I need to record the closing entries in a journal for this problem.
Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows:
| 110 | Cash | $ 83,600 |
| 112 | Accounts Receivable | 233,900 |
| 115 | Merchandise Inventory | 624,400 |
| 116 | Estimated Returns Inventory | 28,000 |
| 117 | Prepaid Insurance | 16,800 |
| 118 | Store Supplies | 11,400 |
| 123 | Store Equipment | 569,500 |
| 124 | Accumulated Depreciation-Store Equipment | 56,700 |
| 210 | Accounts Payable | 96,600 |
| 211 | Customers Refunds Payable | 50,000 |
| 212 | Salaries Payable | — |
| 310 | Lynn Tolley, Capital, June 1, 2018 | 685,300 |
| 311 | Lynn Tolley, Drawing | 135,000 |
| 410 | Sales | 5,069,000 |
| 510 | Cost of Merchandise Sold | 2,823,000 |
| 520 | Sales Salaries Expense | 664,800 |
| 521 | Advertising Expense | 281,000 |
| 522 | Depreciation Expense | — |
| 523 | Store Supplies Expense | — |
| 529 | Miscellaneous Selling Expense | 12,600 |
| 530 | Office Salaries Expense | 382,100 |
| 531 | Rent Expense | 83,700 |
| 532 | Insurance Expense | — |
| 539 | Miscellaneous Administrative Expense | 7,800 |
During May, the last month of the fiscal year, the following transactions were completed:
| May | 1 | Paid rent for May, $5,000. |
| 3 | Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000. | |
| 4 | Paid freight on purchase of May 3, $600. | |
| 6 | Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000. | |
| 7 | Received $22,300 cash from Halstad Co. on account. | |
| 10 | Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000. | |
| 13 | Paid for merchandise purchased on May 3. | |
| 15 | Paid advertising expense for last half of May, $11,000. | |
| 16 | Received cash from sale of May 6. | |
| 19 | Purchased merchandise for cash, $18,700. | |
| 19 | Paid $33,450 to Buttons Co. on account. | |
| 20 | Paid Korman Co. a cash refund of $13,230 for returned merchandise from sale of May 6. The invoice amount of the returned merchandise was $13,500, and the cost of the returned merchandise was $8,000. |
| May | 20 | Sold merchandise on account to Crescent Co., terms 1/10, n/30, FOB shipping point, $110,000. The cost of the merchandise sold was $70,000. |
| 21 | For the convenience of Crescent Co., paid freight on sale of May 20, $2,300. | |
| 21 | Received $42,900 cash from Gee Co. on account. | |
| 21 | Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000. | |
| 24 | Returned damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000. | |
| 26 | Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800. | |
| 28 | Paid sales salaries of $56,000 and office salaries of $29,000. | |
| 29 | Purchased store supplies for cash, $2,400. | |
| 30 | Sold merchandise on account to Turner Co., terms 2/10, n/30, FOB shipping point, $78,750. The cost of the merchandise sold was $47,000. | |
| 30 | Received cash from sale of May 20 plus freight paid on May 21. | |
| 31 | Paid for purchase of May 21, less return of May 24. |
| Adjusting Entries | |||
| May 31 | |||
| a. | Cost of Merchandise Sold | 13,950 | |
| Merchandise Inventory | 13,950 | ||
| b. | Insurance Expense | 12,000 | |
| Prepaid Insurance | 12,000 | ||
| c. | Store Supplies Expense | 9,800 | |
| Store Supplies | 9,800 | ||
| d. | Depreciation Expense | 14,000 | |
| Accumulated Depreciation: Store Equipment | 14,000 | ||
| e. | Sales Salaries Expense | 7,000 | |
| Office Salaries Expense | 6,600 | ||
| Salaries Payable | 13,600 | ||
| f. | Estimated Refunds Inventory | 35,000 | |
| Cost of Merchandise Sold | 35,000 | ||
| g. | Sales | 60,000 | |
| Customer Refunds Payable | 60,000 | ||
| A. Prepare the closing entries. |
In: Accounting
In: Chemistry
In a small survey 350 car owners from four districts P, Q, R, S were found to have cars in price ranges A, B, C, D, the frequencies of the prices being as shown in the table.
|
P |
Q |
R |
S |
||
|
Price of Car |
A |
9 |
10 |
12 |
19 |
|
B |
13 |
20 |
18 |
29 |
|
|
C |
24 |
29 |
12 |
25 |
|
|
D |
34 |
41 |
18 |
37 |
Find the expected frequencies on the hypothesis that there is no association between the district and the price of the car. Use 0.05 level of significance to test the hypothesis.
