Bundle: College Accounting: A Career Approach (with QuickBooks Online), Loose-leaf Version, 13th + LMS Integrated CengageNOWV2, 1 term (6 months) Printed Access
13th Edition
ISBN: 9781337587358
Author: Cathy J. Scott
Publisher: Cengage Learning
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Textbook Question
Chapter 11, Problem 7DQ
A merchandising company shows $8,842 in the Supplies account on the preadjusted
- a. How much was used or expired?
- b. Write the
adjusting entry.
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How would I journalize the entries?
Please complete section (a).
Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system.
(a)
On March 2, Ivanhoe Company sold $840,000 of merchandise on account to Sarasota Company, terms 3/10, n/30. The cost of the merchandise sold was $603,000. (List all debit entries before credit entries. Credit
account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Account Titles and Explanation
(To record credit sale)
(To record cost of merchandise sold)
Debit
Credit
Chapter 11 Solutions
Bundle: College Accounting: A Career Approach (with QuickBooks Online), Loose-leaf Version, 13th + LMS Integrated CengageNOWV2, 1 term (6 months) Printed Access
Ch. 11 - Which of the following is the adjusting entry for...Ch. 11 - The adjusting entry for unearned revenue pertains...Ch. 11 - An account that has unearned in its name is...Ch. 11 - This type of inventory system does not require an...Ch. 11 - The Supplies account has a 1,400 balance. A...Ch. 11 - Prob. 6QYCh. 11 - Prob. 7QYCh. 11 - What is a physical inventory? What does the word...Ch. 11 - Prob. 2DQCh. 11 - Using the perpetual inventory system, what account...
Ch. 11 - Prob. 4DQCh. 11 - Prob. 5DQCh. 11 - Why is it necessary to adjust the Merchandise...Ch. 11 - A merchandising company shows 8,842 in the...Ch. 11 - Prob. 8DQCh. 11 - For the university football programs Unearned...Ch. 11 - On October 31, the Vermillion Igloos Hockey Club...Ch. 11 - Basga Company uses the periodic inventory system....Ch. 11 - Indicate the work sheet columns (Income Statement...Ch. 11 - Journalize the required adjusting entries for the...Ch. 11 - On December 31, the end of the year, the...Ch. 11 - On December 31, Marchant Company took a physical...Ch. 11 - The trial balance of Hadden Company as of December...Ch. 11 - The balances of the ledger accounts of Beldren...Ch. 11 - Prob. 3PACh. 11 - Here are the accounts in the ledger of Mishas...Ch. 11 - A portion of Anderson Publishings work sheet for...Ch. 11 - The trial balance of Jillson Company as of...Ch. 11 - The balances of the ledger accounts of Pelango...Ch. 11 - Prob. 3PBCh. 11 - The accounts and their balances in the ledger of...Ch. 11 - A portion of Johnsons Farm Supply work sheet for...Ch. 11 - BURTS BEES, Durham, North Carolina Burts Bees...Ch. 11 - Prob. 2ACh. 11 - Prob. 3ACh. 11 - Prob. 4ACh. 11 - Prob. 5ACh. 11 - Adjusting Entries Two months (July and August)...
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- On March 1, Pearl Industries sold merchandise on account to Amelia Company for $30,300, terms 2/10, net 45. On March 6, Amelia returns merchandise with a sales price of $1,200. On March 11, Pearl Industries receives payment from Amelia for the balance due. Prepare journal entries to record the March transactions on Pearl Industries's books. (You may ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Mar. 11arrow_forwardOn March 2, Sunland Company sold $995,000 of merchandise on account to Culver Company, terms 3/10, n/30. The cost of the merchandise sold was $583,000. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (To record credit sale) (To record cost of merchandise sold) Debit Credit IMMarrow_forwardThe following are two independent situations. Instructions 1. On January 6, Brumbaugh Co. sells merchandise on account to Pryor Inc. for $7,000, terms 2/10, n/30. On January 16, Pryor Inc. pays the amount due. Prepare the entries on Brumbaugh’s books to record the sale and related collection. (Omit cost of goods sold entries.) 2. On January 10, Andrew Farley uses his Paltrow Co. credit card to purchase merchandise from Paltrow Co. for $9,000. On February 10, Farley is billed for the amount due of $9,000. On February 12, Farley pays $5,000 on the balance due. On March 10, Farley is billed for the amount due, including interest at 1% per month on the unpaid balance as of February 12. Prepare the entries on Paltrow Co.’s books related to the transactions that occurred on January 10, February 12, and March 10. (Omit cost of goods sold entries.) Journalize receivables transactions.arrow_forward
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