The Inventory account for Dennis Handy Man Company had a balance of $1 32,100 at the end
Question:
Requirements
1. Journalize the adjustment for inventory shrinkage.
2. What could cause the inventory balance according to the physical count to be different from the ledger balance?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 42% (19 reviews)
Req 1 Journal DATE ACCOUNTS POST REF Dr Cr Cost of Goods ...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
At December 31, 2009, Braddock Company had a balance of $15,000 in the Allowance for Doubtful Accounts. During 2010, Braddock wrote off accounts totaling $13,000. One of those accounts ($1,800) was...
-
At December 31, 2013, Crawford Company had a balance of $15,000 in Allowance for Doubtful Accounts. During 2014, Crawford wrote off accounts totaling $14,100. One of those accounts ($1,800) was later...
-
On January 1, 2013, Shelton Company had a balance of $325,000 in its Land account. During 2013, Shelton sold land that had cost $106,500 for $132,000 cash. The balance in the Land account on December...
-
Ancient Indians did not believe in war and violence when it came it an expansion of political territory but relied on peaceful negotiation and strategy. Please explain your views on this quote with...
-
Find the areas under the following curves. If you use substitution, draw a graph to compare the original area with that in transformed variables. Area under s(z) = sin(z + ) from z = 0 to z = .
-
Consider the experimental data in Table P11 21 for the ethyl acetate (1) + cyclohexane (2) system at 293.15 K. Please fit this system to the 2-parameter Margules equation and plot the Pxy curve for...
-
For each of the following variables, identify whether you could use a pie chart, bar chart, histogram, or frequency polygon to visually display the data: a. Gender (male, female) b. Weight (in...
-
Making a Decision as a Financial Analyst: Preparing and Analyzing a Balance Sheet Your best friend from home writes you a letter about an investment opportunity that has come her way. A company is...
-
Instructions Job Cost, Source Documents Spade Millhone Detective Agency performs investigative work for a variety of clients. Recently, Alban Insurance Company asked Spade Millhone to investigate a...
-
Volcano Potato Company (VPC) grows potatoes, processes them, and then sells three potato products: fresh potatoes, frozen french fried potatoes, and frozen hash ball potatoes (shredded and then...
-
LanWan Software, Inc., had Sales Revenue of $52 million, Sales Returns and Allowances of $1.5 million, and Sales Discounts of $0.5 million in 2012. Cost of goods sold was $23 million, and net income...
-
On November 15, 2012, Laverys Department Store purchased $4,300 of inventory on account from one of its suppliers. The terms were 3/1 5, n/45, FOB shipping point. On November 18, Laverys Department...
-
For each of the following, either construct a formal proof of validity or prove invalidity by means of the STTT. (P 1 ): (O P) (Q R) (P 2 ): S ~ R (P 3 ): ~ (P ~ S) (P 4 ): ~ (O Q) ~ O
-
Solve the equation. Write the answer in terms o e8x+3=14 The solution set is (Type an exact answer in simplified form. Use in separate answers as needed.)
-
Solve the equation. 2(n-7)-(3-6n) = 7n
-
Rewrite the expression by factoring out (v+2). 2 5v (v+2)+2(v+2)
-
Solve the equation using the quadratic formula. x +9x+3=0
-
Solve the following polynomial equation. 7x3+10x2 = 8x n
-
Do the following problems and report your answers to the correct number of significant figures. 142 cm 0.48 cm = ?
-
What kind of financial pressures can an LBO cause?
-
What are the levels of risk for strategic entry scanning and how are they useful in environmental scanning?
-
Rudenko & Associates, Inc., completed the following transactions during July 2018, its first month of operations: Jul 1 Sold $85,000 of common stock to Artem Rudenko to start the business. 3...
-
Jill Conway has trouble keeping her debits and credits equal. During a recent month, Jill made the following errors: a. Jill recorded an $800 rent payment by debiting Rent Expense for $80 and...
-
Willis Construction, Inc., completed the following transactions during June 2018, its first month of operations: Jun 2 Sold $10,000 of common stock to Davis Willis to start the construction business....
-
determine how you could check the numbers in the financial report are correct for cash at bank?
-
How and when are allowances formalized into the contract? NOTE: As time went on, the contractor used creative accounting and charged all sorts of marginal costs against the allowances. Is this legal...
-
During the current fiscal year, a company made the following expenditures: Spent $64,928 to overhaul a machine. The overhaul enabled the machine to produce more products per hour than it previously...
Study smarter with the SolutionInn App