of Cost or Market structions Chart of Accounts General Journal Next Level uctions Chart of Accounts General Journal a. Assume Parry uses the allowance method and a perpetual intentory system. Prepare the necessary journal entries to record: 1. the correct inventory valuation on December 31, 2016 2. the reduction in inventory when the inventory from December 31, 2016 is sold during 2017 Adobional Instructions 3. the correct inventory valuation on December 31, 2017 4. the reduction in inventory when the inventory from December 31, 2017 is sold during 2018 Additional Instructions 3. the correct inventory valuation on December 31, 2018 (if necessary) All transactions on this page must be entered (except for post reffs)) before you will receive Check My Work feedback Check My Work All work saved. Email Instructor Sa Instructions Chart of Accounts CHART OF ACCOUNTS Parry Company General Ledger REVENUE 411 Sales Revenue ASSETS 111 Cash 121 Accounts Receivable 131 Inventory 132 Allowance to Reduce Inventory to Market 141 Prepaid Insurance 181 Equipment 189 Accumulated Depreciation EXPENSES 500 Cost of Goods Sold 505 Loss Due to Market Valuation 511 Insurance Expense 512 Utilities Expense Check My Work All work saved er of Cost or Market instructions Chart of Accounts General Journal Balance Sheet Income Statement structions Shade General Journal All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. PAGE 9 GENERAL JOURNAL Score: 17/63 ACCOUNT TITLE DATE POST. REF. CREDIT DEBIT 125,000.00 Dec 31, 2016 Income Summary Inventory 125,000.00 Dec 31, 2017 Inventory 13,000.00 Income Summary 13.000.00 Points: Check My Work All work saved Email instructor Save and Exi 00 DI 0 F2 * are w of Cost or Market structions Chart of Accounts General Journal Next Level uctions Chart of Accounts General Journal a. Assume Parry uses the allowance method and a perpetual intentory system. Prepare the necessary journal entries to record: 1. the correct inventory valuation on December 31, 2016 2. the reduction in inventory when the inventory from December 31, 2016 is sold during 2017 Adobional Instructions 3. the correct inventory valuation on December 31, 2017 4. the reduction in inventory when the inventory from December 31, 2017 is sold during 2018 Additional Instructions 3. the correct inventory valuation on December 31, 2018 (if necessary) All transactions on this page must be entered (except for post reffs)) before you will receive Check My Work feedback Check My Work All work saved. Email Instructor Sa Instructions Chart of Accounts CHART OF ACCOUNTS Parry Company General Ledger REVENUE 411 Sales Revenue ASSETS 111 Cash 121 Accounts Receivable 131 Inventory 132 Allowance to Reduce Inventory to Market 141 Prepaid Insurance 181 Equipment 189 Accumulated Depreciation EXPENSES 500 Cost of Goods Sold 505 Loss Due to Market Valuation 511 Insurance Expense 512 Utilities Expense Check My Work All work saved er of Cost or Market instructions Chart of Accounts General Journal Balance Sheet Income Statement structions Shade General Journal All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. PAGE 9 GENERAL JOURNAL Score: 17/63 ACCOUNT TITLE DATE POST. REF. CREDIT DEBIT 125,000.00 Dec 31, 2016 Income Summary Inventory 125,000.00 Dec 31, 2017 Inventory 13,000.00 Income Summary 13.000.00 Points: Check My Work All work saved Email instructor Save and Exi 00 DI 0 F2 * are w
