Answered step by step

Verified Expert Solution

Link Copied!

Question

...

1 Approved Answer

Posted on Jun 22, 2024

Based on a physical count, the ending merchandise inventory is $67,000 and the unearned revenue at year-end was $4,230..what are the necessary adjusting entries in

Based on a physical count, the ending merchandise inventory is $67,000 and the unearned revenue at year-end was $4,230..what are the necessary adjusting entries in the following (partial) trial balance?

Account Title Debit Credit

Cash 7,500

Accounts Receivable 17,000

Merchandise Inventory 86,000

Unearned Revenue 20,800

Revenue 193,000

Purchases 82,000

Purchases Discounts 4,100

GENERAL JOURNAL Page 1

DateDescriptionPost Ref.DebitCreditADJUSTING ENTRIESIncome

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Dr. Larry M. Walther

1st Edition

9781456352974

Students also viewed these Law questions

Question

Using the Body Fat data set, create and summarize boxplots and histograms of each of the following variables. (a) PCTBF. (b) Weight. (c) Chest (d) Abdomen. (e) Knee.

Answered: 1 week ago

Question

★★★★★

Why are accountants so concerned about their organization having an efficient and effective internal control system?

Answered: 1 week ago

Question

★★★★★

A one-year call option on ABC stock with a strike price of $30 costs $3; a one-year call option on ABC stock with a strike price of $25 costs $7; a one-year put option on the same stock with a strike...

Answered: 1 week ago

Question

★★★★★

D Question 7 Historically, an unexpected dividend cut is followed by: A reduction in stock prices because the investors perceive that as a signal of excess debt An increase in stock prices because...

Answered: 1 week ago

Question

★★★★★

Tanya ( born 1 0 - 3 1 - 9 0 ) is single, has no dependents and will not itemize deductions. She cannot be claimed as a dependent by anyone else. Tanya can claim adjustments of $ 8 0 0 for her...

Answered: 1 week ago

Question

★★★★★

Bugs NoMore Company manufactures a product effective in controlling beetles. The company uses a standard cost system and a flexible budget. Standard cost of a gallon is as follows: Direct material: 2...

Answered: 1 week ago

Question

★★★★★

Your director at the department of Home Affairs has appointed you as the lead project manager for a project to rollout the new card type identification to all South African citizens, replacing the...

Answered: 1 week ago

Question

★★★★★

An Aluminum alloy die casting weighs 0.63 kg and the weight of the connected gating system = 0.25 kg. Hourly production rate of the die casting operation = 80 pcs/hr. The unit heating and pouring...

Answered: 1 week ago

Question

★★★★★

[Discrete Random Variables] According to an agreement between a smartphone producer and a retail company, the former delivers a large batch of smartphones of some given model. The retail company...

Answered: 1 week ago

Question

★★★★★

Problem 21-13 (Algo) Use the Black-Scholes formula for the following stock: Time to expiration Standard deviation 6 months 44% per year Exercise price $46 $46 Annual interest rate 4% 0 Book ferences...

Answered: 1 week ago

Previous Question Next Question