Question
Please help with the adjusting entries for each one. 1 . A supplier shipped $3,000 of ingredients on 12/29/17. Peyton receives an invoice for $3,175?goods
Please help with the adjusting entries for each one.
1. A supplier shipped $3,000 of ingredients on 12/29/17. Peyton receives an invoice for $3,175?goods
of $3,000 and freight of $175?all dated 12/29/17. Goods were shipped FOB supplier's warehouse.
2. At 12/31/17, Peyton has $200 worth of merchandise on consignment at Bruno's House of Bacon.
3. On 12/23/17, Peyton received $1,000 deposit from Pet Globe for product to be shipped by Peyton in
the second week of January.
4. On 12/03/2017, a mixer with a cost of $2,000, accumulated depreciation $1,200, was destroyed by a
forklift. As of 12/23/17, insurance company has agreed to pay $700 in January, 2018, for accidental
destruction.
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