HOW DO I MAKE AN ADJUSTIMENT TABLE GIVIN THE INFORMATION THAT I HAVE ATTACHED ? Sandhill Store is located in midtown Madison. During the past several years, net income has
HOW DO I MAKE AN ADJUSTIMENT TABLE GIVIN THE INFORMATION THAT I HAVE ATTACHED ? Sandhill Store is located in midtown Madison. During the past several years, net income has
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 11EA: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...
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HOW DO I MAKE AN ADJUSTIMENT TABLE GIVIN THE INFORMATION THAT I HAVE ATTACHED ?
Sandhill Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company’s fiscal year on November 30, 2020, the following accounts appeared in two of its
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Adjusted
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Accounts Payable | $25,900 | $25,900 | Notes payable | $35,000 | $35,000 | |||||
31,000 | 31,000 | Owner’s Capital | 85,100 | 85,100 | ||||||
Accumulated Depr.—Equipment | 34,000 | 45,000 | Owner’s Drawings | 10,000 | 10,000 | |||||
Cash | 26,000 | 26,000 | Prepaid Insurance | 10,400 | 3,200 | |||||
Cost of Goods Sold | 504,500 | 504,500 | Property Tax Expense | 2,500 | ||||||
Freight-Out | 6,000 | 6,000 | Property Taxes Payable | 2,500 | ||||||
Equipment | 146,000 | 146,000 | Rent Expense | 15,000 | 15,000 | |||||
11,000 | Salaries and Wages Expense | 96,000 | 96,000 | |||||||
Insurance Expense | 7,200 | Sales Revenue | 720,000 | 720,000 | ||||||
Interest Expense | 6,100 | 6,100 | Sales Commissions Expense | 6,500 | 11,000 | |||||
Interest Revenue | 2,000 | 2,000 | Sales Commissions Payable | 4,500 | ||||||
Inventory | 28,000 | 28,000 | Sales Returns and Allowances | 8,000 | 8,000 | |||||
Utilities Expense |
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