In: Statistics and Probability
Briton Inc. has two processes—Coloring Department and Mixing Department. Briton sold 350 gallons on account at $110 per gallon. The total cost of processing was $385,000 for 5,500 gallons of paint. Throughout the year, the company used a predetermined overhead allocation rate to allocate $75,000 and $65,000 of indirect costs to the Coloring Department and Mixing Department, respectively. The actual overhead cost incurred amounted to $150,000 at the end of the year. Record the necessary journal entries for the sale of goods and for adjustment of over- or under-allocated manufacturing overhead at the end of the year. Briton uses the perpetual inventory system and process costing.
In: Accounting
MINIMUM WORDS: 350
How carefully do you monitor or consider what you post on social media outlets like Facebook, Twitter, Instagram, and Snapchat? Do you think you disclose differently when disclosing online? In this paper, discuss these questions and some strategies that you can use to ensure that you are disclosing appropriately online.
In: Psychology
In: Nursing
MODEL
X Y Z
NUMBER OF DEFECTIVE CARS SOLD 50 100 350
TOTAL NUMBER OF CARS SOLD 150 250 600
Suppose that we randomly select 2 different (First and Second) consumers each of whom purchased a new MERCEDES car in 2020. Given this experiment answer all of the following 10 questions.
Q1) What is the probability of the first consumer’s car to be MODEL X?
Q2)What is the probability of the first consumer’s car to be either MODEL Y or MODEL Z?
Q3)What is the probability of the second consumer’s car to be either MODEL X or MODEL Z?
Q4) What is the probability of the first consumer’s car to be either DEFECTIVE or MODEL Y?
Q5) What is the probability of the second consumer’s car to be either NON-DEFECTIVE or MODEL Z?
Q6)If the second consumer’s car is MODEL Y, what is the probability that İt is NON-DEFECTIVE?
Q7) If the first consumer’s car is NON-DEFECTIVE what is the probability that it is MODEL Z?
Q8) What is the probability of the cars of both of these 2 consumers to be DEFECTIVE?
Q9)If the car of the first consumer is MODEL Z what is the probability of the car of the second consumer to be MODEL X?
Q10) If the car of the second consumer is DEFECTIVE, what is the probability of the car of the first consumer to be MODEL Y?
In: Statistics and Probability
Tanner-UNF Corporation acquired as a long-term investment $350
million of 7.0% bonds, dated July 1, on July 1, 2021. Company
management has the positive intent and ability to hold the bonds
until maturity. The market interest rate (yield) was 8% for bonds
of similar risk and maturity. Tanner-UNF paid $320.0 million for
the bonds. The company will receive interest semiannually on June
30 and December 31. As a result of changing market conditions, the
fair value of the bonds at December 31, 2021, was $330.0
million.
Required:
1. & 2. Prepare the journal entry to record
Tanner-UNF’s investment in the bonds on July 1, 2021 and interest
on December 31, 2021, at the effective (market) rate.
3. At what amount will Tanner-UNF report its
investment in the December 31, 2021, balance sheet?
4. Suppose Moody’s bond rating agency downgraded
the risk rating of the bonds motivating Tanner-UNF to sell the
investment on January 2, 2022, for $310.0 million. Prepare the
journal entry to record the sale.
In: Accounting
Tanner-UNF Corporation acquired as a long-term investment $350
million of 7.0% bonds, dated July 1, on July 1, 2018. Company
management has the positive intent and ability to hold the bonds
until maturity. The market interest rate (yield) was 8% for bonds
of similar risk and maturity. Tanner-UNF paid $320.0 million for
the bonds. The company will receive interest semiannually on June
30 and December 31. As a result of changing market conditions, the
fair value of the bonds at December 31, 2018, was $330.0
million.
Required:
1. & 2. Prepare the journal entry to record
Tanner-UNF’s investment in the bonds on July 1, 2018 and interest
on December 31, 2018, at the effective (market) rate.
3. At what amount will Tanner-UNF report its
investment in the December 31, 2018, balance sheet?
4. Suppose Moody’s bond rating agency downgraded
the risk rating of the bonds motivating Tanner-UNF to sell the
investment on January 2, 2019, for $310.0 million. Prepare the
journal entry to record the sale.
In: Accounting
Q3. Networking commands – ping, mount, hosts, netstat
HINT: Remember the IP address of the UNIX server.
In: Computer Science