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journal entries and balances
1. In preparing your journal/adjusting entries, use the following chart of accounts...
1. In preparing your journal/adjusting entries, use the following chart of accounts and choose the corresponding...
1. In preparing your journal/adjusting entries, use the following chart of accounts and choose the corresponding letter in making your entries: Letter Account Title Letter Account Title A Cash Purchases Accounts Receivable Freight In с Inventory, December 31 1 Operating Expenses D Allowance for Inventory Writedown J Income Summary E Accounts Payable K Gain on Recovery of Inventory Writedown F Sales L Loss on Inventory Write down G H B PROBLEM A. Budang Company provided the following data about the...
Journal Entries Chart of Accounts General Journal T-Accounts 7 10 15 Made sales of $2.000 on...
Journal Entries Chart of Accounts General Journal T-Accounts 7 10 15 Made sales of $2.000 on credit the cost of the inventory sold was $1.200. Purchased $1,000 inventory for cash Purchased new office equipment costing $4.000, paying $1.500, and signing a day note for the balance Received check for June 7 credit sal Made cash sales of 54.200; the cost of the inventory sold was $2,300 Purchased $2,600 of Inventory on credit Returned $200 of detective nventory from the June...
Please help me make the following: Required: 1-a. Prepare all February journal entries and adjusting entries....
Please help me make the following:
Required:
1-a.
Prepare all February journal entries and adjusting entries.
(If no entry is required for a transaction/event, select
"No Journal Entry Required" in the first account
field.)
Required information [The following information applies to the questions displayed below.) 25 points Wally's Widget Company (WWC) incorporated near the end of 2011. Operations began in January of 2012. WWC prepares adjusting entries and financial statements at the end of each month. Balances in the accounts...
include FIFO and Journal FIFO perpetual Inventory Instructions Chart of Accounts FIFO Journal Final Questions Instructions...
include FIFO and Journal
FIFO perpetual Inventory Instructions Chart of Accounts FIFO Journal Final Questions Instructions The beginning inventory at Midnight Supplies and data on purchases and sales for a three month period ending March 31 are as follows: Date Number of Units 2,500 7,600 Jan Total $160,000 1 10 28 30 5 Transaction Inventory Purchase Sale Sale Sale Per Unit $64.00 72.00 128.00 128.00 128.00 3,700 1,400 500 18,500 Purchase Sale 16 8,000 547,200 473,600 179,200 64,000 1,369,000 1,183,700...
8. Harrington Carpentry had the following accounts and account balances after adjusting entries. Assume all accounts...
8. Harrington Carpentry had the following accounts and account balances after adjusting entries. Assume all accounts have normal balances. Prepare the adjusted trial balance for Harrington Carpentry as of December 31, 2018 (Click the icon to view the account balances.) Adjusted Trial Balance December 31, 2018 Balance Debit Credit ict: 0 Account Title Cash Accounts Receivable Office Supplies Land Equipment Accumulated Depreciation Equipment Accounts Payable Utilities Payable Uneamed Revenue Common Stock Dividends Service Revenue Data Table Cash $ $? Land...
Prepare journal entries to record each of the following transactions of a merchandising company. The company...
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Nov. 5 Purchased 1,200 units of product at a cost of $10 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5. Nov. 7 Returned 35 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, less the...
Prepare journal entries to record each of the followingtransactions of a merchandising company. The company...
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Nov. 5 Purchased 1,350 units of product at a cost of $20 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5. Nov. 7 Returned 50 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, minus the...
Instructions Chart of Accounts ! Journal Instructions The following transactions, adjusting entries, and closing entries were...
Instructions Chart of Accounts ! Journal Instructions The following transactions, adjusting entries, and closing entries were completed by Legacy Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method of depreciation is used. 2014 Jan. 4. Nov. 2. Dec. 31. Purchased a used delivery truck for $28,000, paying cash. Paid garage $675 for miscellaneous repairs to the truck. Recorded depreciation on the truck for the year. The estimated useful life of the...
Problem 4-2A Preparing journal entries for merchandising activities-perpetual system LO P1, P2 Prepare journal entries to...
Problem 4-2A Preparing journal entries for merchandising activities-perpetual system LO P1, P2 Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system and the gross method. (Hint. It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable Aron.) Aug 1 Purchased merchandise from Aron Company for $7,500 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. 5 Sold merchandise to...
