Journalize the necessary adjusting entries for the following (partial) trial balance. Based on a physical count, the ending merchandise inventory is $67,000. Unearned revenue at year-end was $4,230. DEBITS Cash 7500 Accts Receivable 17000 Merchandise inventory 86000 Purchases 82000 CREDITS Unearned Revenue 20800 Revenue 193000 Purchase Discounts 4100

Q: Best Hardware uses a periodic inventory system. Its inven-tory was $38,000 at the beginning of the…

A: Step 1  Perpetual Inventory management system, It is a system to manage the inventory and reconcile…

Q: Assume the following data for Oshkosh Company before its year-end adjustments: Unadjusted Balances…

A: Adjusting entry: It can be defined as the journal entry that is recorded at the closing of the…

Q: Chico Company allows its customers to return merchandise within 30 days of purchase. *At December…

A:

Q: For the year ended December​ 31, 2025, Davidson Mart had sales of $250,000 and cost of goods sold of…

A: Merchandise refers to the stock that the company held for resale purpose or the goods that is not…

Q: Assume the following data for Oshkosh Company before its year-end adjustments: Unadjusted Balances…

A: a. Prepare journal entry for the estimated customer.

Q: The records of Penny Co. indicated that $417,650 of merchandise should be on hand on December 31.…

A: Amount of inventory shrinkage = Inventory as per records - physical inventory = $417,650 - $414,310…

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A: Journalize the entries in the following way:

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Q: Turn on see necessary adjusting entries for the following (partial) trial balance. Based on a…

A: A journal entry is the first step in chronicling financial transactions in the books of business…

Q: The following is the transaction of the trading company "Mars" in December 2020 by using the…

A: Adjusting entries - those entries which are passed when the accounts have been closed, in order to…

Q: The adjusted trial balance of Splish Brothers at December 31 shows Inventory $20,500, Sales Revenue…

A: Closing entries are used to close the temporary accounts. These are expense revenue accounts.

Q: Easy Software uses a periodic inventory system. Its inventory was $36,000 at the beginning of the…

A: Cost of Good Sold - It is refer to the direct cost associated with production of goods or services.…

Q: a ccompany purchased $1,800 of merchandise on July 5, with terms 2/10, n/30. On july 7. it returned…

A: Discount on payment = (Purchases - purchase return) x discount rate = (1800-200)*2% = $32

Q: Required information [The following information applies to the questions displayed below.] Roger…

A: 1. Liabilities are the obligation which are required to be paid in a specific period.  Short term…

Q: 1. Travis Company purchased merchandise on account from a supplier    for $7,400, terms 2/10, net…

A: Amount paid = Purchased value - Discount

Q: The following accounts and balances are taken from the year-end adjusted trial balance of the…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: The company has the ff account balances at the end of the year: COGS: 60,000; Sales Revenue:…

A: ADJUSTING ENTRIES IS AN ENTRY MADE IN COMPANY'S LEDGER TO CORRECT A MISTAKE MADE PREVIOUSLY IN THE…

Q: Journalize the necessary adjusting entries. Assume that Fireside Magazine uses the periodic…

A: A periodic inventory system is a type of inventory valuation that maintains the inventory account at…

Q: The Merchandise Inventory account balance is $56,000. A physical count of inventory reveals that the…

A: SOLUTION- AS PER THE INFORMATION GIVEN IN THE QUESTION  WE HAVE- ACTUAL MERCHANDISE INVENTORY =…

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Q: Assuming a perpetual inventory system, on November, 01 Dollar Store purchased merchandise for $1,500…

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Q: Journalize the necessary adjusting entries for the following (partial) trial balance. Based on a…

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A: Journal entry: It is a systematic record of a financial transaction recorded in chronological order.

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A:

Q: A company purchased $3,700 of merchandise on July 5 with terms 2/10, n/30 on July 7, it returned…

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Q: PERFORMANCE TASK for Application of SCI, SCE, and Worksheet Below is the adjusted balance of Buhaypa…

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Q: Click Computers's Merchandise Inventory account at year-end is showing a balance of $43,000. The…

A: The inventory shrinkage occurs when the physical count of inventory is less than the recorded value…

Q: A company purchased $3,000 of merchandise on July 5 with terms 3/10, n/30. On July 7, it returned…

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A: Adjusted trial balance: It is worksheet which shows all the accounts an organization has like…

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Q: Scott Company had sales of $12,350,000 and related cost of goods sold of $7,500,000 for the year…

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Q: Suppose Dave’s Discount’s Merchandise Inventory account showed a balance of $8,000 before the year-…

A:

Q: Piere Imports uses the perpetual system in accounting for merchandise inventory and had the…

A: Introduction Inventory and methods: Inventory is the goods and material a business holds for sale.…

Q: Valley Company’s adjusted trial balance on August 31, 2015, its fiscal year-end, follows.…

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Q: The trial balance of Skysong Inc at the end of its fiscal year, August 31, 2022, indudes these…

A: Cost of goods sold = Beginning inventory + Net Purchases - Ending inventory

Q: Assume the following data for Casper Company before its year-end adjustments: Unadjusted Balances…

A: a. Prepare journal entry for the estimated customer allowance.

Q: correct journal entry to record the payment on july 12th is

A: Answer:   Debit account Pay 2400 credit merchandise inventory 72 credit cash 2,328

Q: Journalize the necessary adjusting entries for the following (partial) trial balance. Based on a…

A: Adjusting journal entries are entries which are generally prepared at the end of accounting period…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.