Question: (2) Prepare the adjusting entry necessary on August 31 if financial statements are to be prepared at that time. Some of the transactions of Orione

Some of the transactions of Orione plc during August are listed below. Orione uses the periodic inventory method.August 101

Assuming that purchases are recorded at net amounts and that discounts lost are treated as financial expenses:Prepare genera

(2) Prepare the adjusting entry necessary on August 31 if financial statements are to be prepared at that time.

Some of the transactions of Orione plc during August are listed below. Orione uses the periodic inventory method. August 10 Purchased merchandise on account, 9,600, terms 2/10, n/30. 13 Returned part of the purchase of August 10, 1,100, and received credit on account. 15 Purchased merchandise on account, 13,500, terms 1/10, n/60. 25 Purchased merchandise on account, 16,900, terms 2/10, n/30. 28 Paid invoice of August 15 in full.

Step by Step Solution

★★★★★

3.33 Rating (153 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Date Account Titles Explanations Debit Credit Aug 10 Purchases 94... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Refer to PE 4-8. (1) Make the adjusting entry necessary on the company's books with respect to this loan on December 31. (2) Make the journal entry necessary on the company's books on the following...

2. Prepare the adjusting entry required for each transaction at December 31 of the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first...

Prepare the adjusting entry for each of the following situations: A. On May l, Unicover Services, Inc., had a $7,820 debit balance in its supplies account. During May, $4,250 of additional supplies...

Purchases Recorded Net Presented below are transactions related to Guillen, Inc. May 10 Purchased goods billed at $20,000 subject to cash discount terms of 2/10, n/60 11 Purchased goods billed at...

Purchases Recorded Gross and Net some of the transactions of Torres Company during August are listed below. Torres uses the periodic inventory method. August 10 Purchased merchandise on account,...

Presented below is information related to Gant Manufacturing Corporation. Instructions (a) Compute the rate of depreciation per year to be applied to the plant assets under the composite method. (b)...

Hugo Reyes Company had the following account balances at year-end: Cost of Goods Sold $60,000; Inventory $15,000; Operating Expenses $29,000; Sales Revenue $115,000; Sales Discounts $1,200; and Sales...

Patnon Plastics needs some cash to finance expansion. Patnon issued the following debt to acquire the cash: 1. A five-year note with a stated interest rate of zero, a face value of $20,000, and an...

Tim Jarosz Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Operating Expenses $29,000, Sales Revenue $115,000, Sales Discounts $1,200 and Sales...

Burke Bros. records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended December 31, 2024: 1. Burke Bros....

The following is the balance sheet of a VRY-SMPL Bank. All the items are recorded based on the book value and they were purchased at par value. Asset Liability 5 year semi-annual Asset Liability 5...

Chelsea purchased a machine for $26,000 for his company. He paid 5.00% of this amount as a down payment and financed the rest at 6.02% compounded monthly. He paid $1,125 at the end of every month to...

integral of dteta / 1 + cos ^ 2 teta

Multifactorial traits are the least prevalent diseases among genetic abnormalities. True False

Grant's Western Wear is a retailer of western hats located in Atlanta, Georgia. Although Grant's carries numerous styles of western hats, each hat has approximately the same price and invoice...

DIRECTION. Construct the LP model then solve. Show complete, neat and orderly solution. Use the space provide below. This time, our immune system is the best defense. With this, a Melagail wishes to...

List five basic determinants of market demand that could cause demand to decrease.

You have been invited, as a consultant, to help establish a new Library/Archive/ Information Center. Mention TEN preservation principles you would recommend they follow to prevent or cure insect...

Which of the following is NOT true about women and correctional facilities? a. regardless of the level of security, incarcerated women have free rein to walk around corrections facilities b....

Preparing, adjusting entries Assume that a firm closes its books once per year, on December 31. The firm employs a full-time bookkeeper and a part-time professional accountant who makes all necessary...

Need help on Req 1A, Req 1B, Req 2 Santana Rey, owner of Business Solutions, realizes that she needs to begin accounting for bad debts expense. Assume that Business Solutions hos total revenues of...

-9 Saved Serial Problem Business Solutions LO P1, P2 Santana Rey, owner of Business Solutions, realizes that she needs to begin accounting for bad debts expense. Assume that Business Solutions has...

Santana Rey, owner of Business Solutions, realizes that she needs to begin accounting for bad debts expense. Assume that Business Soltions has total revenues of $52.000 during the first three monthis...

1 Loreal-American Corporation purchased several marketable securities during 2021. At December 31, 2021, the company had the investments in bonds listed below. None was held at the last reporting...

Loreal-American Corporation purchased several marketable securities during 2021. At December 31, 2021, the company had the investments in bonds listed below. None was held at the last reporting date,...