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Can someone please answer these five questions for me. Its for accounting and I need the answers before 12:00 Exercise 14-1A Adjustment for Merchandise Inventory
Can someone please answer these five questions for me. Its for accounting and I need the answers before 12:00
Exercise 14-1A Adjustment for Merchandise Inventory Using T Accounts: Periodic Inventory System Matt Henry owns a business called Henry's Sporting Goods. His beginning inventory as of January 1, 20--, was $45,000, and his ending inventory as of December 31, 20--, was $57,000. Set up T accounts for Merchandise Inventory and Income Summary and perform the year-end adjustment for Merchandise Inventory. (Beginning Inventory) Merchandise Inventory 45,000 - Select your answ er - - Select your answ er - Income Summary - Select your answ er - a. b. - Select your answ er - Exercise 14-3A Adjustment for Unearned Revenues Using T accounts Set up T accounts for Cash, Unearned Ticket Revenue, and Ticket Revenue. Post the following two transactions to the appropriate accounts, indicating each transaction by letter: Sold 1,200 season tickets at $400 each, receiving cash of $480,000. An end-of-period adjustment is needed to recognize that $120,000 in ticket revenue has been earned. Cash - Select your answ er - Ticket Revenue - Select your answ er - Unearned Ticket Revenue - Select your answ er - - Select your answ er - Exercise 14-4A Work Sheet Extensions for Merchandise Inventory Adjustments: Periodic Inventory System The following partial work sheet is taken from Kevin's Gift Shop for the year ended December 31, 20--. The ending merchandise inventory is $50,000. Hint(s) 1. Complete the Adjustments columns for the merchandise inventory. 2. Extend the merchandise inventory to the Adjusted Trial Balance and Balance Sheet columns. 3. Extend the remaining accounts to the Adjusted Trial Balance and Income Statement columns. Kevin's Gift Shop Work Sheet (Partial) For Year Ended December 31, 20-TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT Merchandise Inventory 40,000 Income Summary Purchases 90,000 Purchases Returns and Allowances 2,000 Purchases Discounts 3,000 Freight-In 500 Hint(s) Hide 4. Prepare a cost of goods sold section from the partial work sheet. Kevin's Gift Shop Cost of Goods Sold Section Cost of goods sold: $ $ $ Net purchases $ $ Cost of goods sold $ Exercise 14-7A Journal Entries Under the Perpetual Inventory System Bhushan Building Supplies entered into the following transactions. Hide Prepare journal entries under the perpetual inventory system. If an amount box does not require an entry, leave it blank. GENERAL JOURNAL DOC. P DATE ACCOUNT TITLE NO. 1 1/6 Jun. 1 2 3 4 3/6 Jun. 3 5 6 7 8 9 5/6 Jun. 5 Record Sale/ Record Sale 10 11 5/6 Jun. 5 Record Cost/ Record Cost 12 Problem 14-9A Completion of a Work Sheet Showing a Net IncomThe trial balance for the Venice Beach Kite Shop, a business owned by Molly Young, is shown below. Year-end adjustment information is as follows: Required: Hint(s) 1. Complete the Adjustments columns. 2. Complete the work sheet. If an amount box does not require an entry, leave it blank. Venice Beach Kite Shop Work Sheet For Year Ended December 31, 20-TRIAL ADJUSTED TRIAL INCOME ADJUSTMENTS BALANCE SHEET BALANCE BALANCE STATEMENT ACCOUNT CREDI DEBIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT TITLE T Cash 20,000 Accounts 14,000 Receivable Merchandis 25,000 e Inventory Supplies 8,000 Prepaid Insurance Land 5,400 30,000 Building 50,000 Accumulate 20,000 d Depr. Building Store 35,000 Equipment Accumulate 14,000 d Depr. Store Equip. Accounts 9,600 Payable Wages Payable Sales Tax 5,900 Payable Unearned 8,900 Rent Revenue Mortgage 45,000 Payable M. Young, Capital M. Young, Drawing Income Summary Sales 65,410 26,000 118,00 0 Sales 1,700 Returns and Allowances Rent Revenue Purchases 27,000 Purchases 1,400 Returns and Allow. Purchases 1,800 Discounts Freight-In 2,100 Wages 32,000 Expense Advertising 3,600 Expense Supplies Expense Telephone 1,350 Expense Utilities 8,000 Expense Insurance Expense Depreciatio n Expense Building Depreciatio n Exp. Store Equip. Miscellaneo 860 us Expense 290,01 290,01 0 0 Net Income Hint(s) Hide 3. Enter the adjustments in a general journal. If an amount box does not require an entry, leave it blank. GENERAL JOURNAL DOC. P DATE ACCOUNT TITLE NO. 1 a./ a. 2 3 4 b./ b. 5 6 7 c./ c. 8 9 10 d./ d. 11 12 13 e./ e. 14 15 16 17 f./ f. 18 19 g./ g. 20 21 22 23 h./ hStep by Step Solution
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