Castle Furnishings Company’s perpetual inventory records indicate that $713,650 of merchandise should be on hand on...
Castle Furnishings Company’s perpetual inventory records indicate that $713,650 of merchandise should be on hand on November 30, 2016. The physical inventory indicates that $702,450 of merchandise is actually on hand.
Journalize the adjusting entry for the inventory shrinkage for Castle Furnishings Company for the year ended November 30, 2016. Assume that the inventory shrinkage is a normal amount. Refer to the Chart of Accounts for exact wording of account titles.
Homework Answers
| Nov 30 | Cost of merchandise sold | 11200 | =713650-702450 | |
| Merchandise Inventory | 11200 | |||
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Castle Furnishings Company’s perpetual inventory records indicate that $713,650 of merchandise should be on hand on...
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instructions Chart of Accounts General Journal Instructions Journalize the following inventory merchandise transactions, assuming that the...
instructions Chart of Accounts General Journal Instructions Journalize the following inventory merchandise transactions, assuming that the company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. Dec. 1 Sold merchandise on account, $12,000, with terms 2/10, net 30. The cost of the merchandise sold was $7,800. Received payment within the discount period. 6
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9. Salem Computers's Merchandise Inventory account at year-end is showing a balance of $48,000. The physical...
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GenX Furnishings manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June...
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GenX Furnishings manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June...
GenX Furnishings manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows: Fabric $ 67,190 Polyester filling 19,100 Lumber 148,690 Glue 6,640 The materials purchased during June are summarized from the receiving reports as follows: Fabric $336,430 Polyester filling 470,450 Lumber 909,970 Glue 34,360 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $126,170 $157,080 $401,840 $ 685,090 Job 602 98,480...
dec 1. sold merchandise on account $17300 with terms 2/10 net 30. the cost of the...
dec 1. sold merchandise on account $17300 with terms 2/10 net
30. the cost of the merchandise sold was $12600
Chart of Accounts General Journal Instructions Instructions Journalize the foiowing inventory merchandise transactions, assuming that the company uses the perpetual inventory system Refer to the Chart of Accounts for exact wording of account tities Sold merchandise on account, $17,300 with terms 2/10, net 30. The cost of the merchandise sold was Dec $12,600 6 Received payment within the discount period
1)
2)
3)
Gross Profit During the current year, merchandise is sold for $100,000 cash and $505,400 on account. The cost of merchandise sold is $423,800. What is the amount of the gross profit? Purchases Transactions Rolfes Company purchased merchandise on account from a supplier for $11,100, terms 2/10, n/30. Rolfes Company returned $2,300 of the merchandise and received full credit. a. If Rolfes Company pays the invoice within the discount period, what is the amount of cash required for...
instructions Chart of Accounts General Journal Instructions Journalize the following inventory merchandise transactions, assuming that the company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. Dec. 1 Sold merchandise on account, $12,000, with terms 2/10, net 30. The cost of the merchandise sold was $7,800. Received payment within the discount period. 6
A company records inventory purchases at standard cost and also records purchase price variances. Required: Prepare the journal entry for a purchase of 6,000 widgets that were bought at $8.00 and have a standard cost of $8.15. Refer to the Chart of Accounts for exact wording of account titles Prepare the journal entry on December 31. Refer to the Chart of Accounts for exact wording of account titles PAGE 1 JOURNAL DESCRIPTION POST. REF. DEBIT CREDIT
9. Salem Computers's Merchandise Inventory account at year-end is showing a balance of $48,000. The physical count of inventory came up with $47,300. Journalize the adjusting entry needed to account for the inventory shrinkage. The company uses the perpetual inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Credit Date Debit Dec. 31
dec 1. sold merchandise on account $17300 with terms 2/10 net
30. the cost of the merchandise sold was $12600
Chart of Accounts General Journal Instructions Instructions Journalize the foiowing inventory merchandise transactions, assuming that the company uses the perpetual inventory system Refer to the Chart of Accounts for exact wording of account tities Sold merchandise on account, $17,300 with terms 2/10, net 30. The cost of the merchandise sold was Dec $12,600 6 Received payment within the discount period
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