Current Attempt in Progress Bramble Depot sells mobile devices and accessories. During September, the following transactions occurred. 1. Kevin Johnson bought a $220 gift card for his uncle Jason Johnson. 2. Sold $120 of merchandise to Samuel Johnson, who used his gift card for payment. (Omit the entry for cost of goods sold.) 3. Performed a physical count of inventory and determined the correct value of inventory should be $23,000. The unadjusted balance in the Inventory account was $20,000. Prepare the entries to record the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Sr. No. Account Titles and Explanation 1. 2. 3. (To record cash received for goods to be provided at a later date) (To record the sale of merchandise using a gift card) (To adjust inventory to physical count) Debit 00 Credit
Current Attempt in Progress Bramble Depot sells mobile devices and accessories. During September, the following transactions occurred. 1. Kevin Johnson bought a $220 gift card for his uncle Jason Johnson. 2. Sold $120 of merchandise to Samuel Johnson, who used his gift card for payment. (Omit the entry for cost of goods sold.) 3. Performed a physical count of inventory and determined the correct value of inventory should be $23,000. The unadjusted balance in the Inventory account was $20,000. Prepare the entries to record the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Sr. No. Account Titles and Explanation 1. 2. 3. (To record cash received for goods to be provided at a later date) (To record the sale of merchandise using a gift card) (To adjust inventory to physical count) Debit 00 Credit
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 6E: On December 31, the end of the year, the accountant for Fireside Magazine was called away suddenly...
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