FIFO perpetual inventory Instructions FIFO Chart of Accounts Journal Final Questions Instructions The beginning inventory at...
FIFO perpetual inventory Instructions FIFO Chart of Accounts Journal Final Questions Instructions The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Date Transaction Per Unit $58.00 Total $150,800 Jan. Inventory 66.00 475,200 10 28 30 Purchase Sale Sale 8 8 Feb Sale 8 8 Number of Units 2,600 7.200 3,950 1,300 500 17,500 9,200 8,000 14,400 10,100 3,300 7,900 8 10 16 28 5 14 25 30...
1. In preparing your journal/adjusting entries, use the following chart of accounts and choose the corresponding letter in making your entries: Letter Account Title Letter Account Title A Cash Purchases Accounts Receivable Freight In с Inventory, December 31 1 Operating Expenses D Allowance for Inventory Writedown J Income Summary E Accounts Payable K Gain on Recovery of Inventory Writedown F Sales L Loss on Inventory Write down G H B PROBLEM A. Budang Company provided the following data about the...
Journal Entries Chart of Accounts General Journal T-Accounts 7 10 15 Made sales of $2.000 on credit the cost of the inventory sold was $1.200. Purchased $1,000 inventory for cash Purchased new office equipment costing $4.000, paying $1.500, and signing a day note for the balance Received check for June 7 credit sal Made cash sales of 54.200; the cost of the inventory sold was $2,300 Purchased $2,600 of Inventory on credit Returned $200 of detective nventory from the June...
Please help me make the following:
Required:
1-a.
Prepare all February journal entries and adjusting entries.
(If no entry is required for a transaction/event, select
"No Journal Entry Required" in the first account
field.)
Required information [The following information applies to the questions displayed below.) 25 points Wally's Widget Company (WWC) incorporated near the end of 2011. Operations began in January of 2012. WWC prepares adjusting entries and financial statements at the end of each month. Balances in the accounts...
include FIFO and Journal
FIFO perpetual Inventory Instructions Chart of Accounts FIFO Journal Final Questions Instructions The beginning inventory at Midnight Supplies and data on purchases and sales for a three month period ending March 31 are as follows: Date Number of Units 2,500 7,600 Jan Total $160,000 1 10 28 30 5 Transaction Inventory Purchase Sale Sale Sale Per Unit $64.00 72.00 128.00 128.00 128.00 3,700 1,400 500 18,500 Purchase Sale 16 8,000 547,200 473,600 179,200 64,000 1,369,000 1,183,700...
8. Harrington Carpentry had the following accounts and account balances after adjusting entries. Assume all accounts have normal balances. Prepare the adjusted trial balance for Harrington Carpentry as of December 31, 2018 (Click the icon to view the account balances.) Adjusted Trial Balance December 31, 2018 Balance Debit Credit ict: 0 Account Title Cash Accounts Receivable Office Supplies Land Equipment Accumulated Depreciation Equipment Accounts Payable Utilities Payable Uneamed Revenue Common Stock Dividends Service Revenue Data Table Cash $ $? Land...
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Nov. 5 Purchased 1,200 units of product at a cost of $10 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5. Nov. 7 Returned 35 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, less the...
Instructions Chart of Accounts ! Journal Instructions The following transactions, adjusting entries, and closing entries were completed by Legacy Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method of depreciation is used. 2014 Jan. 4. Nov. 2. Dec. 31. Purchased a used delivery truck for $28,000, paying cash. Paid garage $675 for miscellaneous repairs to the truck. Recorded depreciation on the truck for the year. The estimated useful life of the...
Problem 4-2A Preparing journal entries for merchandising activities-perpetual system LO P1, P2 Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system and the gross method. (Hint. It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable Aron.) Aug 1 Purchased merchandise from Aron Company for $7,500 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. 5 Sold merchandise to...
FIFO perpetual inventory Instructions FIFO Chart of Accounts Journal Final Questions Instructions The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Date Transaction Per Unit $58.00 Total $150,800 Jan. Inventory 66.00 475,200 10 28 30 Purchase Sale Sale 8 8 Feb Sale 8 8 Number of Units 2,600 7.200 3,950 1,300 500 17,500 9,200 8,000 14,400 10,100 3,300 7,900 8 10 16 28 5 14 25 30...
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