Question

how would you do the adjusting entry for Memo#5

Omit No No 1150 1190 1210 - 1220 Optional Optional Optional Optional Optional Optional 5240 CHART OF ACCOUNTS TO BE CREATED Account: *Number Name Type 1100 Cash on Hand [A] Total Cash- [S] Prepaid Expenses Purchased Books Other Purchased Items 1300 Office Supplies 1310 Other Supplies 1320 T-shirts 1500 FIXED ASSETS [H] 1510 Fax/Telephone 1520 Computers 1530 Store Furniture & Shelving 1590 TOTAL FIXED ASSETS U 2100 Bank Loan 2300 A/P - Kids In Motion 2350 A/P - Wearable Designs 2400 A/P - Places For Us - 2550 GST Charged on Sales 2560 HST Charged on Sales > 2570 GST Paid on Purchases Account: *Number *Name 2580 HST Paid on Purchases 2590 GST/HST Owing/Refund -4040 Revenue: Purchased Clothing & Books --4080 Revenue: Other Purchases 4100 Revenue: Donations -5200 Supplies Used Postage Expense 5280 Maintenance Expenses -5300 Utilities Expenses 5320 Publicity & Promotion 5400 Wages - Manager -5420 Miscellaneous Expenses 5500 COST OF GOODS SOLD 5510 Cost of Purchased Clothing & Books -5520 Cost of Other Purchases -5690 TOTAL COST OF GOODS SOLD Type Omit [A] SI No No No Optional Optional Optional Optional Optional Optional Optional CH Optional Optional Optional Optional Optional Optional Optional Optional Optional 333 www Account Types: A = Subgroup Account S = Subgroup Total G=Group Account H = Heading T = Group Total * Account number and account name are required fields.

Answer 1

Memo #5: Adjustment entries for year end: Cost of books soid $1990 Io ventories $1990 $4155 $4155 $6200 $8200 cost of clothing sold Inventories cost of other purchased iteme sold Purchases Office supplies used supplies Other sepphes used $120 $120 $680 $650 supplies $290 utilities expense $290 Prepaid utilities 7/7 a