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In: Accounting
Adjusting entries Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting entries...
Adjusting entries
Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting entries based upon the following:
a. Sales returns of $125,000 and merchandise returns of $80,000 are estimated for the current year's sales.
B. The inventory account has a balance of $1,333,150, while physical inventory indicates that $1,309,900 of merchandise is on hand. Assume any shrinkage is a normal amount.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Journalize the following transactions and adjusting entries, assuming the perpetual inventory system, no beginning inventory, LIFO...
Journalize the following transactions and adjusting entries,
assuming the perpetual inventory system, no beginning inventory,
LIFO cost flow method.
(Chart of Account : Cash, Inventory, Accounts Receivable, Accounts
Payable, Sales Revenue, Sales Return, Cost of Good Sold)
-Dec. 3 Purchased 4,000 units of inventory on account at a cost
of $2 per unit.
-Dec. 5 Sold 3,500 units of inventory on account for $3 per
unit.
-Dec. 7 Granted the December 5 customer $600 credit for 200 units
of inventory...
Instructions Hahn Flooring Company uses a perpetual inventory, system.
Hahn Flooring Company uses a perpetual inventory, system. A. The inventory account has a balance of $1,333,150, while physical inventory indicates that $1,309,900 of merchandise is on hand. Assume any shrinkage is a normal amount. B. Sales returns of $125,000 and merchandise returns of $80,000 are estimated for the current year's sales. Journalize the December 31 adjusting entries based on the above transactions. Refer to the Chart of Accounts for exact wording of account titles.
Journalize the attached adjusting entries Prepare the necessary adjusting entries at December 31 for Staples, Inc....
Journalize the attached adjusting
entries
Prepare the necessary adjusting entries at December 31 for
Staples, Inc. based on the information from problem 1 and the
following information:
1. On November 1, 2013 the company borrowed 65,000 from a bank.
The note requires principal and interest at 10% to be paid on April
30, 2014.
2. On December 1, 2013 the company received $3,000 in cash from
another company that is renting office space in Staples’ building.
The payment, representing rent...
Journalize the six December 31 adjusting entries for Cole Designs that adjusted the accounts to arrive...
Journalize the six December 31 adjusting entries for Cole
Designs that adjusted the accounts to arrive at the financial
statements in the Adjusted Financial Statements panel.
Refer to the Chart of Accounts for exact wording of account titles.
Journalize each adjustment as a separate entry.
Cole Designs
Income Statement
For the Year Ended December 31, 2018
1
Fees earned
$77,000.00
2
Expenses:
3
Wages expense
$47,200.00
4
Supplies expense
3,515.00
5
Insurance expense
2,900.00
6
Depreciation expense
2,000.00
7
Total...
11) Rally Auto Supplies Company uses a perpetual inventory system. Journalize the following sales transactions for...
11) Rally Auto Supplies Company uses a perpetual inventory
system. Journalize the following sales transactions for this
company. Explanations are not required.
June 10 Sold $14,800 of merchandise on account, n/30. Cost of
goods is $6,200. June 14 Received a $900 sales return from the
customer. Cost of the goods is $400. June 20 Rally Auto Supplies
receives payment from the customer for the amount due from the June
10 sale.
Prepare the following journal entries for Dice Company, which uses a perpetual inventory system. (a) On...
Prepare the following journal entries for Dice Company, which
uses a perpetual inventory system.
(a) On January 3, 2018, Dice Company sold $40,000 of goods on
account with terms 3/10, n/30. The goods cost $26,000.
(b) On January 5, 2018, the customer returned $2,000 of the
merchandise purchased in (a) above; the cost of the merchandise is
$550.
(c) On January 9, 2018, the customer paid for the goods
purchased in (a) above (net of the returned goods).
(d) On...
Prepare the following journal entries for Dice Company, which uses a perpetual inventory system. (a) On...
Prepare the following journal entries for Dice Company, which uses
a perpetual inventory system.
(a) On January 3, 2018, Dice Company sold $40,000 of goods on
account with terms 3/10, n/30. The goods cost $26,000.
(b) On January 5, 2018, the customer returned $2,000 of the
merchandise purchased in (a) above; the cost of the merchandise is
$550.
(c) On January 9, 2018, the customer paid for the goods
purchased in (a) above (net of the returned goods).
(d) On...
Scenario for adjusting entries: Year end is December 31, 2017. Peyton Baking Company uses the following...
Scenario for adjusting entries: Year end is December 31, 2017.
Peyton Baking Company uses the following accounting practices:
Inventory: Periodic, FIFO for both baking and merchandise
Baking supplies: $27,850 ending inventory
Equipment: Straight line method used for equipment
Mixing machine: $5,000 initial cost, $500 salvage value, 3rd
year of use of 7 total ($642.86 per year)
Ovens: $8,000 initial cost, $1,000 salvage value, 3rd year of
use of 7 total ($1,000 per year)
Other depreciable equipment: $4,000 initial cost, $0...
Scenario for adjusting entries: Year end is December 31, 2017. Peyton Baking Company uses the following...
Scenario for adjusting entries: Year end is December 31, 2017.
Peyton Baking Company uses the following accounting practices:
Inventory: Periodic, FIFO for both baking and merchandise
Baking supplies: $27,850 ending inventory
Equipment: Straight line method used for equipment
Mixing machine: $5,000 initial cost, $500 salvage value, 3rd
year of use of 7 total ($642.86 per year)
Ovens: $8,000 initial cost, $1,000 salvage value, 3rd year of
use of 7 total ($1,000 per year)
Other depreciable equipment: $4,000 initial cost, $0...
Scenario for adjusting entries: Year end is December 31, 2017. Peyton Baking Company uses the following...
Scenario for adjusting entries: Year end is December 31, 2017.
Peyton Baking Company uses the following accounting practices:
Inventory: Periodic, FIFO for both baking and merchandise
Baking supplies: $27,850 ending inventory
Equipment: Straight line method used for equipment
Mixing machine: $5,000 initial cost, $500 salvage value, 3rd
year of use of 7 total ($642.86 per year)
Ovens: $8,000 initial cost, $1,000 salvage value, 3rd year of
use of 7 total ($1,000 per year)
Other depreciable equipment: $4,000 initial cost, $0...
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