 2019, the firm paid $43,800 for six months' insurance coverage in advance and debited Prepaid Insurance for this amount. c. Depreciation expense for equipment, $4,900 Required: Prepare the journal entries for these adjustments and post the entries to the general ledger accounts Complete...
QS 3-18 Preparing closing entries from the ledger LO P7 The ledger of Mai Company includes...
QS 3-18 Preparing closing entries from the ledger LO P7 The ledger of Mai Company includes the following accounts with normal balances as of December 31: Common Stock $9,600; Dividends $1,100; Services Revenue $19,000; Wages Expense $11,400; and Rent Expense $2,800. Prepare its December 31 closing entries. View transaction list Journal entry worksheet 1 2 3 4 > Record the entry to close revenue accounts. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 View transaction list...
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts...
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $26,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $17,420. Sydney pays $520 cash to Express Shipping for delivery charges on the merchandise. urns $2,100 of the $26,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had...
ProBuilder has the following June 30 fiscal-year-end unad usted balances: Allowance for Sales Discounts. So, and...
ProBuilder has the following June 30 fiscal-year-end unad usted balances: Allowance for Sales Discounts. So, and Accounts Receivable, $10.700. Of the $10,700 of receivables, $2,350 are within a 2% discount period, meaning that it expects buyers to take $47 in future discounts arising from this period's sales. a. Prepare the June 30 fiscal-year-end adjusting journal entry for future sales discounts View transaction list Journal entry worksheet Record the expected sales discounts. Note: Enter debits before credits. Date General Journal June...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May. 1. John's purchased merchandise on account for $5,500. Freight charges of $550 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $850 and John's account was credited by the supplier. 3. Merchandise costing $3,050 was sold for $5,700 in cash. Required: Prepare the necessary journal entries to record these transactions....
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10, 1/60 and an invoice price of $22,500. The merchandise had cost Mesa $15,345. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase. (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for...
a. b. Merchandise Inventory, before adjustment, has a balance of $7,400. The newly counted inventory balance is $7.900 c. Unearned Seminar Fees has a balance of $5.900, representing prepayment by customers for five seminars to be conducted in June, July, and August 2019. Two seminars had been conducted by June 30, 2019. d. Prepaid Insurance has a balance of $11.400 for six months' insurance paid in advance on May 1, 2019 e. Store equipment costing $13,450 was purchased on March...
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter
into the following transactions.
May
11
Sydney accepts
delivery of $38,000 of merchandise it purchases for resale from
Troy: invoice dated May 11; terms 3/10, n/90; FOB shipping point.
The goods cost Troy $25,460. Sydney pays $310 cash to Express
Shipping for delivery charges on the merchandise.
12
Sydney returns
$1,300 of the $38,000 of goods to Troy, who receives them the same
day and restores them to its inventory. The...
QS 15-5 Multiyear fair value adjustments to trading securities LO P1 Kitty Company began operations in 2016 and maintains short-term investments in trading securities. The year-end cost and fair values for its portfolio of these investments follow. Cost $65 Fair Value $49 Portfolio of Trading Securities December 31, 2016 December 31, 2017 December 31, 2018 December 31, 2019 Prepare journal entries to record each December 31 year-end fair value adjustment for these above securities. Prepare journal entries to record each...
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $25,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, POB shipping point. The goods cost Troy $16,750. Sydney pays $330 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,400 of the $25,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned...
Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,100 (supplies totaling $16,200 were purchased on December 1, 2019, and debited to the Supplies account). b. Expired insurance, $7,300; on December 1, 2019, the firm paid $43,800 for six months' insurance coverage in advance and debited Prepaid Insurance for this amount. c. Depreciation expense for equipment, $4,900 Required: Prepare the journal entries for these adjustments and post the entries to the general ledger accounts Complete...
QS 3-18 Preparing closing entries from the ledger LO P7 The ledger of Mai Company includes the following accounts with normal balances as of December 31: Common Stock $9,600; Dividends $1,100; Services Revenue $19,000; Wages Expense $11,400; and Rent Expense $2,800. Prepare its December 31 closing entries. View transaction list Journal entry worksheet 1 2 3 4 > Record the entry to close revenue accounts. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 View transaction list...
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $26,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $17,420. Sydney pays $520 cash to Express Shipping for delivery charges on the merchandise. urns $2,100 of the $26,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had...
ProBuilder has the following June 30 fiscal-year-end unad usted balances: Allowance for Sales Discounts. So, and Accounts Receivable, $10.700. Of the $10,700 of receivables, $2,350 are within a 2% discount period, meaning that it expects buyers to take $47 in future discounts arising from this period's sales. a. Prepare the June 30 fiscal-year-end adjusting journal entry for future sales discounts View transaction list Journal entry worksheet Record the expected sales discounts. Note: Enter debits before credits. Date General Journal June...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May. 1. John's purchased merchandise on account for $5,500. Freight charges of $550 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $850 and John's account was credited by the supplier. 3. Merchandise costing $3,050 was sold for $5,700 in cash. Required: Prepare the necessary journal entries to record these transactions....
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