Homework Answers
| Date | General Jounral | Debit | Credit |
| July 31 | Cost of Goods Sold [Inventory as per books - Inventory as per physical count = $40,300 - $38,900] | $1,400 | |
| Merchandise Inventory | $1,400 | ||
| (To increase the cost of goods sold due to inventory shrinkage) |
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Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have...
Required information Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts...
Required information Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'lt uses the perpetual inventory system) Merchandise inventory Retained earnings Dividends Sales Sales discounts $39,300 Sales returns and allowances $ 6,200 105,900 10,600 34,000 5,000 118,300 Cost of goods sold 7,000 Depreciation expense 159, 600 Salaries expense 3,200 Miscellaneous expenses A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is...
Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have...
Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix’It uses the perpetual inventory system). Merchandise inventory $ 42,300, Sales returns and allowances $ 5,600, Retained earnings 124,300, Cost of goods sold 107,700, Dividends 7,000, Depreciation expense 11,200, Sales 159,100, Salaries expense 37,000, Sales discounts 3,800, Miscellaneous expenses 5,000, A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $40,700. Record...
Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have...
Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix’It uses the perpetual inventory system). Merchandise inventory $ 42,300 Sales returns and allowances $ 5,600 Retained earnings 124,300 Cost of goods sold 107,700 Dividends 7,000 Depreciation expense 11,200 Sales 159,100 Salaries expense 37,000 Sales discounts 3,800 Miscellaneous expenses 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $40,700. Prepare...
Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have...
Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix’It uses the perpetual inventory system). Merchandise inventory $ 44,300 Sales returns and allowances $ 5,200 Retained earnings 128,300 Cost of goods sold 108,900 Dividends 7,000 Depreciation expense 11,600 Sales 161,100 Salaries expense 39,000 Sales discounts 4,200 Miscellaneous expenses 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is...
(The following information applies to the questions displayed below.) Nix"It Company's ledger on July 31, its...
(The following information applies to the questions displayed below.) Nix"It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal bal (Nix"It uses the perpetual inventory system). Merchandise inventory Retained earnings Dividends Sales Sales discounts $ 47,300 134,300 7,000 164,100 4,800 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 4,600 110, 700 12,200 42,000 5,000 A physical count of its July 31 year-end inventory discloses that the...
Required information Use the following information for the Quick Study below. The following information applies to...
Required information Use the following information for the Quick Study below. The following information applies to the questions displayed below) Nxt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nixit uses the perpetual inventory system) Merchandise inventory Dividende $ 40,00 120,100 7,000 15,200 3.400 Sales return and allowances Coot of goods sold Depreciation expense salaries expense Miscellaneous expenses 6,000 106,500 10.800 35,000 5.000 Sales discount A physical count of its July...
Can someone please help me with this, I am stuck Nix’It Company’s ledger on July 31,...
Can someone please help me with this, I am stuck
Nix’It Company’s ledger on July 31, its fiscal year-end, includes
the following selected accounts that have normal balances (Nix’It
uses the perpetual inventory system).
Merchandise inventory
$
38,300
Sales returns and allowances
$
6,400
Retained earnings
116,300
Cost of goods sold
105,300
Dividends
7,000
Depreciation expense
10,400
Sales
160,000
Salaries expense
33,000
Sales discounts
3,000
Miscellaneous expenses
5,000
A physical count of its July 31 year-end inventory discloses...
Required information Use the following information for the Quick Study below. [The following information applies to...
Required information Use the following information for the Quick Study below. [The following information applies to the questions displayed below.) Nix'it Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'it uses the perpetual inventory system). Merchandise inventory Retained earnings Dividends Sales Sales discounts $ 37,800 115,300 7,000 160,200 4,700 Sales returns and allowancea Coat of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 6,500 105,000 10,300 32,500 5,000 A physical...
Help Save & Exit Submit O Required information The following information applies to the questions displayed...
Help Save & Exit Submit O Required information The following information applies to the questions displayed below! Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'It uses the perpetual inventory system). Merchandise inventory T. Nix, Capital T. Nix, withdrawals Sales Sales discounts $ 37,800 Sales returns and allowances 115,300 Cost of goods sold 7,000 Depreciation expense 160,200 Salaries expense 4,700 Miscellaneous expenses $ 6,500 105,000 10,300 32,580 5,000 A physical...
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following...
Valley 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 $ 42, 800 59, 130 $ 25, 800 Total liabilities Common stock 16, 240 Retained earnings 20, 300 8, 800 Dividends Sales 226, 200 2, 260 13, 500 73, 000 32,...
Required information Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'lt uses the perpetual inventory system) Merchandise inventory Retained earnings Dividends Sales Sales discounts $39,300 Sales returns and allowances $ 6,200 105,900 10,600 34,000 5,000 118,300 Cost of goods sold 7,000 Depreciation expense 159, 600 Salaries expense 3,200 Miscellaneous expenses A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is...
(The following information applies to the questions displayed below.) Nix"It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal bal (Nix"It uses the perpetual inventory system). Merchandise inventory Retained earnings Dividends Sales Sales discounts $ 47,300 134,300 7,000 164,100 4,800 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 4,600 110, 700 12,200 42,000 5,000 A physical count of its July 31 year-end inventory discloses that the...
Required information Use the following information for the Quick Study below. The following information applies to the questions displayed below) Nxt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nixit uses the perpetual inventory system) Merchandise inventory Dividende $ 40,00 120,100 7,000 15,200 3.400 Sales return and allowances Coot of goods sold Depreciation expense salaries expense Miscellaneous expenses 6,000 106,500 10.800 35,000 5.000 Sales discount A physical count of its July...
Can someone please help me with this, I am stuck
Nix’It Company’s ledger on July 31, its fiscal year-end, includes
the following selected accounts that have normal balances (Nix’It
uses the perpetual inventory system).
Merchandise inventory
$
38,300
Sales returns and allowances
$
6,400
Retained earnings
116,300
Cost of goods sold
105,300
Dividends
7,000
Depreciation expense
10,400
Sales
160,000
Salaries expense
33,000
Sales discounts
3,000
Miscellaneous expenses
5,000
A physical count of its July 31 year-end inventory discloses...
Required information Use the following information for the Quick Study below. [The following information applies to the questions displayed below.) Nix'it Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'it uses the perpetual inventory system). Merchandise inventory Retained earnings Dividends Sales Sales discounts $ 37,800 115,300 7,000 160,200 4,700 Sales returns and allowancea Coat of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 6,500 105,000 10,300 32,500 5,000 A physical...
Help Save & Exit Submit O Required information The following information applies to the questions displayed below! Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'It uses the perpetual inventory system). Merchandise inventory T. Nix, Capital T. Nix, withdrawals Sales Sales discounts $ 37,800 Sales returns and allowances 115,300 Cost of goods sold 7,000 Depreciation expense 160,200 Salaries expense 4,700 Miscellaneous expenses $ 6,500 105,000 10,300 32,580 5,000 A physical...
Valley 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 $ 42, 800 59, 130 $ 25, 800 Total liabilities Common stock 16, 240 Retained earnings 20, 300 8, 800 Dividends Sales 226, 200 2, 260 13, 500 73, 000 32,...
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