Assume that the period inventory system is used and the adjusting entry for inventory is made...
- Assume that the period inventory system is used and the
adjusting entry for inventory is made once per year as party of the
Year End Procedures. Which respect to the General Ledger account
“Purchases” what should the journal entry include?
(Answer IS NOT "D")
- Credit to Purchases for the entire balance
- Debit to Purchases for the amount that Inventory has increased
- Purchases will not be affected as part of the adjusting entry for Inventory/COGS
- Credit to Purchases for the amount that Inventory has decreased
- Debit to Purchases for the entire balance
Homework Answers
Answer: a. Credit to Purchases for the entire balance
.
| Account titles | Debit | Credit |
| Inventory [Beginning balance] | XXX | |
| Cost of Goods Sold | XXX | |
| Purchases | XXX | |
| Inventory [Ending balance] | XXX |
Add Answer to:
Assume that the period inventory system is used and the
adjusting entry for inventory is made...
Assume that the periodic inventory system is used and the adjusting entry for inventory is made...
Assume that the periodic inventory system is used and the adjusting entry for inventory is made once per year as part of the Year End Procedures. If beginning inventory is LESS than ending inventory for the specified period, the portion of the journal entry related to Inventory will be a (Answer IS NOT "C") Debit Not enough information provided Credit
Prepare the adjusting entry for supplies. Prepare the adjusting entry for insurance. Prepare the adjusting entry...
Prepare the adjusting entry for supplies.
Prepare the adjusting entry for insurance.
Prepare the adjusting entry for depreciation.
Exercise 5.5 Journalizing and posting adjustments. LO 5-5 Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,600 (supplies totaling $17,200 were purchased on December 1, 2019, and debited to the Supplies account) b. Expired insurance, $7,800; on December 1, 2019, the firm paid $46,800 for six months' insurance coverage in advance and debited Prepaid Insurance for...
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...
6. What is the amount of the adjusting entry? 7. After making the adjusting entry, what...
6.
What is the amount of the adjusting entry?
7.
After making the adjusting entry, what is the Allowance for Bad
Debts account balance as of Dec.31?
8.
What is the maturity value amount for Note #2?
9.
What day in January is note #3 due? (include only the day
number)
10.
What is the account title of the account that should be
credited?
HW 1: Central Texas Plumbing Supply had the following account balances as of Nov. 30, 2018:...
For each separate case, record an adjusting entry (if necessary). a. Barga Company purchases $21,000 of...
For each separate case, record an adjusting entry (if necessary). a. Barga Company purchases $21,000 of equipment on January 1. The equipment is expected to last five years and be worth $2,200 at the end of that time. b. Welch Company purchases $10,100 of land on January 1. The land is expected to last forever. Prepare the entries to record one year's depreciation expense of $3,760 for the equipment and what depreciation adjustment, if any, should be made with respect...
Zavier Company must make three adjusting entries on December 31, 2016. a. Supplies used, $9,100; (supplies...
Zavier Company must make three adjusting entries on December 31, 2016. a. Supplies used, $9,100; (supplies totaling $14,200 were purchased on December 1, 2016, and debited to the Supplies account). b. Expired insurance, 56,300 on December 1, 2016, the firm paid $37,800 for six months insurance coverage in advance and debited Prepaid Insurance for this amount. c. Depreciation expense for equipment, $3,900.TLES Prepare the journal entries for the above adjustments View transaction list Journal entry worksheet Prepare the adjusting entry...
2. Assume the same facts as in (1) above, except the bookkeeper made the following entry...
2. Assume the same facts as in (1) above, except the bookkeeper made the following entry on April 1: Dr. 18,000 Rent expense Cash 18,000 The bookkeeper did not make any adjusting entries related to this amount before December 31. Required: a. Calculate the adjusted ending balance in the Prepaid Rent account and the Rent Expense account at December 31. 18.000 X 13.500 b. Prepare t-accounts showing the April 1 transaction, the adjustment to be made at December 31, and...
Help 5 7 For each separate case, record the necessary adjusting entry. 1 a. On July...
