ADJUSTING, CLOSING, AND REVERSING ENTRIES A partial work sheet for Milnor Company is shown on the next
Question:
ADJUSTING, CLOSING, AND REVERSING ENTRIES A partial work sheet for Milnor Company is shown on the next page. Data for adjusting the accounts are as follows:
(a) Factory overhead to be applied to work in process ending inventory .....$4,400
(b) Interest receivable ...................................190
(c) Interest payable ....................................1,420
(d) Estimate of uncollectible accounts, based on an aging
of accounts receivable ..................................4,450
(e) Office supplies consumed .............................4,200
(f) Factory supplies consumed ............................3,800
(g) Insurance on factory building and equipment
expired ........................................6,800
(h) Factory building depreciation ...........................8,000
(i) Factory equipment depreciation ........................5,000
(j) Overapplied factory overhead ...........................4,340
(k) Provision for corporate income taxes ........................6,400
REQUIRED
1. Prepare the December 31 adjusting journal entries for Milnor Company.
2. Prepare the December 31 closing journal entries for Milnor Company.
3. Prepare the reversing journal entries as of January 1, 20-2, for MilnorCompany.
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
Step by Step Answer:
1 2 3 DATE 201 Dec DESCRIPTION Adjusting Entries a ...View the full answer
