Prepare the general journal for the inventory value of $2400 counted at the end of the accounting
Question:
Prepare the general journal for the inventory value of $2400 counted at the end of the accounting period. Post the journal to the T accounts shown in figure 9.11.
Transcribed Image Text:
Balance (opening] Inventory 2 400 Trading 2000 Inventory [opening] Trading 2 400
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (2 reviews)
we need to record the adjustment for the inventory value counted at ...View the full answer
Answered By
Wonder Dzidzormenu
As a professional accountant and a teacher, I explain account ing concepts in a more practical way that makes students more connected to the subject.
With over 10 years of teaching accounting , I offer a well constructed , easily understood and in-depth explanations to students questions.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Accounting An Introduction To Principles And Practice
ISBN: 9780170403832
9th Edition
Authors: Edward A. Clarke, Michael Wilson
Question Posted:
Students also viewed these Business questions
-
From your solution to question 9.7, close the trading account and prepare the general journal to transfer the gross profit to the profit and loss account. Question 9.7 Prepare general journals for...
-
At the end of the financial year, prepare the general journal to close out the ledger accounts to the trading account in the general ledger. Post the journal to the T accounts shown in figure 9.9....
-
Queta Johnson is about to open a new business Chocolate Nirvana. It will be a small chocolate specialties store. She uses a perpetual FIFO (First-in, First-Out) method to account for her inventory....
-
The number x of bicycle helmets people are willing to buy per week from a retail chain at a price of $p is given by x = 1,000 - 60p + 25 20 ¤ p ¤ 100 (see the figure). (A) Find dx/dp....
-
1. Are the drawbacks of the corporate leveraging of social media sufficient to make you think it's better for them to avoid certain media? If so, which media? 2. What do you think is the future...
-
A partnership agreement should iclude all of the following EXCEPT; A. An indication of each partner's percentage of profits or losses B. The amount of cash or property which has been contributed bt...
-
From the following data, calculate (a) sales price variance, (b) sales volume variance and (c) sales mix variance: Product Standard Actual Units Price per unit Units Price per unit A 1,500 Rs 30...
-
Castile Inc. had a beginning balance of $4,000 in its Accounts Receivable account. The ending balance of Accounts Receivable was $4,500. During the period, Castile recognized $68,000 of revenue on...
-
Your answer is correct. Fill in the missing amounts. \ table [ [ , Pharoah Company,Sheridan Company ] , [ Sales revenue,,$ 8 0 , 0 0 0 , ( d ) $ , ] , [ Sales returns and allowances, ( a ) , , , 4 ,...
-
Prepare general journals for the end of the accounting year to close out the accounts to the trading account from figure 9.12. Journalise the closing inventory of $2300. Post the journals to the T...
-
Prepare the general journal at the end of the financial year to transfer the balances on the following accounts to the trading account in the general ledger: inventory $4500, purchases $33 750, duty...
-
What are several desirable characteristics for a Balanced Scorecard measure?
-
You are required to work with your groups for the restaurant business that you have created and develop your international market entry strategy. Please follow the below steps: STEP 1: Research the...
-
Demonstrate to the owner of the business how they could use e-commerce for example (Shopify, E-Bay, Etsy), social media for example (Facebook, Instagram, TikTok, Webpage) to market their business to...
-
Identify a company that has successfully created a brand image for their product or service by using social media. Explain how they did it . Which forms of media did they use?
-
The Magic that Makes Customer Experiences Stick Article Identify and explain in details Roger's Five Factors as it applies to the diffusion process.
-
Topic: Buick in China Task: After reading and viewing the items in this week's Reading & Study folder, identify and describe the following: the social and cultural aspects that made China attractive...
-
When Peter decided to sell his farm, he received two offers. If he accepts the first offer, he would receive $250 000 now, $750 000 one year from now, and $500 000 two years from now. If he accepts...
-
Horse serum containing specific antibody to snake venom has been a successful approach to treating snakebite in humans. How do you think this anti-venom could be generated? What are some advantages...
-
The equity of Lochinvar Ltd at 30 June 2019 was as follows. During the year ended 30 June 2020, the following transactions occurred. Required (a) Prepare general journal entries to record all...
-
In January 2018, the management of Branxton Ltd decided on a program of expansion for the business. On 1 July 2018, the company had $900 000 in retained earnings, and another reserve totalling $600...
-
A trial balance taken from Galston Ltds accounting records at 30 September 2019 showed the following account balances. At a meeting of directors on 1 October, it was decided to issue additional...
-
En prenant un exemple de votre choix, montrer comment on value un swap de taux de change.
-
How much would you need to invest today in order to receive: a. $10,000 in 5 years at 11%? b. $11,000 in 12 years at 8%? c. $12,000 each year for 10 years at 8%? d. $12,000 at the beginning of each...
-
A company that manufactures pulse Doppler insertion flow meters uses the Straight Line method for book depreciation purposes. Newly acquired equipment has a first cost of $190,000 with a 3-year life...
Study smarter with the SolutionInn App