Tim Jarosz Company had the following account balances at year-end: Cost of Goods Sold $60,000 and Inventory

Question:

Tim Jarosz Company had the following account balances at year-end: Cost of Goods Sold $60,000 and Inventory $15,000. A physical count of inventory determines that merchandise inventory on hand is $13,600.

Instructions
Prepare the adjusting entry necessary as a result of the physical count.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

College Accounting

ISBN: 1986

1st Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Deanna C. Martin, Jill E. Mitchell

See More Books

Question Posted: Dec 30, 2019 05:47 AM

See More Questions

The Janjua Company had the following account balances at 1/1/18: Common Stock $65,000 Treasury Stock (at cost) 13,400 Paid-in-Capital in Excess of Par 82,000 Investments in AFS Debt Securities 42,000...
Peter Kalle Company had the following account balances at year-end: cost of goods sold $60,000; merchandise inventory $15,000; operating expenses $29,000; sales $108,000; sales discounts $1,200; and...
Yilmaz Company had the following account balances at year-end: cost of goods sold TL60,000: merchandise inventory TL15,000: operating expenses TL29,000: sales TL 108,000; sales discounts TL1,200: and...
After their divorce, Brian Bermudez and Amanda Schmidt shared custody of their son. Schmidt suspected Bermudez of abusing the child, so she refused to let him visit. Bermudez filed a petition...
A nonempty compact convex set in an inner product space has at least one extreme point.
Discuss the consequences of using drawdown to evaluate a managers ability.
What are some of the nonverbal clues to deception?
Selected transactions completed by Everyday Products Inc. during the fiscal year ending December 31, 2012, were as follows: a. Issued 12, 500 shares of $25 par common stock at $32, receiving cash. b....
Karen wishes to have $19,526 cash for a new car 5 years from now. How much should be placed in an account now, if the account pays 5.5% annual interest rate, compounded weekly?
Spring Manufacturing Company makes two components identified as C12 and D57. Selected budgetary data for 2022 follow: The firm expects the average wage rate to be $25 per hour in 2022. Spring...
Colorful Clothing is a retailer in Atlanta, Georgia. The company sells gift cards and records the cash received in the Unearned Sales Revenue account. Presented below is the unadjusted trial balance...
Three years ago, Amy Hessler and her brother-in-law Jacob Seeling opened Family Department Store. For the first two years, business was good, but the following condensed income statement results for...
Evaluate the following integrals. [s sin 3/2 x cos x dx
You are considering quitting your job where you earn $3,400 per month and opening a new business. The cost of renting an office is $2,200 per month, hiring employees would cost $3,300 per month, and...
Post Lab Task Assemble and execute a program to add five unsigned hexadecimal numbers stored in consecutive memory locations starting from the address labelled Numbers using DCD directive as shown...
Develop the idea of a project/product/ segment . Present the feasibility study of your idea. . Present details of the budgeting plan for the first five years of your operation. . Show the logical...
fashion is the subculture topic 1 what are the characteristic of the subgroup itself? why does subgroup exist? what its purpose?2 what if any are the cost of entry to the subculture 3 why do...
Given monthly mortgage payments of $1100, heating costs of $250/month, property taxes of $150/month, and a car loan of $600/month, determine the Total Debt Service Ratio (TDS) if the client has a...
Hummingbird Company uses the product cost concept of applying the cost-plus approach to product pricing. The costs and expenses of producing 25,000 units of Product K are as follows: Variable costs:...
A parking lot charges $3 for the first hour (or part of an hour) and $2 for each succeeding hour (or part), up to a daily maximum of $10. (a) Sketch a graph of the cost of parking at this lot as a...
GROSS PROFIT SECTION OF DEPARTMENTAL INCOME STATEMENT Nicole Lawrence and Josh Doyle are partners in a business that sells cheer leading uniforms. They have organized the business, called L and D...
ALLOCATING OPERATING EXPENSESQUARE FEET Johnson Company rents 5,000 square feet of store space for $40,000 per year. The amount of square footage by department is as follows: Department A:...
ALLOCATING OPERATING EXPENSERELATIVE NET SALES Amelia Diaz owns a sporting goods store. She has divided her store into three departments. Net sales for the month of July are as follows: Football:...
I. Analyze the geometric construction of the systems shown as in figures. A Figure 1-1 E Figure 1-2 Figure 1-3 bisg ela ad bloode vuilidizel Figure 1-4
structural engineering course, i need it asap please. thanks A. Calculate the reactions of the two-span frame shown in figure Figure 4-1 2.5kN/m (a) D E F A B 2m 2m 4m 0 4m B. Calculate member-end...
As a hired structural engineering consultant, you were requested to evaluate a four-story building that is damaged by a Magnitude 6 earthquake. The client has no background in any civil/structural...

Tim Jarosz Company had the following account balances at year-end: Cost of Goods Sold $60,000 and Inventory

Question:

Step by Step Answer:

a Cost of Goods ...View the full answer

College Accounting

Students also viewed these Business questions