Help 5 7 For each separate case, record the necessary adjusting entry. 1 a. On July 1, Lopez Company paid $2,300 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31. b. Zim Company has a Supplies account balance of $7.200 at the beginning of the year. During the year, it purchased $3,100 of supplies. As of December 31, a physical count of supplies shows $1,350 of supplies...
6. At the beginning of the period, a company reports a balance in office supplies of $500. During the period, the compan...
6. At the beginning of the period, a company reports a balance in office supplies of $500. During the period, the company purchases an additional $3,500 of office supplies for cash. By the end of the period, only $700 of office supplies remains. RECORD THE PERIOD END ADJUSTING ENTRY 7.A company purchases one year of flood insurance in advance on May 1, paying $24,000 ($2,000/month). Record the adjusting entry on December 31. Record the adjusting entry on December 31. Note:...
For each separate case, record the necessary adjusting entry a. On July 1. Lopez Company paid...
For each separate case, record the necessary adjusting entry a. On July 1. Lopez Company paid $1.600 for six months of insurance coverage. No adjustments have been made to the Prepard Insurance account, and it is now December 31. b. Zim Company has a Supplies account balance of $5.800 at the beginning of the year. During the year, it purchased $2.400 of supplies. As of December 31, a physical count of supplies shows $1,000 of supplies available Prepare the year-end...
Prepare the adjusting entry for supplies.
Prepare the adjusting entry for insurance.
Prepare the adjusting entry for depreciation.
Exercise 5.5 Journalizing and posting adjustments. LO 5-5 Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,600 (supplies totaling $17,200 were purchased on December 1, 2019, and debited to the Supplies account) b. Expired insurance, $7,800; on December 1, 2019, the firm paid $46,800 for six months' insurance coverage in advance and debited Prepaid Insurance for...
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...
6.
What is the amount of the adjusting entry?
7.
After making the adjusting entry, what is the Allowance for Bad
Debts account balance as of Dec.31?
8.
What is the maturity value amount for Note #2?
9.
What day in January is note #3 due? (include only the day
number)
10.
What is the account title of the account that should be
credited?
HW 1: Central Texas Plumbing Supply had the following account balances as of Nov. 30, 2018:...
For each separate case, record an adjusting entry (if necessary). a. Barga Company purchases $21,000 of equipment on January 1. The equipment is expected to last five years and be worth $2,200 at the end of that time. b. Welch Company purchases $10,100 of land on January 1. The land is expected to last forever. Prepare the entries to record one year's depreciation expense of $3,760 for the equipment and what depreciation adjustment, if any, should be made with respect...
Zavier Company must make three adjusting entries on December 31, 2016. a. Supplies used, $9,100; (supplies totaling $14,200 were purchased on December 1, 2016, and debited to the Supplies account). b. Expired insurance, 56,300 on December 1, 2016, the firm paid $37,800 for six months insurance coverage in advance and debited Prepaid Insurance for this amount. c. Depreciation expense for equipment, $3,900.TLES Prepare the journal entries for the above adjustments View transaction list Journal entry worksheet Prepare the adjusting entry...
2. Assume the same facts as in (1) above, except the bookkeeper made the following entry on April 1: Dr. 18,000 Rent expense Cash 18,000 The bookkeeper did not make any adjusting entries related to this amount before December 31. Required: a. Calculate the adjusted ending balance in the Prepaid Rent account and the Rent Expense account at December 31. 18.000 X 13.500 b. Prepare t-accounts showing the April 1 transaction, the adjustment to be made at December 31, and...
Help 5 7 For each separate case, record the necessary adjusting entry. 1 a. On July 1, Lopez Company paid $2,300 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31. b. Zim Company has a Supplies account balance of $7.200 at the beginning of the year. During the year, it purchased $3,100 of supplies. As of December 31, a physical count of supplies shows $1,350 of supplies...
For each separate case, record the necessary adjusting entry a. On July 1. Lopez Company paid $1.600 for six months of insurance coverage. No adjustments have been made to the Prepard Insurance account, and it is now December 31. b. Zim Company has a Supplies account balance of $5.800 at the beginning of the year. During the year, it purchased $2.400 of supplies. As of December 31, a physical count of supplies shows $1,000 of supplies available Prepare the year-end...
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