APPLICATIONS connect ACCOUNTING the adjustments for inventory tentries are needed at the end of the fiscal period to adjust Merchandise Inventory? ing the adjustments for inventory. Exercises peterima inventory of a merchandising business was $131.000, and the ending inventory is si1sis What entries are Satement section of the worksheet of Sampson Company for the year ended December e lacme 0 recorded in the Debit column and $212,344 in the Credit column on the line las $189,000 iecame Summary account. What were the beginning and ending balances for Merchandise imentory adjustments for accrued and prepaid expense items i cach of the following independent situations, indicate the adjusting entry that must be made on be December 31. 2016, worksheet. Omit descriptions. , During the year 2016, Johnson Company had net credit sales of $990,000. Past experience hows that 0.5 percent of the firm's net credit sales result in uncollectible accounts. Equipment purchased by Chu Consultancy for $28,220 on January 2, 2016, has arn estimated useful life of eight years and an estimated salvage value of $2,700. What adjustment for depreciation should be recorded on the firm's worksheet for the year ended December 31, 2016? On December 31, 2016, Parrish Plumbing Supply owed wages of $5,700 to its factory employees, who are paid weekly L On December 31, 2016, Parrish Plumbing Supply owed the employer's social security (62%) e On December 31, 2016, Parrish Plumbing Supply owed federal (0.6%) and state (5.4%) omputing adjustments for accrued and prepaid expense items. and Medicare ( 1.45%) taxes on the entire $5,700 of accrued wages for its factory employees. unemployment taxes on the entire $5,700 of accrued wages for its factory employees. or euch of the following independent situations, indicate the adjusting entry that must be made on December 31, 2016, worksheet. Omit descriptions. On December 31, 2016, the Notes Payable account at Queens Manufacturing Company had a balance of $19.000. Thi s balance represented a three-month, 9 percent note issued on November I. APPLICATIONS connect ACCOUNTING the adjustments for inventory tentries are needed at the end of the fiscal period to adjust Merchandise Inventory? ing the adjustments for inventory. Exercises peterima inventory of a merchandising business was $131.000, and the ending inventory is si1sis What entries are Satement section of the worksheet of Sampson Company for the year ended December e lacme 0 recorded in the Debit column and $212,344 in the Credit column on the line las $189,000 iecame Summary account. What were the beginning and ending balances for Merchandise imentory adjustments for accrued and prepaid expense items i cach of the following independent situations, indicate the adjusting entry that must be made on be December 31. 2016, worksheet. Omit descriptions. , During the year 2016, Johnson Company had net credit sales of $990,000. Past experience hows that 0.5 percent of the firm's net credit sales result in uncollectible accounts. Equipment purchased by Chu Consultancy for $28,220 on January 2, 2016, has arn estimated useful life of eight years and an estimated salvage value of $2,700. What adjustment for depreciation should be recorded on the firm's worksheet for the year ended December 31, 2016? On December 31, 2016, Parrish Plumbing Supply owed wages of $5,700 to its factory employees, who are paid weekly L On December 31, 2016, Parrish Plumbing Supply owed the employer's social security (62%) e On December 31, 2016, Parrish Plumbing Supply owed federal (0.6%) and state (5.4%) omputing adjustments for accrued and prepaid expense items. and Medicare ( 1.45%) taxes on the entire $5,700 of accrued wages for its factory employees. unemployment taxes on the entire $5,700 of accrued wages for its factory employees. or euch of the following independent situations, indicate the adjusting entry that must be made on December 31, 2016, worksheet. Omit descriptions. On December 31, 2016, the Notes Payable account at Queens Manufacturing Company had a balance of $19.000. Thi s balance represented a three-month, 9 percent note issued on November
