Journalize
Q: What is a special journal?
A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…
Q: Define sales journal.
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Requirements:
A: The percentage of completion method is a revenue recognition accounting concept that evaluates how…
Q: Define special journals and explain their usefulness.
A: General Journal It is a chronological record of the transactions, showing an explanation of each…
Q: Wha is the general journal
A: General Journal is a financial book in which all the business transactions are recorded in…
Q: Journal entry
A: Journal entries are a process of recording and classifying business transactions into books of…
Q: Read and interpret anincome statement.
A: It shows the income generated by the company.
Q: ofit
A: Note : As per the bartelby guidelines only first question will be answered. Kindly post the…
Q: Explain the recording process of special journals.
A: Companies use special journals to record repetitive transactions that affect the same set of…
Q: What is difference between specific journal and general journal?
A: A specific journal is a type of journal in which primary transactions of a entry is recorded such as…
Q: Define the term posting process.
A:
Q: journal entry
A: SOLUTION A JOURNAL IS THE COMPANIES OFFICIAL BOOK IN WHICH TRANSACTIONS ARE RECORDER ON…
Q: e journal entries
A: Trade discount (List price * Rate of discount) = P108,000 * 15% P16,200 A Balance amount payable…
Q: Justapose the relevance of a general journal
A: Justapose the relevance of a general journal?
Q: Journalizing
A: Journal entries recording is the first step of accounting process, under which atleast one account…
Q: GENERAL JOURNAL
A: Ledger is prepared after completion of Journal entry Cash ledger as under
Q: General Journal
A: Advance payment for services to be availed in future is regarded as a prepaid expense under the head…
Q: Journal Entry
A: Journal entries recording is the initial step of accounting process. Under this, atleast one account…
Q: Create journal
A:
Q: prepare journal entries
A: Journal Entry The basic process accounting is to enter the required transaction which are incurred…
Q: Explain about history of IE.
A: Internet: It is a wide network or global network that interconnects computer systems all over the…
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A: Working note :- Particulars Handy Cam R- tistry Purchase price 250,000…
Q: journalise the transaction
A: Promissory notes are instruments designed where the maker of the note (payer) makes a promise to pay…
Q: Name the two types of journals.
A:
Q: Information
A: The cost of goods manufactured (COGM) is the sum of the cost of direct labor used, the cost of…
Q: journalizing?
A: Journalizing is the process followed by businesses in recording their transactions in an orderly…
Q: Describe the process of special journal.
A: Definition: Special journal: Special journal refers to the journal that is used to record a single…
Q: What is Journal?
A: Journal is a primary book of account in which transactions are first recorded in a chronological…
Q: Prepare journal entries
A: Jan 1 Cash Dr 3,000,000 To Capital 3,000,000 Jan 2 Purchase Dr 2,000,000 To Atlas…
Q: Describe the different types of journal.
A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…
Q: a) Prepare the journal entries
A: The first question has been answered for you. Please resubmit the question specifically mentioning…
Q: inform Label
A: Gross Income of any individual refers all types of taxable…
Q: Which of these processes leads to the preparation of Journal?
A: Answer
Q: Record the above transactions in the classical journal
A: Hi student, Since there are multiple questions, we will answer only first question.
Q: Define structured note
A: A structured note is a debt obliged derivative that helps portfolio managers to provide their…
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A:
Q: info
A: Working notes :-…
Q: Define Source documents.
A:
Q: Record the following transactions in the general journal.
A: RRR has started a merchandising business under the name of WEEN Trading. We are given transactions…
Q: he general journal
A: The profits of the firm at the end of the accounting year are transferred to the retained earnings.
Q: Define the term journal.
A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…
Q: Explain the distinguishing characteristics of (a) a generaljournal and (b) a special journal.
A: The journals are used by the companies to record the financial transactions of an organization on…
Q: ayout S
A: In this question we have to find out the total material handling cost.
Q: Create a General Journal.
A: When the transactions take place in an entity they are first recorded in the General Journal. From…
Q: What are the types of special journals?
A: Special journal: The special journal represents similar types of transactions that are recorded…
Q: Define exit conference.
A: Exit conference is a meeting held in the course of audit. Audit means checking and verifying the…
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- JOURNALIZE ADJUSTING ENTRIES FOR A MERCHANDISING BUSINESS The following partial spreadsheet is taken from the books of the Venice Vegetable Market, for the year ended December 31, 20--. Journalize the adjustments in a general journal.END-OF-PERIOD SPREADSHEET, ADJUSTING, CLOSING, AND REVERSING ENTRIES Vickis Fabric Store shows the trial balance on page 601 as of December 31, 20-1. At the end of the year, the following adjustments need to be made: (a, b)Merchandise inventory as of December 31, 31,600. (c, d, e)Vicki estimates that customers will be granted 2,500 in refunds of this years sales next year and the merchandise expected to be returned will have a cost of 1,800. (f)Unused supplies on hand, 350. (g)Insurance expired, 2,400. (h)Depreciation expense for the year on building, 20,000. (i)Depreciation expense for the year on equipment, 4,000. (j)Wages earned but not paid (Wages Payable), 520. (k)Unearned revenue on December 31, 20-1, 1,200. PROBLEM 15-10A CONT. REQUIRED 1. Prepare an end-of-period spreadsheet. 2. Prepare adjusting entries and post adjusting entries to an Income Summary T account. 3. Prepare closing entries and post to a Capital T account. There were no additional investments this year. 4. Prepare a post-closing trial balance. 5. Prepare reversing entry(ies).WORK SHEET EXTENSIONS FOR MERCHANDISE INVENTORY ADJUSTMENTS: PERIODIC INVENTORY SYSTEM The following partial work sheet is taken from Nicoles Gift Shop for the year ended December 31, 20--. The ending merchandise inventory is 37,000. 1. Complete the Adjustments columns for the merchandise inventory. 2. Extend the merchandise inventory to the Adjusted Trial Balance and Balance Sheet columns. 3. Extend the remaining accounts to the Adjusted Trial Balance and Income Statement columns. 4. Prepare a cost of goods sold section from the partial work sheet.
