Prepare the necessary general journal entry for the month of May for Stringer Company for each situation given below. Stringer uses a perpetual inventory system. Oct. 22 Purchased a 2-year insurance policy for $4,400 cash.
Q: Mr. Lopez opened a mini grocery store with business name Lopez Fiesta Mart. Operations began on…
A: Journal entries (JE) refer to reporting of transactions into the books of accounts of company or…
Q: Prepare the adjusting entries for the end of the month based on the given merchandise transactions…
A: Answer: Adjusting entries are as follows:
Q: The following are selected transactions of Vaughn Company. Vaughn prepares financial statements…
A: Date Account title and explanation Debit ($) Credit ($) Jan. 2 Merchandise inventory $40,000…
Q: On July 15, 2021, the Nixon Car Company purchased 1,700 tires from the Harwell Company for $50 each.…
A: Under perpetual inventory method inventory is updated as soon as sales takes place.
Q: The following are selected transactions of Blanco Company. Blanco prepares financial statements…
A: Accrued Interest- March 31 = 30,000 x 9% x (2/12) = 450 Accrued Interest- September 30 = 60,000 x…
Q: ABC Inc purchased $9,000 inventory during the month of November from CDE Co. CDE applied a credit…
A: Formula used: Net purchases = Purchases - Purchase returns. Deduction of purchase returns value from…
Q: Landon Jewelers uses the perpetual inventory system. On April 2, Landon sold merchandise with a cost…
A: Under a perpetual system, cost of goods sold is computed for each sale transaction. In this system,…
Q: The Marchetti Soup company entered into the following transactions during the month of June:(1)…
A: Journal entries is the foremost and primary reporting of business transactions in the records or…
Q: Compute the correct inventory balance for LnS Shoe Outlet at the end of its trading day, September…
A: Inventory valuation can be defined as the computation of the balance of inventory held with the…
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: A company uses a perpetual system to record inventory transactions. The company purchases inventory…
A: Under the Perpetual system of accounting, the cost of goods sold is calculated and recorded…
Q: Described below are certain transactions of Cullumber Corporation. The company uses the periodic…
A: On February 2 , Purchase amount after discount = $ 68100 * 98% = $ 66738
Q: During the months of January, Ava Corporation purchased goods from two suppliers. The sequence of…
A: Solution: Inventory increase by = Purchase cost of goods cost - Purchase Discount
Q: The following are selected transactions of Andreu Company. Andreu prepares financial statements…
A: Bookkeeping exchanges allude to any business movement that outcomes in an immediate impact on the…
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: A company that uses the perpetual inventory system purchased inventory for $1,000,000 on account…
A: The Perpetual inventory system keeps the record of inventory separately and it is updated with every…
Q: he following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson…
A: The question is based on the concept of Financial Accounting. As per the Bartleby guidelines we are…
Q: The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson…
A: Supplies used=Supplies in hand during the year-In hand at end=5,100-2,800=2,300
Q: You have been provided with the following information for LnS Shoe Outlet which accounts for its…
A:
Q: The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson…
A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: PERIODIC INVENTORY SYSTEM - JOURNAL ENTRY AND LEDGER Mr. Lopez opened a mini grocery store with…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: The following are selected 2017 transactions of Sean Astin Corporation. Sept. 1 Purchased inventory…
A: (A) Required journal entries:
Q: A business A uses periodic inventory system. On Nov 15, 2021, the business A sold merchandise to…
A: Solution: It is assumed that company is using gross method of accounting for purchase and sales.
Q: On July 15, 2018, the Nixon Car Company purchased 1,000 tires from the Harwell Company for $50 each.…
A: Journal entry is a record of financial transaction in the books of accounts maintained by an…
Q: LA Fashion uses the periodic inventory system. Record the journal entries required for the following…
A: Solution 2.3: Journal Entries Date Particulars Debit Credit 1-Apr Purchases $54,000.00…
Q: The following are selected transactions of Andreu Company. Andreu prepares financial statements…
A: General ledger accounts are those accounts which are used for classification and posting of recorded…
Q: Presented below is information related to Wildhorse Co., owned by D. Flamont, for the month of…
A: Income = Sales- expenses = $369000- $333300 = $ 35700 Cost of goods sold= $214000+$ 3000= $ 217300
Q: Described below are certain transactions of Pharoah Corporation. The company uses the periodic…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Assuming that a ABC merchandise business purchased 500 numbers of Office chairs for OMR 40 each on…
A: Credit terms 5/20, n/60 means that discount of 5% will be allowed of payment is made within 20 days…
Q: A company purchased $3,700 of merchandise on July 5 with terms 2/10, n/30 on July 7, it returned…
A: Inventory Purchased = $ 3700 Inventory returned = $ 850 Inventory is purchased on account Terms for…
Q: From the following list, identify the accounts that should be closed to Tim Button, Capital at the…
A: Closing entries: These refer to the journal entries that are recorded at the end of an each…
Q: You have been provided with the following information for LSn Shoe Outlet which accounts for its…
A: The goods can be sold or purchased with different conditions that will define the point at which the…
Q: Selected information from the statement of financial position of OMSIM Company at November 30 and…
A: One of the method to calculate expense is to prepare T account. Balancing figure can be used to…
Q: ERIODIC INVENTORY SYSTEM - FINANCIAL POSITION Mr. Lopez opened a mini grocery store with business…
A: In periodic oinventory system, the accounting for inventory is done at the end of the period.
