Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)
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- The following accounts appear in the ledger of Sheldon Company on January 31, the end of this fiscal year. The data needed for adjustments on January 31 are as follows: ab.Merchandise inventory, January 31, 55,750. c.Insurance expired for the year, 1,285. d.Depreciation for the year, 5,482. e.Accrued wages on January 31, 1,556. f.Supplies used during the year 1,503. Required 1. Prepare a work sheet for the fiscal year ended January 31. Ignore this step if using QuickBooks or general ledger. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. Ignore this step if using CLGL. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. Check Figure Net loss, 1,737The trial balance of Jillson Company as of December 31, the end of its current fiscal year, is as follows: Here are the data for the adjustments. ab. Merchandise Inventory at December 31, 54,845.00. c. Store supplies inventory (on hand), 488.50. d. Insurance expired, 680. e. Salaries accrued, 692. f. Depreciation of store equipment, 3,760. Required Complete the work sheet after entering the account names and balances onto the work sheet.UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--: Selected accounts and beginning balances on January 1, 20--, are as follows: REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31, 20--.
- Prepare journal entries to record the following transactions. Create a T-account for Accounts Payable, post any entries that affect the account, and calculate the ending balance for the account. Assume an Accounts Payable beginning balance of $7,500. A. May 12, purchased merchandise inventory on account. $9,200 B. June 10, paid creditor for part of previous months purchase, $11,350The trial balance and additional information given below was obtained from the records of Vancouver Traders on 28 February 2020, the end of the financial year.REQUIREDUse the trial balance, adjustments and additional information to prepare the Income statement for the year ended 28 February 2020 Vancouver TradersPRE-ADJUSTMENT TRIAL BALANCE ON 28 FEBRUARY 2020Balance sheet accounts sectionDebitCreditCapital1 300 000Drawings96 000Land and Buildings912 000Vehicles at Cost672 000Equipment at Cost480 000Accumulated Depreciation on Vehicles384 000Accumulated Depreciation on Equipment168 800Fixed deposit: Fin Bank (9% p.a.)144 000Trading inventory123 000Debtors control142 420Provision for Bad Debts7 200Bank59 944Cash Float7 200Creditors Control133 344Mortgage Loan Fin Bank (12%)240 000Nominal Accounts SectionSales1 510 320Cost of sales432 000Sales returns9 600Salaries and wages427 200Bad debts13 400Stationery21 800Rates and Taxes57 100Motor expenses96 000 Repairs to building17 200Telephone32…Question Completion Status: The following select account data is taken from the records of Reese Industries for 2019. Sales Merchandise inventory sales discounts interest expense Sales return and allowances Interest revenue Cost of goods sold Rent expense Depreciation expense: office equipment Insurance expense Advertising expense Accounts receivable Office supplies expense rent revenue sales salaries expense accounts payable common stock Marketing expense 640,363 582,620 58,040 3,677 90,232 10,232 224,598 15,080 3,200 2,450 12,906 100,440 1,600 23,622 30,410 135,404 59,419 31,000 1. Use the data provided to compute net sales for 2019. 2. Prepare a simple income statement for the year ended December 31, 2019. 3.Compute the gross margin for 2019. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).
- The general ledger of Zippers-Are-Us at January 1, 2021 includes the following account balances: Cash Accounts Receivable Inventory Prepaid Insurance Prepaid Rent Furniture and Fixtures Accounts Payable Deferred Revenue Accumulated Depreciation Common Stock Retained Earnings Totals 1. 2. 3. 4. 5. 6. 7. Accounts 8. 9. 30,000 14,750 $58,800 The following is a summary of the transactions for the month of January: Sold inventory that had a cost of $1,800 for cash Collect on accounts receivable January 22 January 22 January 25 10. January 28 January 4 January 6. January 9 January 11 January 18 January 21 11. January 30 12. January 31 ● • Debits $28,400 8,400 12,200 800 1,000 8,000 $58,800 Credits $7,200 6,050 800 Paid accounts payable Paid salaries Purchased inventory on account Sold inventory with a cost of $3,600 for $2,000 cash and $6,000 on account Purchased supplies on account Purchased copy machine on account Issue common stock in exchange for cash Signed a note payable in the amount…prepare these entries for Sarah's plant services. prepare general journal entries for the needed balance dy adjustments for the year ending 30/6/21: A stocktake of the inventory on hand was completed on 30/6/21. The value of the stocktake was $17,000. The inventory asset account as at 30/6/21 before adjustments was $18.000 The allowance for Doubtful debts should be 5% of the balance of Accounts Receivable. The accounts receivable balance at 30/6/21 is $76,120 and the balance of the Allowance for Doubtful Debts was $3,450The trial balance of Windsor Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year. WINDSOR FASHION CENTERTRIAL BALANCENOVEMBER 30, 2020 Debit Credit Cash $33,050 Accounts Receivable 36,910 Inventory 48,210 Supplies 8,710 Equipment 139,420 Accumulated Depreciation-Equipment $26,280 Notes Payable 54,210 Accounts Payable 51,710 Common Stock 93,210 Retained Earnings 11,210 Sales Revenue 764,760 Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 138,720 Advertising Expense 27,540 Utilities Expenses 15,280 Maintenance and Repairs Expense 12,100 Delivery Expense 16,700 Rent Expense 25,140 Totals $1,001,380 $1,001,380 Adjustment data: 1. Supplies…
- At December 31, 2024, Crane Industries reports the following selected accounts from the unadjusted trial balance for its first year of operations: Accounts payable Accounts receivable Account Cash Cost of goods sold Interest receivable Interest revenue Merchandise inventory Notes receivable, due April 10, 2025 Prepaid insurance Sales Sales returns and allowances Short-term investments Unearned revenue (a) Date Account Titles Dec. 31 Debit $686,000 39,200 1,715,000 1,100 318,500 44,100 7,840 98,000 49,000 Credit $343,000 2,200 3,596,600 Prepare the journal entry to record the bad debt expense on December 31, 2024, assuming the credit manager estimates that 4% of the accounts receivable will become uncollectible. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) 24,500 Debit CreditValley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Debit Credit Merchandise inventory (ending) Other (noninventory) assets $38,000 152,000 Total liabilities $ 43,890 51,152 74,433 Common stock Retained earnings Dividends 8,000 Sales 259,920 Sales discounts 3,977 17,155 100,577 35,609 12,216 3,119 22,093 32,490 3,119 1,040 $429,395 Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense Office salaries expense Rent expense-Office space Office supplies expense Totals $429,395 Beginning merchandise inventory was $30,666. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost…Valley Company's adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. A Adjusted Account Balances Merchandise inventory (ending) Other (non-inventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense Office salaries expense Rent expense-Office space Office supplies expense Totals Debit $ 41,000 130, 400 Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in Credit $ 25,000 104,550 225,600 8,000 2,250 12,000 74,500 32,000 8,000 1,500 13,000 28,500 3,600 400 $ 355, 150 $…