Adjusting Entry for Merchandise Inventory Shrinkage Paragon Tire Co.'s perpetual inventory records indicate that $813,580 of merchandise should be on hand on March 31, 2019. The physical inventory indicates that $789,170 of merchandise is actually on hand. Journalize the adjusting entry for the normal inventory shrinkage for Paragon Tire Co. for the year ended March 31, 2019.

Q: eriodic inventory method. a2) Determine ending inventory under (1) specific identification, (2)…

A: Weighted Average Unit Cost = Total Cost of Inventory / Total Units in Inventory   Units Unit Cost…

Q: Castle Furnishings Company’s perpetual inventory records indicate that $675,400 of merchandise…

A: Shrinkage: The cost of difference between the recorded inventory value and physical count of…

Q: Williams Company had the following balances and transactions during 2020: Beginning Inventory 20…

A: Ending inventory refers to the amount of inventory left with the business at the end of accounting…

Q: The Physical inventory on January 31, 2019 of Jungkook Company showed merchandise at P300,000. As an…

A: FOB shipping point sale: When the goods are shipped to the buyer, the title is transferred to the…

Q: Paragon Tire Co.’s perpetual inventory records indicate that $2,780,000 of merchandise should be on…

A: Inventory shrinkage: It represents the loss of inventory. In other words, it refers to the…

Q: Maridel Company revealed inventory on December 31, 2019 at P3,250,000 based on a physical count…

A: Following is the answer to the given question

Q: Presented below is information related to Windsor, Inc. for the month of January 2020. Ending…

A: Closing entries are used to close the temporary accounts to the permanent account. The income…

Q: tory, January 1, 2022, P 15,000; Credit - Cost of Sales, P 15,000. b. Debit - Retained Earnings, P…

A: The inventory balance of December 31 , 2021 is carried forward to January 1, 2022. If the ending…

Q: Skysong Inc. uses a perpetual inventory system. At January 1, 2020, inventory was $213,418,700 at…

A: Allowance to Reduce Inventory to NRV = inventory  at cost - Inventory at realizable value =…

Q: Abe's Printing Supply Company uses a perpetual inventory system. The company had the following…

A: Journal entries refer to the recording of transaction in an appropriate way. With the help of…

Q: The beginning inventory of Norcal Wholesalers was $113,000, and the ending inventory is $95,319.What…

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting…

A: Adjusting entries: Adjusting entries are those entries that are recorded at the end of the year, to…

Q: At the end of Flounder Department Store's fiscal year on November 30, 2020, these accounts appeared…

A: Net sales revenue = Sales revenue - Sales returns and allowances Cost of goods sold = Beginning…

Q: Periodic and Perpetual Systems -Calculating Ending Inventory and Cost of Sales using Average Cost,…

A: Specific Identification Method DATE UNITS COST PER UNIT IN $ BALANCE UNITS Opening…

Q: Zac Company has following information related to its financial statements in 2020:  (1) Zac changed…

A: Answer 1)

Q: Adjustment for Merchandise Inventory Using T Accounts: Periodic Inventory System with Sales Returns…

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

Q: madison company perpetual inventory records indicate that 875,300 of merchandise should be on hand…

A: Adjusting entry: Date Account Title and Explanation Debit ($) Credit ($) oct 31 Cost…

Q: Fuque Ltd. uses the retail inventory method to estimate ending inventory for its monthly financial…

A: The retail and cost ratio is taken into consideration while following the conventional retail…

Q: The following are the inventories for the years 2019, 2020, and 2021 for Parry Company: 1. Assume…

A: 1) The inventory will be sold at the cost of net realizable value whichever is less. The adjustment…

Q: Purchase of merchandise on account on December 27, 2019 amounting to P50,000 was  not recorded until…

A: What is the adjusting entry at the end of 2019? date account debit credit 31 December 2019…

Q: Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the…

A: 1.