- WORK SHEET EXTENSIONS FOR MERCHANDISE INVENTORY ADJUSTMENTS: PERIODIC INVENTORY SYSTEM The following partial work sheet is taken from Kevins Gift Shop for the year ended December 31, 20--. The ending merchandise inventory is 50,000. 1. Complete the Adjustments columns for the merchandise inventory. 2. Extend the merchandise inventory to the Adjusted Trial Balance and Balance Sheet columns. 3. Extend the remaining accounts to the Adjusted Trial Balance and Income Statement columns. 4. Prepare a cost of goods sold section from the partial work sheet.JOURNALIZE ADJUSTING ENTRY FOR A MERCHANDISING BUSINESS: PERPETUAL INVENTORY SYSTEM On December 31, Anup Enterprises completed a physical count of its inventory. Although the merchandise inventory account shows a balance of 200,000, the physical count comes to 210,000. Prepare the appropriate adjusting entry under the perpetual inventory systemJOURNALIZE ADJUSTING ENTRIES FOR A MERCHANDISING BUSINESS The following partial work sheet is taken from the books of Kellys Kittens, a local pet kernel, for the year ended December 31, 20--. Journalize the adjustments in a general journal.
- Journalize the required adjusting entries for the year ended December 31 for Butler Spa and Pool Accessories. Butler Spa and Pool Accessories uses the periodic inventory system. ab. On December 31, a physical count of inventory was taken. The physical count amounted to 22,624. The Merchandise Inventory account shows a balance of 21,696. c. On July 1 of this year, 2,400 was paid for a one-year insurance policy. d. On November 1 of this year, 420 was paid for three months of advertising. e. As of December 31, the balance of the Unearned Membership Fees account is 15,600. Of this amount, 9,200 has been earned. f. Equipment purchased on May 1 of this year for 8,000 is expected to have a useful life of five years with a trade-in value of 500. All other equipment has been fully depreciated. The straight-line method is used. g. As of December 31, three days wages at 250 per day had accrued. h. As of December 31, the balance of the supplies account is 4,200. A physical inventory of the supplies was taken, with an amount of 1,650 determined to be on hand.John Neff owns and operates Waikiki Surf Shop. A year-end trial balance is provided on page 561. Year-end adjustment data for the Waikiki Surf Shop are shown below. Neff uses the periodic inventory system. Year-end adjustment data are as follows: (a, b)A physical count shows that merchandise inventory costing 51,800 is on hand as of December 31, 20--. (c, d, e)Neff estimates that customers will be granted 2,000 in refunds of this years sales next year and the merchandise expected to be returned will have a cost of 1,200. (f)Supplies remaining at the end of the year, 600. (g)Unexpired insurance on December 31, 2,600. (h)Depreciation expense on the building for 20--, 5,000. (i)Depreciation expense on the store equipment for 20--, 3,000. (j)Wages earned but not paid as of December 31, 1,800. (k)Neff also offers boat rentals which clients pay for in advance. Unearned boat rental revenue as of December 31 is 3,000. Required 1. Prepare a year-end spreadsheet. 2. Journalize the adjusting entries. 3. Compute cost of goods sold using the spreadsheet prepared for part (1).WORKING BACKWARD FROM ADJUSTED TRIAL BALANCE TO DETERMINE ADJUSTING ENTRIES The partial spreadsheet shown below is taken from the books of Albers Pet Supply, a business owned by Carm Albers, for the year ended December 31, 20--. Albers is on the periodic inventory system. REQUIRED 1. Determine the adjusting entries by analyzing the difference between the adjusted trial balance and the trial balance. 2. Journalize the adjusting entries in a general journal.
- ADJUSTMENT FOR MERCHANDISE INVENTORY USING T ACCOUNTS: PERIODIC INVENTORY SYSTEM Sandra Owens owns a business called Sandras Sporting Goods. Her beginning inventory as of January 1, 20--, was 33,000, and her ending inventory as of December 31, 20--, was S36,000. Set up T accounts for Merchandise Inventory and Income Summary and perform the year-end adjustment for Merchandise Inventory.ADJUSTMENT FOR MERCHANDISE INVENTORY USING T ACCOUNTS: PERIODIC INVENTORY SYSTEM Matt Henry owns a business called Henrys Sporting Goods. His beginning inventory as of January 1, 20--, was 45,000, and his ending inventory as of December 31, 20--, was 57,000. Set up T accounts for Merchandise Inventory and Income Summary and perform the year-end adjustment for Merchandise Inventory.A partial work sheet for The Fan Shop is presented here. The merchandise inventory at the beginning of the year was 52,300. P. G. Ochoa, the owner, withdrew 30,500 during the year. Required 1. Prepare an income statement. 2. Journalize the closing entries. Check Figure Cost of Goods Sold, 206,120