FREE Trial

House of Clean Companys perpetual inventory records indicate that $375,000 of merchandise should be on hand on June 30, 2012.

Question:

House of Clean Company’s perpetual inventory records indicate that $375,000 of merchandise should be on hand on June 30, 2012. The physical inventory indicates that $366,500 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for House of Clean Company for the year ended June 30, 2012. Assume that the inventory shrinkage is a normal amount.

This problem has been solved!


Do you need an answer to a question different from the above? Ask your question!

Step by Step Answer:

Answer rating: 71% (7 reviews)

June 30 Cost of Merc…View the full answer


answer-question
Answered By
tutor-profile-image
John Kimutai
I seek to use my competencies gained through on the job experience and skills learned in training to carry out tasks to the satisfaction of users. I have a keen interest in always delivering excellent work
4.70+ 11+ Reviews 24+ Question Solved
Related Book For  answer-question
Financial Accounting

Financial Accounting

ISBN: 978-1133952428

12th Edition

Authors: Warren, Reeve, Duchac

See More Books
Question Details
Chapter # 6
Section: Practice Exercises
Problem: 11
View Solution
Create a free account to access the answer
Cannot find your solution?
Post a FREE question now and get an answer within minutes. * Average response time.
Question Posted: May 07, 2012 04:42:07
See More Questions

Students also viewed these Accounting questions

Q:
House of Clean Companys perpetual inventory records indicate that $3757,000 of merchandise should be on hand on June 30, 2012. The physical inventory indicates that $366,500 of merchandise is...
A:
June 30 Cost of Merc......
Q:
Retro Companys perpetual inventory records indicate that $975,000 of merchandise should be on hand on October 31, 2010. The physical inventory indicates that $894,750 of merchandise is actually on...
A:
Cost of Merch So......
Q:
Hairology Companys perpetual inventory records indicate that $120,500 of merchandise should be on hand on April 30, 2010. The physical inventory indicates that $115,850 of merchandise is actually on...
A:
Cost of Merch Sol......
Q:
The contingency table shown relates happiness and gender for the 2012 GSS. a. Identify the response variable and the explanatory variable. b. Construct a table or graph showing the conditional...
A:
a The response variable is happiness and the explanat......
Q:
Answer the following questions: 1. Why do managers use a predetermined manufacturing overhead allocation rate rather than the actual rate to cost jobs? 2. Jobs will typically be overcosted or...
A:
1 Managers use a predetermined manufacturing overhead rate......
Q:
The average age of Senators in the 114th congress was 61.7 years. If the standard deviation was 10.6, find the z scores of a senator who is 48 years old and one who is 66 years old.
A:
For Senator who is......
Q:
Although the BackPack Company has always used a level aggregate plan, Tameka is interested in evaluating chase aggregate plans also. She has asked you to calculate how many hires and fires would be...
A:
Period Demand net of beginning inventory......
Q:
You, CPA, are working as the controller for a video game development company called All Starr Games Inc. (All Starr). The company develops sports-related games, and its recent virtual rugby game was...
A:
To Owen Starr From CPA Subject Audit discussion and accounting analysis Note receivable NR Issue Doyle Games is a small independent game development studio in need of new hardware and virtual reality......
Q:
How do you determine the correct order here? Borrow, Sell, Invest, Buy as opposed to borrow, buy, invest, sell? And is the borrowed currency determined by lower interest rate? . (1) Borrow...
A:
To determine the correct order of these actions you need to follow the sequence that allows you to m......
Q:
ALLISON BOONE, M.D. Allison Boone had been practicing medicine for seven years. Her specialty was neurology. She had received her bachelor's degree in chemistry from the University of Toronto and her...
A:
a Recommendation of best proposal using 6 Proposal 1 300 000 for the first 20 years and 500 000 for the remaining 20 years Annuity Factor at 20 years......
Q:
Journalize the following merchandise transactions: a. Sold merchandise on account, $29,000 with terms 2/10, n/30. The cost of the merchandise sold was $21,750. b. Received payment less the discount.
A:
a Accounts Receivable 29 000 Sal......
Q:
The following financial statement data for years ending December 31 for Foodworks Company are shown below. a. Determine the ratio of net sales to assets for 2012 and 2011. b. Does the change in the...
A:
a 2012 2011 Ratio of net sales to asse......
Q:
Describe the discovery-driven planning approach.
A:
The discovery driven planning approach model funds a portion of the proj......
Q:
Sarah and Betty were in partnership sharing profits and losses in the ratio they contributed their capital, after allowing interest at 6% per annum on their fixed Capital account balances and...
A:
To prepare the Statement of Income Profit and Loss Statement and the Statement of Financial Position Balance Sheet for the year ended 31 December 2012......
Q:
The database German Credit.xlsx** contains data on prior applicants for credit, including whether they proved to have good or bad credit. a. How many records are in this database? b. How many fi elds...
A:
To provide answers to your questions I would need access to the actual German Credit xlsx database or a detailed description of its structure and cont......
Q:
Tiger Stores has these balances, among others, in its books on 1 July 20x7: These petty cash disbursements were made during July. 2 String and glue (voucher 263), R3.46. 9 Carriage on purchases, R19....
A:
let s go through the process step by step First we will enter the petty cash transactions into the petty cash journal with suitable analysis columns T......
Q:
The financial year of The Better trading Company ended on 30 November 2012. You have been asked to prepare a Total receivables account and a Total payables account. You are able to obtain the...
A:
Total Receivables Account Particulars Debit Credit Opening Balance 26 555......
Q:
Explain the difference between debentures and shares.
A:
Debentures and shares are both financial instruments used by companies to raise capital but they represent different ways for investors to contribute funds and have distinct characteristics in terms o......
Q:
Find the derivatives of the function. Z 4 - 3x 3x + x
A:
We can use the quotient rule to find the derivati......
Q:
Continuation of Exercise 4-83. (a) What is the probability that the first major crack occurs between 12 and 15 miles of the start of inspection? (b) What is the probability that there are no major...
A:
15 a P 12 X 15 0 2ex dx 02x 5 12 e 0 4 e 0 0409 12 b P X 5 ex e 0 3679......
Q:
Sandran Inc. has been in operation for 3 years and uses the FIFO method of pricing inventory. During the fourth year, Sandran changes to the average-cost method for all its inventory. How will...
A:
Companies report a change from FIFO to average cost pricing for inve......
Q:
What amount did Tootsie Roll Industries report as Other comprehensive earnings in 2009? By what percentage did Tootsie Rolls Comprehensive earnings differ from its Net earnings?
A:
Tootsie Roll reported Other......
Q:
(a) Kristina Desmet believes that the analysis of financial statements is directed at two characteristics of a company: liquidity and profitability. Is Kristina correct? Explain. (b) Are short-term...
A:
a Kristina is not correct There are three characteristics liquidity profitabi......
Advanced Digital Auditing Theory And Practice Of Auditing Complex Information Systems And Technologies 1st Edition - ISBN: 3031110889 - Free Book