Cash 2,850 Accounts receivable 4,600 Note receivable-current 8,000 Inventory 40,500 Supplies 650 Prepaid insurance 1,200 Furniture 33,200 Accumulated depreciation-furniture 2,400 Accounts payable 7,000 Unearned rent income 2,000 Note payable, long-term 12,600 Nezuko, Capital 66,500 Nezuko, Drawing 54,100 Sales 168,000 Sales discounts 1,400 Sales returns and allowance 2,000 Cost of Sales 90,500 Rent expense 8,400 Wages expense 9,800 Interest expense 1,300 Data for adjustments: Supplies on hand, 100 Insurance premium expired during the year, 1,000 Depreciation expense. The furniture's estimated useful life is 8 years, and it is expected to have no value when it is retired from service. Unearned rent income earned during the year, 1,300. Unpaid wages at the end of the year, 1,200. Interest expense not yet recorded at the end of the year, 800. Ending inventory base on physical count is 40,200. 1) General journal (recording of adjusting entries and closing entries) 2) Financial Statements (Income Statement & Balance Sheet) 3) Post-closing Trial Balance
Cash 2,850 Accounts receivable 4,600 Note receivable-current 8,000 Inventory 40,500 Supplies 650 Prepaid insurance 1,200 Furniture 33,200 Accumulated depreciation-furniture 2,400 Accounts payable 7,000 Unearned rent income 2,000 Note payable, long-term 12,600 Nezuko, Capital 66,500 Nezuko, Drawing 54,100 Sales 168,000 Sales discounts 1,400 Sales returns and allowance 2,000 Cost of Sales 90,500 Rent expense 8,400 Wages expense 9,800 Interest expense 1,300 Data for adjustments: Supplies on hand, 100 Insurance premium expired during the year, 1,000 Depreciation expense. The furniture's estimated useful life is 8 years, and it is expected to have no value when it is retired from service. Unearned rent income earned during the year, 1,300. Unpaid wages at the end of the year, 1,200. Interest expense not yet recorded at the end of the year, 800. Ending inventory base on physical count is 40,200. 1) General journal (recording of adjusting entries and closing entries) 2) Financial Statements (Income Statement & Balance Sheet) 3) Post-closing Trial Balance
Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 17MC: Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this...
Related questions
Question
100%
Cash 2,850
Accounts receivable 4,600
Note receivable-current 8,000
Inventory 40,500
Supplies 650
Prepaid insurance 1,200
Furniture 33,200
Accounts payable 7,000
Unearned rent income 2,000
Note payable, long-term 12,600
Nezuko, Capital 66,500
Nezuko, Drawing 54,100
Sales 168,000
Sales discounts 1,400
Sales returns and allowance 2,000
Cost of Sales 90,500
Rent expense 8,400
Wages expense 9,800
Interest expense 1,300
Data for adjustments:
- Supplies on hand, 100
- Insurance premium expired during the year, 1,000
- Depreciation expense. The furniture's estimated useful life is 8 years, and it is expected to have no value when it is retired from service.
- Unearned rent income earned during the year, 1,300.
- Unpaid wages at the end of the year, 1,200.
- Interest expense not yet recorded at the end of the year, 800.
- Ending inventory base on physical count is 40,200.
1) General journal (recording of
2) Financial Statements (Income Statement & Balance Sheet)
3) Post-closing
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 5 steps
Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College