Adjusting entries Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting entries based upon the following: a. The inventory account has a balance of $1,339,100, while physical inventory indicates that $1,301,800 of merchandise is on hand. Assume any shrinkage is a normal amount. If an amount box does not require an entry, leave it blank. Dec. 31 b. Sales returns of $236,510 and merchandise returns of $70,040 are estimated for the current year's sales. If an amount box does not require an entry, leave it blank. Dec. 31
Adjusting entries Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting entries based upon the following: a. The inventory account has a balance of $1,339,100, while physical inventory indicates that $1,301,800 of merchandise is on hand. Assume any shrinkage is a normal amount. If an amount box does not require an entry, leave it blank. Dec. 31 b. Sales returns of $236,510 and merchandise returns of $70,040 are estimated for the current year's sales. If an amount box does not require an entry, leave it blank. Dec. 31
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter14: Adjustments And The Work Sheet For A Merchandising Business
Section: Chapter Questions
Problem 8SEB: JOURNALIZE ADJUSTING ENTRY FOR A MERCHANDISING BUSINESS: PERPETUAL INVENTORY SYSTEM On December 31,...
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Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting entries based upon the following:
a. The inventory account has a balance of $1,339, 100, while physical inventory indicates that $1,301,800 of merchandise is on hand. Assume any shrinkage is a normal amount. If
an amount box does not require an entry, leave it blank.
Dec. 31
b. Sales returns of $236,510 and merchandise returns of $70,040 are estimated for the current year's sales. If an amount box does not require an entry, leave it blank.
Dec. 31
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