Homework Answers
Solution:
| Journal Entries - Nix'it Company | |||
| Date | Particulars | Debit | Credit |
| 31-Jul | Sales Dr | $159,600.00 | |
| To Income Summary | $159,600.00 | ||
| (To close revenue account) | |||
| 31-Jul | Income Summary Dr | $166,200.00 | |
| To Sales discounts | $3,200.00 | ||
| To Sales returns and allowances | $6,200.00 | ||
| To Cost of goods sold | $105,900.00 | ||
| To Depreciation Expense | $10,600.00 | ||
| To Salaries Expense | $34,000.00 | ||
| To Miscellenous expense | $5,000.00 | ||
| To Inventory | $1,300.00 | ||
| (To close expenses account) | |||
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Required information Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts...
Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have...
Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix’It uses the perpetual inventory system). Merchandise inventory $ 42,300 Sales returns and allowances $ 5,600 Retained earnings 124,300 Cost of goods sold 107,700 Dividends 7,000 Depreciation expense 11,200 Sales 159,100 Salaries expense 37,000 Sales discounts 3,800 Miscellaneous expenses 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $40,700. Prepare...
Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have...
Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'it uses the perpetual Inventory system). $ Merchandise inventory Retained earnings Dividends Sales Sales discounts $ 40,300 120,389 7,000 159,200 3,400 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses 6,000 106,500 10,800 35,000 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $38.900. Prepare...
Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have...
Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix’It uses the perpetual inventory system). Merchandise inventory $ 42,300, Sales returns and allowances $ 5,600, Retained earnings 124,300, Cost of goods sold 107,700, Dividends 7,000, Depreciation expense 11,200, Sales 159,100, Salaries expense 37,000, Sales discounts 3,800, Miscellaneous expenses 5,000, A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $40,700. Record...
Required information Use the following information for the Quick Study below. The following information applies to...
Required information Use the following information for the Quick Study below. The following information applies to the questions displayed below) Nxt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nixit uses the perpetual inventory system) Merchandise inventory Dividende $ 40,00 120,100 7,000 15,200 3.400 Sales return and allowances Coot of goods sold Depreciation expense salaries expense Miscellaneous expenses 6,000 106,500 10.800 35,000 5.000 Sales discount A physical count of its July...
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following...
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Credit Debit $ 39,500 62,380 $ 25,800 16,800 21,000 8,300 226,300 Merchandise inventory (ending) Other (noninventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent...
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following...
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Debit Credit Merchandise inventory (ending) Other (noninventory) assets $ 42, 800 59, 130 $ 25, 800 Total liabilities Common stock 16, 240 Retained earnings 20, 300 8, 800 Dividends Sales 226, 200 2, 260 13, 500 73, 000 32,...
Saved Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the...
Saved Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative. Credit Debit $ 42,300 40,810 $ 24,700 20,500 8,200 226,000 Merchandise inventory (ending) Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent...
*This all is one question Valley Company's adjusted trial balance on August 31, its fiscal year-end,...
*This all is one question
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative. Merchandise inventory(ending) Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense...
Help Save & Exit Submit O Required information The following information applies to the questions displayed...
Help Save & Exit Submit O Required information The following information applies to the questions displayed below! Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'It uses the perpetual inventory system). Merchandise inventory T. Nix, Capital T. Nix, withdrawals Sales Sales discounts $ 37,800 Sales returns and allowances 115,300 Cost of goods sold 7,000 Depreciation expense 160,200 Salaries expense 4,700 Miscellaneous expenses $ 6,500 105,000 10,300 32,580 5,000 A physical...
Valley Company's adjusted trial balance on August 31, 2018, its fiscal year-end, follows. Credit Debit $...
Valley Company's adjusted trial balance on August 31, 2018, its fiscal year-end, follows. Credit Debit $ 40,900 64,500 $ 25,200 17,440 21,800 8,200 225, 400 Merchandise inventory Other (noninventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense Office salaries expense Rent expense-office space Office supplies expense Totals 2,290 12,500 73,100 32,700 8,600 1,200 13,500 28,400 3,500 450 $289,...
Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'it uses the perpetual Inventory system). $ Merchandise inventory Retained earnings Dividends Sales Sales discounts $ 40,300 120,389 7,000 159,200 3,400 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses 6,000 106,500 10,800 35,000 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $38.900. Prepare...
Required information Use the following information for the Quick Study below. The following information applies to the questions displayed below) Nxt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nixit uses the perpetual inventory system) Merchandise inventory Dividende $ 40,00 120,100 7,000 15,200 3.400 Sales return and allowances Coot of goods sold Depreciation expense salaries expense Miscellaneous expenses 6,000 106,500 10.800 35,000 5.000 Sales discount A physical count of its July...
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Credit Debit $ 39,500 62,380 $ 25,800 16,800 21,000 8,300 226,300 Merchandise inventory (ending) Other (noninventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent...
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Debit Credit Merchandise inventory (ending) Other (noninventory) assets $ 42, 800 59, 130 $ 25, 800 Total liabilities Common stock 16, 240 Retained earnings 20, 300 8, 800 Dividends Sales 226, 200 2, 260 13, 500 73, 000 32,...
Saved Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative. Credit Debit $ 42,300 40,810 $ 24,700 20,500 8,200 226,000 Merchandise inventory (ending) Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent...
*This all is one question
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative. Merchandise inventory(ending) Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense...
Help Save & Exit Submit O Required information The following information applies to the questions displayed below! Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'It uses the perpetual inventory system). Merchandise inventory T. Nix, Capital T. Nix, withdrawals Sales Sales discounts $ 37,800 Sales returns and allowances 115,300 Cost of goods sold 7,000 Depreciation expense 160,200 Salaries expense 4,700 Miscellaneous expenses $ 6,500 105,000 10,300 32,580 5,000 A physical...
Valley Company's adjusted trial balance on August 31, 2018, its fiscal year-end, follows. Credit Debit $ 40,900 64,500 $ 25,200 17,440 21,800 8,200 225, 400 Merchandise inventory Other (noninventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense Office salaries expense Rent expense-office space Office supplies expense Totals 2,290 12,500 73,100 32,700 8,600 1,200 13,500 28,400 3,500 450 $289,...
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