The beginning inventory of a merchandising business was $131,000, and the ending inventory is $111,519. What entries are needed at the end of the fiscal period to adjust Merchandise Inventory?
Answer to relevant QuestionsFor each of the following independent situations, indicate the adjusting entry that must be made on the December 31, 2016, worksheet. Omit descriptions.a. During the year 2016, Johnson Company had net credit sales of ...Based on the information below, record the adjusting journal entries that must be made for Garibaldi Consulting on June 30, 2016. The company has a June 30 fiscal year-end. Use 18 as the page number for the general ...On June 1, 2016, Penelope Bermudez established her own advertising firm. Selected transactions for the first few days of June follow.DATE TRANSACTIONS2016June 1 Signed a lease for an office and issued Check 101 for $18,000 ...The accounts listed on the next page appear on the worksheet of Santo’s Craft Store. Indicate the section of the classified income statement in which each account will be reported.SECTIONS OF CLASSIFIED INCOME STATEMENTa. ...Namala Company reports the following in its most recent year of operations: ■ Sales, $1,000,000 (all on account)■ Cost of goods sold, $570,000■ Gross profit, $430,000 ■ Accounts receivable, beginning of year, $90,000 ...
Post your question