Exercise 5-7 Juan Morales Company had the following account balances at year-end: Cost of Goods Sold...
Exercise 5-7 Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $63,970, Inventory $15,740, Operating Expenses $31,040, Sales Revenue $125,200, Sales Discounts $1,250, and Sales Returns and Allowances $1,670. A physical count of inventory determines that merchandise inventory on hand is $12,430. Prepare the adjusting entry necessary as a result of the physical count. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit IT SHOW...
Thank you. thumbs up! Exercise 5-07 a-b Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,000; Inventory $15,000; Operating Expenses $29,000; Sales Revenue $115,000; Sales Discounts $1,200; and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $13,900. Prepare the adjusting entry necessary as a result of the physical count. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
Martinez Creations had the following account balances at year-end: Cost of Goods Sold #64,510, Inventory t14,670, Operating Expenses t32,540, Sales Revenue t126,070, Sales Discounts t1,050, and Sales Returns and Allowances t1,970. A physical count of inventory determines that merchandise inventory on hand is t12,600. Prepare the adjusting entry necessary as a result of the physical count. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
Exercise 5-07 a-b (Part Level Submission) Cheyenne Company had the following account balances at year-end: Cost of Goods Sold $62,020; Inventory $17,320; Operating Expenses $29,150; Sales Revenue $121,470; Sales Discounts $1,380; and Sales Returns and Allowances $1,890. A physical count of inventory determines that merchandise inventory on hand is $12,230. (a) Prepare the adjusting entry necessary as a result of the physical count. (Credit account titles are automatically Indented when amount is entered. Do not indent manually.) Account Titles and...
Juan Morales Co. had the following account balances at year-end: Cost of Goods Sold $60,790, Inventory $17,260, Operating Expenses $31,620, Sales Revenue $123,450, Sales Discounts $1,390, and Sales Returns and Allowances $2,050. A physical count of inventory determines that merchandise inventory on hand is $12,290. Prepare the adjusting entry necessary as a result of the physical count. Prepare closing entries.
On March 2, Cullumber Company sold $835,000 of merchandise on account to Bramble Company, terms 2/10, n/30. The cost of the merchandise sold was $585,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Show List of Accounts Show Answer Link to Text Attempts: 3 of 3 used (b) Your answer is partially correct. Try again. On March 6, Bramble Company returned $83,500 of the merchandise purchased on March...
Thank you. thumbs up! Hudson Company has the following account balances: Sales Revenue $195,000, Sales Discounts $2,000, Cost of Goods Sold $117,000, and Inventory $40,000. Prepare the entries to record the closing of these items to Income Summary. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit (To dose accounts with...
Shamrock has year-end account balances of Sales Revenue $836,833, Interest Revenue $14.000, Cost of Goods Sold $591,437, Administrative Expenses $206,230, Income Tax Expense $33,947, and Dividends $20,623. Prepare the year-end closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit 1. (To close revenue accounts.) 2. (To close expense...
Brief Exercise 5-14 A. Hall Company has the following merchandise account balances: Sales Revenue $173,960, Sales Discounts $1,810, Purchases $119,130, and Purchases Returns and Allowances $59,100. In addition, it has a beginning inventory of $53,182 and an ending inventory of $23,026. Prepare the entries to record the closing of these items to Income Summary using the periodic inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To...
The ledger of Sunland Company at the end of the current year shows Accounts Receivable $127,000, Sales Revenue $851,000, and Sales Returns and Allowances $22,000. Journalize the following independent situations. Your answer is correct. If Sunland uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Sunland determines that L. Dole’s $1,600 balance is uncollectible. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles...