Question: At year end the perpetual inventory records of Gutierrez Company showed
At year-end, the perpetual inventory records of Gutierrez Company showed merchandise inventory of $98,000. The company determined, however, that its actual inventory on hand was $96,100. Record the necessary adjusting entry.
Answer to relevant QuestionsPresented below is the format of the worksheet using the periodic inventory system presented in Appendix 5B?Indicate where the following items will appear on the worksheet: (a) Cash.(b) Beginning inventory.(c) Accounts ...Mr. McKenzie has prepared the following list of statements about service companies and merchandisers.1. Measuring net income for a merchandiser is conceptually the same as for a service company.2. For a merchandiser, sales ...Presented below is information related to Hoerl Co. for the month of January 2017.Instructions(a) Prepare the necessary adjusting entry for inventory.(b) Prepare the necessary closingentries.The trial balance of A. Wiencek Company at the end of its fscal year, August 31, 2017, includes these accounts: Inventory $19,500; Purchases $149,000; Sales Revenue $190,000; Freight-In $5,000; Sales Returns and Allowances ...The trial balance of Gaolee Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year.Adjustment data:1. Supplies on hand totaled $2,600.2. Depreciation is $11,500 on the ...
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