Charleston's Furniture uses the perpetual inventory method. At the end of the year, Charleston’s Furniture’s Inventory account had a ledger balance of $87,000. A physical inventory count revealed that the actual inventory on hand totaled $85,300. Journalize the transaction necessary to adjust the Inventory account at the end of the year.
Answer to relevant QuestionsSuppose Sports-R-Us purchases $40,000 of sportswear on account from Pacific Trail on March 1,2013. Credit terms are 2/10, net 30. Sports-R-Us pays Pacific Trail on March 8, 2013. 1. Journalize the transactions for ...Suppose Peter's Hardware sells merchandise on account, terms 2/10, n/45, for $750 (cost of the inventory is $460) on May 17, 2013. Peter’s Hardware later received $225 of goods (cost, $140) as sales returns on May 21, ...On September 14, 2013, C & T Machinery, Inc. sold $2,300 of inventory (cost is $1,350) on account to one of its customers. The terms were 1/10, n/30, FOB destination. On September 16, C & T Machinery, Inc. paid freight ...Sunny Day Sunlamps, Inc. had sales revenue of $53 million, sales returns and allowances of $2 million, and sales discounts of $0.3 million in 2013. Cost of goods sold was $23 million, and net income was $12 million for the ...The following purchase-related transactions for Axiom, Inc. occurred during the month of February. Feb 3 Purchased $5,400 of merchandise, paid cash. 9 Purchased $650 of supplies on account from Supplies Unlimited, terms ...
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