Question: Given a figure of beginning inventory of 440 and a
Given a figure of beginning inventory of $440 and a $920 figure for ending inventory, place these numbers on the Income Summary line of this partialworksheet.
Answer to relevant QuestionsIndicate the normal balance and category of each of the following accounts:a. Unearned Revenueb. Merchandise Inventory (beginning of period)c. Freight-Ind. Payroll Tax Expensee. Purchases Discountf. Sales Discountg. ...Indicate the normal balance and category of each of the following accounts:a. Salaries Payableb. Merchandise Inventory (beginning of period)c. Freight-Ind. Payroll Tax Expensee. Purchases Returns and Allowancesf. Sales ...From the trial balance in Figure and additional data, complete the worksheet for John’s Wholesale Clothing Company.Additional Dataa/b. Ending merchandise inventory on December 31, $5,500.c. Supplies on hand, $450.d. ...Calculate Cost of Goods Sold:Freight-In ........... $ 8Beginning Inventory ........ 16Ending Inventory ....... $ 7Net Purchases ......... 67From the following accounts, prepare a cost of goods sold section in proper form: Merchandise Inventory, 12/31/1X, $8,990; Purchases Discount, $850; Merchandise Inventory, 12/01/1X, $4,200; Purchases, $64,000; Purchases ...
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