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how to complete the worksheet with the above perpetual inventory referenced table? The worksheet adjustment section needs to be completed. The trial balance of Cheyenne
how to complete the worksheet with the above perpetual inventory referenced table? The worksheet adjustment section needs to be completed.
The trial balance of Cheyenne Corp. contained the following accounts at November 30, the end of the company's fiscal year. Cheyenne adjusts its accounts annually and uses the perpetual inventory system. Debit Credit Cash $ 8,300 Accounts Receivable 31.100 Inventory 42,900 Supplies 6.100 Equipment 132,000 Accumulated Depreciation--Equipment $ 30,000 Notes Payable 53,500 Accounts Payable 34,200 Common Stock 55,000 Retained Earnings 40,000 Dividends 11,000 Sales Revenue 755,200 Sales Returns and Allowances 8,600 497,300 Cost of Goods Sold 139,800 Salaries and Wages Expense 24,300 Advertising Expense 13.700 Utilities Expense 12,100 Maintenance and Repairs Expense 16,600 Freight-Out 24,100 Rent Expense $967.900 $967.900 Totals Adjustment data: 1. Supplies on hand totaled $2,500. 2. Depreciation is $13,000 on the equipment. 3. Interest of $4,000 is accrued on notes payable at November 30. 4. Inventory actually on hand is $42.200. (a) Complete the worksheet. Account Titles Trial Balance Adjustments Dr. Cr. Dr. Cr. Cash $8,300 8300 $ Accounts Receivable 31.100 31100 Inventory 42.900 42200 Supplies 6.100 2500 Equipment 182,000 132000 Accum. Depreciation Equipment $30,000 43000 Notes Payable 53.500 50500 Accounts Payable 34.200 Common Stock 55.000 55000 40.000 Retained Earnings 20000 Dividends 11,000 11000 Sales Revenue 755,200 755200 Sales Returns and Allowances 8,600 8600 Cost of Goods Sold 497,300 497300 Salaries and Wages Expense 139,800 139800 Advertising Expense 24.300 24300 13,700 Utilities Expense 13700 12.100 12100 Maintenance and Repairs Expense 16600 Freight-Out 16,600 24.100 24100 Rent Expense Totals $967.900 $967.900 3600 Supplies Expense 13000 Depreciation Expense 4000 Interest Expense 4000 Interest Payable Totals Step by Step Solution
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