Homework Answers
| Debit | Credit | ||
| Cost of Goods Sold | 1400 | =69000-67600 | |
| Merchandise Inventory | 1400 | ||
| To record Adjustment for inventory shrinkage. |
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S5-8 Adjusting for inventory shrinkage Jeana's Furniture's unadjusted Merchandise Inventory account at year-end is $69,000 The...
9. Salem Computers's Merchandise Inventory account at year-end is showing a balance of $48,000. The physical...
9. Salem Computers's Merchandise Inventory account at year-end is showing a balance of $48,000. The physical count of inventory came up with $47,300. Journalize the adjusting entry needed to account for the inventory shrinkage. The company uses the perpetual inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Credit Date Debit Dec. 31
2) Gift Shops Unlimited's unadjusted Merchandise Inventory at December 31, 2019 was $9,000. The cost associated...
2) Gift Shops Unlimited's unadjusted Merchandise Inventory at December 31, 2019 was $9,000. The cost associated with the physical count of inventory on hand on December 31, 2019 was $8.200. In addition, Gift Shops Unlimited estimated approximately $1000 of merchandise sold on account will be returned with a cost of $550. Assume a perpetual inventory system is used. 5 points Requirements: 1. Journalize the adjustment for inventory shrinkage. Omit explanation. 2.Journalize the adjustment for estimated sales returns. Omit explanation. DEBIT...
2) Oin Shops Unlimited's unadjusted Merchandise Inventory at December 31, 2019 was 59,000. The cost associated...
2) Oin Shops Unlimited's unadjusted Merchandise Inventory at December 31, 2019 was 59,000. The cost associated with the physical count of inventory on hand on December 31, 2019 was $8,200. In addition, Gift Shops Unlimited estimated approximately $1000 of merchandise sold on account will be returned with a cost of $550. Assume a perpetual inventory system is used. 5 points Requirements: 1. Journalize the adjustment for inventory shrinkage. Omit explanation. 2.Journalize the adjustment for estimated sales returns. Omit explanation. DEBIT...
Castle Furnishings Company’s perpetual inventory records indicate that $713,650 of merchandise should be on hand on...
Castle Furnishings Company’s perpetual inventory records indicate that $713,650 of merchandise should be on hand on November 30, 2016. The physical inventory indicates that $702,450 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Castle Furnishings Company for the year ended November 30, 2016. Assume that the inventory shrinkage is a normal amount. Refer to the Chart of Accounts for exact wording of account titles.
Saved Help Save & Exit Submit Check my work The fiscal year-end unadjusted trial balance for...
Saved Help Save & Exit Submit Check my work The fiscal year-end unadjusted trial balance for Nelson Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2019, follow. a. Store supplies still available at fiscal year-end amount to $1,750. b. Expired insurance, an administrative expense, for the fiscal...
Cheyenne Corp. had the following account balances at year-end: Cost of Goods Sold $61,510; Inventory $15,140;...
Cheyenne Corp. had the following account balances at year-end: Cost of Goods Sold $61,510; Inventory $15,140; Operating Expenses $32,040; Sales Revenue $126,180; Sales Discounts $1,500; and Sales Returns and Allowances $1,940. A physical count of inventory determines that merchandise inventory on hand is $12,750. Prepare the adjusting entry necessary as a result of the physical count. Prepare the closing entries.
At the beginning of the year, SnapIt had $12,400 of inventory. During the year, SnapIt purchased...
At the beginning of the year, SnapIt had $12,400 of inventory. During the year, SnapIt purchased $39,800 of merchandise and sold $33,600 of merchandise. A physical count of inventory at year-end shows $13,400 of inventory exists. Prepare the entry to record inventory shrinkage. Record the inventory shrinkage on journal entry worksheet
Juan Morales Co. had the following account balances at year-end: Cost of Goods Sold $60,790, Inventory...
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.
The fiscal year-end unadjusted trial balance for Nelson Company is found on the trial balance tab....
The fiscal year-end unadjusted trial balance for Nelson Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2018, follow. Store supplies still available at fiscal year-end amount to $1,750. Expired insurance, an administrative expense, for the fiscal year is $1,400. Depreciation expense on store equipment, a selling expense,...
Account balance of merchandise inventory is $15,000. Physical inventory on hand was $2,500. Provide the entry...
Account balance of merchandise inventory is $15,000. Physical inventory on hand was $2,500. Provide the entry to record inventory shrinkage as of December 31.
9. Salem Computers's Merchandise Inventory account at year-end is showing a balance of $48,000. The physical count of inventory came up with $47,300. Journalize the adjusting entry needed to account for the inventory shrinkage. The company uses the perpetual inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Credit Date Debit Dec. 31
2) Gift Shops Unlimited's unadjusted Merchandise Inventory at December 31, 2019 was $9,000. The cost associated with the physical count of inventory on hand on December 31, 2019 was $8.200. In addition, Gift Shops Unlimited estimated approximately $1000 of merchandise sold on account will be returned with a cost of $550. Assume a perpetual inventory system is used. 5 points Requirements: 1. Journalize the adjustment for inventory shrinkage. Omit explanation. 2.Journalize the adjustment for estimated sales returns. Omit explanation. DEBIT...
2) Oin Shops Unlimited's unadjusted Merchandise Inventory at December 31, 2019 was 59,000. The cost associated with the physical count of inventory on hand on December 31, 2019 was $8,200. In addition, Gift Shops Unlimited estimated approximately $1000 of merchandise sold on account will be returned with a cost of $550. Assume a perpetual inventory system is used. 5 points Requirements: 1. Journalize the adjustment for inventory shrinkage. Omit explanation. 2.Journalize the adjustment for estimated sales returns. Omit explanation. DEBIT...
Saved Help Save & Exit Submit Check my work The fiscal year-end unadjusted trial balance for Nelson Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2019, follow. a. Store supplies still available at fiscal year-end amount to $1,750. b. Expired insurance, an administrative expense, for the fiscal...
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