Journalize the necessary adjusting entries for the following (partial) trial balance. Based on a physical count,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Journalize the necessary adjusting entries for the following (partial) trial balance. Based on a physical count, the ending merchandise inventory is $67,000. Unearned revenue at year-end was $4,230. Account Title Debit Credit Cash 7,500 Accounts Receivable 17,000 Merchandise Inventory 86,000 Unearned Revenue 20,800 Revenue 193,000 Purchases 82,000 Purchases Discounts 4,100 If an amount box does not require an entry, leave it blank. Page: 1 POST. REF. DATE DESCRIPTION DEBIT CREDIT 1 a. Merchandise Imventory 2. 3 b. 4. 4 Journalize the necessary adjusting entries for the following (partial) trial balance. Based on a physical count, the ending merchandise inventory is $67,000. Unearned revenue at year-end was $4,230. Account Title Debit Credit Cash 7,500 Accounts Receivable 17,000 Merchandise Inventory 86,000 Unearned Revenue 20,800 Revenue 193,000 Purchases 82,000 Purchases Discounts 4,100 If an amount box does not require an entry, leave it blank. Page: 1 POST. REF. DATE DESCRIPTION DEBIT CREDIT 1 a. Merchandise Imventory 2. 3 b. 4. 4
Expert Answer:
Answer rating: 100% (QA)
Opening inventory 86000 Add Purchase 82000 Less purchase discount 4100 77900 Invento... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
Students also viewed these accounting questions
-
Journalize the necessary adjusting entries for the following (partial) trial balance. Based on a physical count, the ending merchandise inventory is $67,000. Unearned revenue at year-end was $4,230....
-
Journalize the transactions For a compound transaction if an amount box does not require an entry leave it blank For December 13th transactions a record the payroll and b payment of salaries For...
-
A retail company recently completed a physical count of ending merchandise inventory to use in preparing adjusting entries. In determining the cost of the counted inventory, company employees failed...
-
Mixing together solutions of acetic acid and sodium hydroxide can make a buffered solution. Explain. How does the amount of each solution added change the effectiveness of the buffer?
-
Look again at the poker probabilities in Exercise 20. If you draw 200 hands, with a fresh, shuffled deck for each hand, compute the expected number of hands in which you would have a. Two pair or...
-
At the beginning of the year, Tennyson Auto Parts had an accounts receivable balance of $31,800 and a balance in the allowance for doubtful accounts of $2,980 (credit). During the year Tennyson had...
-
Do you think it is possible to have win-win negotiations? Why or why not?
-
Suppose you manage Outward Bound, Inc., a Vermont sporting goods store that lost money during the past year. To turn the business around, you must analyze the company and industry data for the...
-
relations are true for every n1: a) i=1 1 n (21-1)(2i+1) 2n+1 b) 13-1 = (3n-1) Using mathematical induction, show that the following
-
Choose the best answer. 1. Under GASB standards, intangible assets include a. Computer software internally generated by government personnel. b. Water rights. c. Leased assets. d. All of the above....
-
Explain Function of DBA
-
For a simple random sample from a population of size \(N\), the subjects are not sampled independently because of the finite size of the population. (a) Show that the probability of being sampled for...
-
Suppose \(x \sim N\left(0, u^{2} ight), y \sim N\left(0, \sigma^{2} ight)\), and \(x\) is independent of \(y\). Given \(x+y=1\), find the MLE for \(x\).
-
Show that CCC ranges between -1 and 1 and identify the scenarios in which CCC takes the value \(1,-1\), and or 0 .
-
A man and his son are in a car accident. The father dies on the scene, but the child is rushed to the hospital. When he arrives the surgeon says, I cant operate on this boy, he is my son! How can...
-
For the Sexual Health pilot study, compute CCC and ICC between the diary and retrospective recall outcomes for the number of instances of unprotected vaginal sex.
-
:45 At a sales volume of 38,000 units, Choice Corporation's sales commissions (a cost that is variable with respect to sales volume) total $752,400. To the nearest whole dollar, what should be the...
-
Read Case Study Google: Dont Be Evil Unless and answer the following: Given its mission of providing information to the world, should Google censor searches in China?
-
When companies offer new debt security issues, they publicize the offerings in the financial press and on Internet sites. Assume the following were among the debt offerings reported in December 2011:...
-
On October 1, 2011, Farmer Fabrication issued stock options for 100,000 shares to a division manager. The options have an estimated fair value of $6 each. To provide additional incentive for...
-
Walters Audio Visual, Inc., offers a stock option plan to its regional managers. On January 1, 2011, options were granted for 40 million $1 par common shares. The exercise price is the market price...
-
In a large office building, there is a woman dead in her locked office, sitting at her desk. Except for the desk, chair, and contents on the desk, the office is empty and the air conditioner is...
-
How many birthdays does the average person have?
-
There are 5 different color houses, occupied by people of 5 different nationalities, who smoke 5 different cigar brands, drink 5 different types of alcohol, and have 5 different pets. The houses are...
Study smarter with the SolutionInn App