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Healthy Eating Foods Company is a distributor of nutritious snack foods such as granola bars. The firm's general ledger balances on December 31, 2021 are
Healthy Eating Foods Company is a distributor of nutritious snack foods such as granola bars. The firm's general ledger balances on December 31, 2021 are found on the general ledger tab below. Information for the firm's December 31, 2021 adjusting entries is found below. ADJUSTMENTS a.) Prepare the adjusting entry related to beginning Merchandise inventory. b.) Merchandise inventory on December 31, 2021, is $78,000. Prepare the required adjusting entry. c.) During 2021, the firm had net credit sales of $560,000; past experience indicates that 0.5 percent of these sales should result in uncollectible accounts. d.) On December 31, 2021, an inventory of supplies showed that items costing $1,180 were on hand. e.) On May 1, 2021, the firm purchased a one-year insurance policy for $5,400. f.) Three years ago the firm purchased office equipment for $8,300. At that time, the equipment was estimated to have a useful life of six years and a salvage value of $350. g.) Three years ago the firm purchased warehouse equipment for $28,000. At that time, the equipment was estimated to have a useful life of five years and a salvage value of $4,000. h.) On November 1, 2021, the firm issued a four-month, 12 percent note for $32,000. i.) On December 31, 2021, the firm owed salaries of $5,000 that will not be paid until 2022. j.) On December 31, 2021, the firm owed the employer's social security tax (assume 6.2 percent) and Medicare tax (assume 1.45 percent) on the entire $5,000 of accrued wages. k.) On December 31, 2021, the firm owed the federal unemployment tax (assume 0.6 percent) and the state unemployment tax (assume 5.4 percent) on the entire $5,000 of accrued wages. Journal entry worksheet N b.) Merchandise inventory on December 31, 2021, is $78,000. Prepare the required adjusting entry. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2021 Journal entry worksheet d.) On December 31, 2021, an inventory of supplies showed that items costing $1,180 were on hand. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2021 Journal entry worksheet 1 2 3 4 4 5 6 7 8 ..... 11 > e.) On May 1, 2021, the firm purchased a one-year insurance policy for $5,400. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2021 Journal entry worksheet f.) Three years ago the firm purchased office equipment for $8,300. At that time, the equipment was estimated to have a useful life of six years and a salvage value of $350. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2021 Journal entry worksheet g.) Three years ago the firm purchased warehouse equipment for $28,000. At that time, the equipment was estimated to have a useful life of five years and a salvage value of $4,000. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2021 Journal entry worksheet h.) On November 1, 2021, the firm issued a four-month, 12 percent note for $32,000. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2021 Journal entry worksheet k.) On December 31, 2021, the firm owed the federal unemployment tax (assume 0.6 percent) and the state unemployment tax (assume 5.4 percent) on the entire $5,000 of accrued wages. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2021 Healthy Eating Foods Company is a distributor of nutritious snack foods such as granola bars. The firm's general ledger balances on December 31, 2021 are found on the general ledger tab below. Information for the firm's December 31, 2021 adjusting entries is found below. ADJUSTMENTS a.) Prepare the adjusting entry related to beginning Merchandise inventory. b.) Merchandise inventory on December 31, 2021, is $78,000. Prepare the required adjusting entry. c.) During 2021, the firm had net credit sales of $560,000; past experience indicates that 0.5 percent of these sales should result in uncollectible accounts. d.) On December 31, 2021, an inventory of supplies showed that items costing $1,180 were on hand. e.) On May 1, 2021, the firm purchased a one-year insurance policy for $5,400. f.) Three years ago the firm purchased office equipment for $8,300. At that time, the equipment was estimated to have a useful life of six years and a salvage value of $350. g.) Three years ago the firm purchased warehouse equipment for $28,000. At that time, the equipment was estimated to have a useful life of five years and a salvage value of $4,000. h.) On November 1, 2021, the firm issued a four-month, 12 percent note for $32,000. i.) On December 31, 2021, the firm owed salaries of $5,000 that will not be paid until 2022. j.) On December 31, 2021, the firm owed the employer's social security tax (assume 6.2 percent) and Medicare tax (assume 1.45 percent) on the entire $5,000 of accrued wages. k.) On December 31, 2021, the firm owed the federal unemployment tax (assume 0.6 percent) and the state unemployment tax (assume 5.4 percent) on the entire $5,000 of accrued wages. Journal entry worksheet N b.) Merchandise inventory on December 31, 2021, is $78,000. Prepare the required adjusting entry. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2021 Journal entry worksheet d.) On December 31, 2021, an inventory of supplies showed that items costing $1,180 were on hand. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2021 Journal entry worksheet 1 2 3 4 4 5 6 7 8 ..... 11 > e.) On May 1, 2021, the firm purchased a one-year insurance policy for $5,400. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2021 Journal entry worksheet f.) Three years ago the firm purchased office equipment for $8,300. At that time, the equipment was estimated to have a useful life of six years and a salvage value of $350. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2021 Journal entry worksheet g.) Three years ago the firm purchased warehouse equipment for $28,000. At that time, the equipment was estimated to have a useful life of five years and a salvage value of $4,000. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2021 Journal entry worksheet h.) On November 1, 2021, the firm issued a four-month, 12 percent note for $32,000. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2021 Journal entry worksheet k.) On December 31, 2021, the firm owed the federal unemployment tax (assume 0.6 percent) and the state unemployment tax (assume 5.4 percent) on the entire $5,000 of accrued wages. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2021
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