ces 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 Retained earnings Dividends Sales Sales discounts $ 37,000 Sales returns and allowances 115,100 Cost of goods sold 7,000 Depreciation expense 160,200 salaries expense 4,700 Miscellaneous expenses $6,500 105,000 10,300 32,500 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $35,900 au revenue and expense accounts. Remember to consider the entry for 77 4
ces 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 Retained earnings Dividends Sales Sales discounts $ 37,000 Sales returns and allowances 115,100 Cost of goods sold 7,000 Depreciation expense 160,200 salaries expense 4,700 Miscellaneous expenses $6,500 105,000 10,300 32,500 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $35,900 au revenue and expense accounts. Remember to consider the entry for 77 4
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter14: Adjustments And The Work Sheet For A Merchandising Business
Section: Chapter Questions
Problem 1SEB: ADJUSTMENT FOR MERCHANDISE INVENTORY USING T ACCOUNTS: PERIODIC INVENTORY SYSTEM Sandra Owens owns a...
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