Q: Empty Company reported inventory on December 31, 2019 at 2,500,000 based on physical count priced at…

A: The valuation of inventory at the end of the period includes the physical inventory available with…

Q: Madison Company's perpetual inventory records indicate that $538,630 of merchandise should be on…

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

Q: Insular Company's inventory at December 31, 2019, was P1,500,000 based on a physical count of goods…

A: Under FOB shipping point, the ownership of goods transfers from owner to buyer as soon as they are…

Q: Adjusting Entry for Merchandise Inventory Shrinkage         Paragon Tire Co.’s perpetual inventory…

A: Adjusting Entries: Adjusting entries are those which are recorded at the end of the accounting year.…

Q: 00,000. The perpetual inventory records showed an ending inventory of P840, 000 for 2020. A physical…

A: Cost of goods sold: It refers to the cost incurred by a company that is directly related to…

Q: At December 31, 2020, Sandhill’s Mercantile has Cost of Goods Sold of $50800 before adjusting…

A: Adjusted cost of goods sold = Reported cost of goods sold + decreased value of inventory

Q: Empty Company reported inventory on December 31, 2020 at P2,500,000 based on physical count priced…

A: Inventory on December 31, 2020= P2,500,000 Merchandise shipped on December 30, 2020= P100,000…

Q: Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,100…

A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously…

Q: Determining Merchandise to be Included or Excluded from Ending Inventory The unadjusted inventory…

A: Inventory refers all the items, goods, material held by the business for selling and for the purpose…

Q: During the taking of its physical inventory on December 31, 2019, Waterjet Bath Company incorrectly…

A: Overstated Merchandise inventory = As per counting - Actual Merchandise inventory = $728,660 -…

Q: Adjustment for Merchandise Inventory Using T Accounts: Periodic Inventory System bby Smith owns and…

A: Beginning merchandise inventory is closed to income summary by debiting income summary and crediting…

Q: The Physical inventory on January 31, 2019 of Jungkook Company showed merchandise at P300,000. As an…

A: SOLUTION- INVENTORY- IT IS THE  TERM FOR THE GOODS AVAILABLE FOR SALE AND RAW MATERIALS USED TO…

Q: Adjustment for Merchandise Inventory Using T Accounts: Periodic Inventory System Ibby Smith owns…

A: Journal entry become a base for the preparations of Ledgers accounts. After the preparations of…

Q: 2. Williams Company had the following balances and transactions during 2020: Beginning Inventory…

A: Different balances of inventory given, we have to find inventory value at end of period.

Q: Hero Company reported inventory on December 31, 2019 at 6,000,000 based on physical count of goods…

A: FOB shipping point implies that ownership of goods are transferred from seller to the buyer when…

Q: Hadison Company's perpetual inventory records indicate that $531,630 of merchandise should be on…

A: Solution:- Preparation of Adjusting journal entry for the inventory shrinkage for Madison company…

Q: Hahn Flooring Company’s perpetual inventory records indicate that $1,333,150 of merchandise should…

A: Inventory shrinkage: It represents the loss of inventory. In other words, it refers to the…

Q: Henderson Co.'s perpetual inventory records indicate that $382,800  of merchandise should be on hand…

A: Physical inventory on hand= $ 371000 Records indicate inventory on hand = $ 382800 Cost of goods…

Q: Craig Company asks you to review its December 31, 2020, inventory values and prepare the necessary…

A: a. Determine the proper inventory balance for Craig Company on December 31, 2020

Q: The perpetual inventory records of Penny Co. indicate that $415,000 of merchandise should be on hand…

A: Inventory as per books = $415,000 Physical actual inventory  $370,000 Shrinkage amount =…

Q: 1. Prepare a perpetual inventory record for All Things Auto, using the first in, first out (FIFO)…

A: PLEAS ELIKE THE ANSWER:    Date  Particulars  Units  Cost per unit  Total cost…

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: Stanley Flooring Company’s perpetual inventory records indicate that $1,129,000 of mer-chandise…

A: Journal entry is a record of financial transaction in the books of accounts maintained by the…

Q: Journalizing adjusting entries including estimating sales returns Emerson St. Book Shop’s unadjusted…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Q: Crane Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was…

A: Formula: Price Index=Ending Inventory for the Period at Current CostEnding Inventory for the Period…

Q: Bramble Inc. uses a perpetual inventory system. At January 1, 2020, inventory was $216,170,800 at…

A: Perpetual inventory system, also regarded as continuous inventory that states the inventory system,…