The following trial balance was taken from the books of Eaton Corporation on December 31, 20X6.
Account |
Debit |
Credit |
Cash |
$10,000 |
|
Accounts Receivable |
40,000 |
|
Notes Receivable |
7,000 |
|
Allowance for Doubtful Accounts |
$0 |
|
Inventory, January 1, 20X6 |
51,000 |
|
Prepaid Insurance |
4,800 |
|
Supplies |
7,300 |
|
Furniture and Equipment |
120,000 |
|
Accumulated Depreciation of F & E |
15,000 |
|
Accounts Payable |
10,800 |
|
Common Stock |
44,000 |
|
Retained Earnings |
65,000 |
|
Sales |
290,000 |
|
Purchases |
131,000 |
|
Purchase Returns |
11,300 |
|
Salaries Expense |
50,000 |
|
Rent Expense |
15,000 |
|
Totals |
$436,100 |
$436,100 |
At year- end, adjusting entries need to be recorded for the following:
Inventory at December 31, $64,500 (periodic inventory procedures).
From how I understand it the entry should look like a debit to Inventory (ending), Purchase Returns & allowances and Cost of Goods Sold and a credit to Purchases and Inventory. But it is not balancing and I cannot figure out where I am going wrong or if I'm missing something. here's what I have:
Inventory (ending) 64,500
Purchase Expense 131,000
Cost of goods Sold 117,500
Returns 11,300
Inventory (beginning) 51,000
Cost of goods sold was found via: 51,000 + 131,000 – 64,500 = $117,500
Date | Account Titles | Debit | Credit |
$ | $ | ||
Dec 31, 20X6 | Inventory ( Ending ) | 64,500 | |
Cost of Goods Sold | 106,200 | ||
Purchase Returns | 11,300 | ||
Purchases | 131,000 | ||
Inventory ( Beginning ) | 51,000 |
Cost of Goods Sold = Beginning Inventory + Net Purchases - Ending Inventory = 51,000 + ( 131,000 - 11,300) - 64,500 = $ 106,200
The following trial balance was taken from the books of Eaton Corporation on December 31, 20X6....
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