Q: During the months of January, Ava Corporation purchased goods from two suppliers. The sequence of…
A: Purchase of Inventory from Noah discount = $ 1590 * 2% = $ 31.8 Purchase of Inventory from Emma…
Q: Mr. Lopez opened a mini grocery store with business name Lopez Fiesta Mart. Operations began on…
A: Journal is the primary book where the transactions are originally recorded. Further, a journal entry…
Q: On January 2, Oak Ltd. sold merchandise on account to R. Daniel for $53,000, terms n/30. The company…
A: Interest accrued on April 30 = Face value of note x rate of interest x 3 months / 12 months =…
Q: You have been provided with the following information for Lns Shoe Outlet which accounts for its…
A: Opening Inventory= $469780 Add)Soes rreceived…
Q: On June 18, Stanton Electronics purchased, on credit, 1,700 TV sets for $525 each. Stanton plans to…
A: Inventory purchased = $525 * 1,700 = $892,500
Q: inventory system and the merchandise originally cost $31,000. On February 1, R. Mark gave Golden a…
A: Journals are the books of prime entry. All the transactions are recorded at the initial stage here…
Q: You have been provided with the following information for LnS Shoe Outlet which accounts for its…
A: Under FOB destination, the risk and return in relation to a product gets transferred only when the…
Q: Selected Account Balances from The Adjusted Trial Balance of Harris Company as of December 31, 2019…
A: solution given Beginning merchandise inventory 22000 Office supplies 400 Sales…
Q: Take me to the text The following information was taken from the financial records of Thornhill…
A: Cost of sales :— It represents cost of goods sold. It is the total cost of manufacturing of product…
Q: You have been provided with the following information for LnS Shoe Outlet which accounts for its…
A: The following calculations are done in the records of Lns Shoe Outlet which uses a periodic system…
Q: The following are selected transactions of Andreu Company. Andreu prepares financial statements…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Prepare the necessary general
Oct. 22 Purchased a 2-year insurance policy for $4,400 cash.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section and place a check mark () in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owners equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. Insert the new balance in the owners capital account. 10. Prepare a post-closing trial balance.Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 20Y6 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Record the following transactions on Page 21 of the journal: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section, and place a check mark () in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of stockholders equity, and a balance sheet. Assume that additional common stock of 10,000 was issued in January 20Y6. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Insert the new balance in the retained earnings account. 10. Prepare a post-closing trial balance.On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as follows: Instructions 1. Does Simkins Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Simkins Company for the year ended June 30, 2019. The merchandise inventory as of June 30, 2019, was 508,000. The adjustment for estimated returns inventory for sales for the year ending December 31, 2019, was 33,000. 3. Prepare the closing entries for Simkins Company as of June 30, 2019. 4. What would the net income have been if the perpetual inventory system had been used?
- Rescue Sequences LLC purchased inventory by issuing a 30,000, 10%, 60-day note on October 1. Prepare the journal entries for Rescue Sequences to record the purchase and payment assuming it uses a perpetual inventory system and a 360-day calendar fiscal year. Rescue Sequences LLC uses a perpetual inventory system.Review the following transactions and prepare any necessary journal entries for Lands Inc. A. On December 10, Lands Inc. contracts with a supplier to purchase 450 plants for its merchandise inventory, on credit, for $12.50 each. Credit terms are 4/15, n/30 from the invoice date of December 10. B. On December 28, Lands pays the amount due in cash to the supplier.On December 31, 2019, the balances of the accounts appearing in the ledger of Wyman Company are as follows: Instructions 1. Does Wyman Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Wyman Company for the year ended December 31, 2019. The merchandise inventory as of December 31, 2019, was 305,000. The adjustment for estimated returns inventory for sales for the year ending December 31, 2019, was 30,000. 3. Prepare the closing entries for Wyman Company as of December 31, 2019. 4. What would the net income have been if the perpetual inventory system had been used?
- The following accounts appear in the ledger of Celso and Company as of June 30, the end of this fiscal year. The data needed for the adjustments on June 30 are as follows: ab.Merchandise inventory, June 30, 54,600. c.Insurance expired for the year, 475. d.Depreciation for the year, 4,380. e.Accrued wages on June 30, 1,492. f.Supplies on hand at the end of the year, 100. Required 1. Prepare a work sheet for the fiscal year ended June 30. Ignore this step if using CLGL. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. 7. Journalize the reversing entry as of July 1, for the wages that were accrued in the June adjusting entry. Check Figure Net income, 14,066The accounts and their balances in the ledger of Markeys Mountain Shop as of December 31, the end of its fiscal year, are as follows: Data for the adjustments are as follows. Assume that Markeys Mountain Shop uses the perpetual inventory system. a. Merchandise Inventory at December 31, 140,357. b. Store supplies inventory (on hand) at December 31, 540. c. Depreciation of building, 3,400. d. Depreciation of store equipment, 3,800. e. Salaries accrued at December 31, 1,250. f. Insurance expired during the year, 1,480. Required 1. Complete the work sheet after entering the account names and balances onto the work sheet. Ignore this step if using CLGL. 2. Journalize the adjusting entries. If using manual working papers, record adjusting entries on journal page 63.Prepare journal entries to record the following transactions. Create a T-account for Accounts Payable, post any entries that affect the account, and calculate the ending balance for the account. Assume an Accounts Payable beginning balance of $7,500. A. May 12, purchased merchandise inventory on account. $9,200 B. June 10, paid creditor for part of previous months purchase, $11,350
- A firm is preparing to make adjusting entries at the end of the accounting period. The balance of the merchandise inventory account is 200,000. If the firm is using the periodic inventory system, what does this balance represent?On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received payment on January 18. Which journal would the company use to record this transaction on the 18th? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalPrepare journal entries to record the following transactions that occurred in March: A. on first day of the month, purchased building for cash, $75,000 B. on fourth day of month, purchased inventory, on account, $6,875 C. on eleventh day of month, billed customer for services provided, $8,390 D. on nineteenth day of month, paid current month utility bill, $2,000 E. on last day of month, paid suppliers for previous purchases, $2,850