Crane Electronics uses a perpetual inventory system which, at the company's year-end December 31, 2023, indicated an inventory alue of $1,035,750. A physical inventory count was conducted and it was determined that the inventory value was $995,675. Prepare the journal entry to record the difference between the perpetual inventory record and the physical inventory count. (Credit account titles are automatically indented when the amount is entered. De not indent manually. If no entry is required, select "No Entry for the count titles and enter O for the amounts. List debit entry before credit entry) Account Titles and Explanation Debit Credit inv

Crane Electronics uses a perpetual inventory system which, at the company's year-end December 31, 2023, indicated an inventory alue of $1,035,750. A physical inventory count was conducted and it was determined that the inventory value was $995,675. Prepare the journal entry to record the difference between the perpetual inventory record and the physical inventory count. (Credit account titles are automatically indented when the amount is entered. De not indent manually. If no entry is required, select "No Entry for the count titles and enter O for the amounts. List debit entry before credit entry) Account Titles and Explanation Debit Credit inv

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Description: Current Attempt in ProgressCrane Electronics uses a perpetual inventory system which, at the company's year-end December 31, 2023, indicated an inventoryvalue of $1,035,750. A physical inventory count was conducted and it was determined that the inv

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 11MC: Which of the following describes features of a perpetual inventory system? A. Technology is normally...

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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?
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Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A physical count reveals that the latest inventory amount is 256,339. Record the adjusting entries, using T accounts.
Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the direct method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
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Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2016 (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 July, 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 the Balance columns opposite the closing entry. Insert the new balance in the owners capital account. 10. Prepare a post-closing trial balance.
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