The following partial work sheet covers the affairs of Ketcher and Company for the year ended June
Question:
Required
1. Journalize the six adjusting entries.
2. Journalize the closing entries.
3. Journalize the reversingentry.
Transcribed Image Text:
Ketcher and Company Work Sheet For Year Ended June 30, 20- INCOME STATEMENT DEBIT BALANCE SHEET ACCOUNT NAME 7 Cash 8 Accounts Receivable CREDIT DEBIT 97,557.00 241000 CREDIT Merchandise Inventory 117,27400 10 Prepeid Insurance 11 Delivery Equpment 12Accumdated Depreciation, Delivery Equipment 12,70000 6,24000 13 Store Equipment 35,90000 14 Accumdated Depreciaticn, Store Equpment 15 Accounts Payable 104800 77,32800 1e3,81000 16J. Ketcher, Capital 17 J Ketcher, Drawing 10 Sales 19 Punchases 20Phases Returns and Allowances 21 Purchases Discounts 40,35000 532,262.00 397,830.00 8,817.00 22 Freight in 23 Salary Expense 24 Delivery Equpment Expense 25 Supplies Expense 26 Miscellsneous Expense 23 400.00 54 700.00 9,48200 2,416.00 1,800.00 28Income Summary 29 Salaries Payatle 30Insurance Expense 31 Depreciation Expense, Delivery Equipment 32 Depreciation Expense, Store Equipment 113,202.00 117,274.00 1,64500 2,940.00 2,800.00 718.00 611,2.00 665,288.00 343,49300 289,50300 53,99000 34NeInoome essesa00 665.288.00-48300-,493.00 | H SheetSheet2 Sheet3
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (16 reviews)
GENERAL JOURNAL PAGE DESCRIPTION POST DATE REF DEBIT CREDIT 20 Adjusting Entries June 30 Income Summ...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
Question Posted:
Students also viewed these Accounting questions
-
The following partial work sheet covers the affairs of Masanto and Company for the year ended June 30. Required 1. Journalize the six adjusting entries. 2. Journalize the closing entries. 3....
-
The following partial work sheet is taken from Kevin's Gift Shop for the year ended December 31, 20--. The ending merchandise inventory is $50,000. 1. Complete the Adjustments columns for the...
-
The following partial work sheet is taken from Nicole's Gift Shop for the year ended December 31, 20--. The ending merchandise inventory is $37,000. 1. Complete the Adjustments columns for the...
-
In 2022, Tornado Ltd. had average inventory of $92000. The 2022 income statement showed net sales of $2100000 and gross profit of $428000. In 2021, it was taking the company approximately 30 days to...
-
The Best Beer Corporation has a beer-processing facility located in Columbus, Ohio. The beer facility has a system efficiency of 90 percent, and the utilization is 80 percent. Three sub-facilities...
-
In Exercises 8790, determine whether each statement is true or false. If the statement is false, make the necessary change(s) to produce a true statement. Every polynomial equation of degree n has n...
-
What approaches could ABD employ to estimate the firms sales potential for markets in Europe and other affluent economies? Justify your answer. This case was written by Myron M. Miller, Michigan...
-
Boscoe Power Tools manufactures a wide variety of tools and accessories. One of its more popular craft-related items is the cord free glue gun. Use the following information about this product to...
-
Renfro Rentals has issued bonds that have an 11% coupon rate, payable semiannually. The bonds mature in 13 years, have a face value of $1,000, and a yield to maturity of 9.5%. What is the price of...
-
You, CA, are the audit senior of Ball Construction Corporation (BC), a small public company. It is September 19, 2013, and the year-end audit fieldwork has just been completed. The audit partner,...
-
Here is the partial work sheet for Meyer Mountain Shop. Required 1. Prepare a statement of owners equity (no additional investment). 2. Prepare a balance sheet. 3. Determine the amount of the working...
-
The following accounts appear in the ledger of Sheldon Company on January 31, the end of this fiscal year. Cash ......................... $ 16,400 Accounts Receivable .................... 15,100...
-
A dealer's profit in units of $5000 on a new automobile is a random variable A" having density function (a) Find the variance of the dealer's profit. (b) Demonstrate that Chebyshev's inequality holds...
-
"New Push Ties Cost of Drugs to How Well they Work," by Loftus, and "Pay-For-Performance is No Miracle Cure," by Pauly; the authors make an argument that tying the price of a drug to its...
-
Entrepreneurs/entrepreneurship is a driving force of the U.S. economy. It has also provided great personal wealth to a host of entrepreneurs, past and present, who have dared to risk all for a dream....
-
Select a topic (the purpose) of your choice and persuade people (the audience) o As a starting point for topic ideas, consider selling a product, advertising an event, or sharing a thoughtful article...
-
What is java?
-
If a mortgage has monthly payments of $1,000, a life of 30 years, and a rate of 6 percent per year, what is the mortgage amount?
-
During the year land was revalued and the surplus reported as Revaluation surplus; and an asset costing 80,000, written down to 38,000, was sold for 40,000. Identify the cost of any non-current...
-
For a sample of n = 39 elements, find the lower and upper values of Z and show that the middle value has a Z value of zero.
-
After several years of operations, the partnership of Nelson, Pope, and Williams is to be liquidated. After making closing entries on March 31, 20--, the following accounts remain open: The noncash...
-
Sharon Usher and Leann Gomez agreed on September 1 to go into business as partners. According to the agreement, Usher is to contribute $30,000 cash and Gomez is to contribute $50,000 cash. Provide a...
-
John Clark and David Haase decided to form a partnership on July 1, 20-6. Clark invested $60,000 and Haase invested $40,000. For the fiscal year ended June 30, 20-7, a net income of $80,000 was...
-
Hite corporation intends to issue $160,000 of 5% convertible bonds with a conversion price of $40 per share. The company has 40,000 shares of common stock outstanding and expects to earn $600,000...
-
Your portfolio has a beta of 1.17, a standard deviation of 14.3 percent, and an expected return of 12.5 percent. The market return is 11.3 percent and the risk-free rate is 3.1 percent. What is the...
-
Slow Roll Drum Co. is evaluating the extension of credit to a new group of customers. Although these customers will provide $198,000 in additional credit sales, 13 percent are likely to be...
Study smarter with the SolutionInn App