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Accounting 2 1 0 3 Chapter 5 Assignment Assignment 1 I. Journalize the following transactions for MeNabb Company: May 1 : Purchased $ 4 0
Accounting
Chapter Assignment
Assignment
I. Journalize the following transactions for MeNabb Company:
May : Purchased $ of merchandise on account from Romo Company, terms
Purchased $ of merchandise on account from Brees, Inc, terms
Sold $ of merchandise on account to Brady Company, terms ; cost of merchandise sold $
: Retumed $ of merchandise to Romo Compary for credit May transaction
: Retumed $ of merchandise to Brees, Inc. May transaction
Brady Company retumed $ of merchandise, cost of merchandise returned $
Purchased merchandise on account from Manning Company totaling $ terms
: Purchased supplies on account, $
Paid cash for equipment, $
Paid Romo Company in full, amount owed
Paid Brees, Inc. in full, amount owed.
Granted Brady Company an allowance of $
Brady Company paid McNabb in full, amount owed
II Adjusting the Inventory Account
The inventory TAccount showed a balance of $ An actual count of inventory on hand amounted to $ Prepare the adjusting entry needed.
III. Use the information below to prepare closing entries
Sales Revenue: $; Sales Returns & Allowances: $; Sales Discounts $; Cost of Goods Sold $; Salary Expense $ Rent Expense: $; Advertisug Expense: $ Depreciation Expense $; Dividenda: $
Accounting
Chapter Assignment Assignment
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