User Account

All Pages

Prepare the adjusting entry necessary as a result

Assignment Help Accounting Basics
Reference no: EM131143882

1. Peter Kalle Company had the following account balances at year-end: cost of goods sold $60,000; merchandise inventory $15,000; operating expenses $29,000; sales $108,000; sales discounts $1,200; and sales returns and allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $14,100.

Instructions

(a) Prepare the adjusting entry necessary as a result of the physical count.

(b) Prepare closing entries. 

Reference no: EM131143882

Questions Cloud

Presented below is information for obley company : Presented below is information for Obley Company for the month of March 2010.
Determine the shearing stress at points a and b : A 90-N.m torque is applied to a hollow shaft having the cross section shown. Neglecting the effect of stress concentrations, determine the shearing stress at points a and b.
Prepare the necessary closing entries : Presented is information related to Rogers Co. for the month of January 2010.
Identify the primary benefits of byod in organizations : Identify the primary benefits of BYOD in organizations, and determine the key ways in which its concepts can enhance an end user's overall working experience.
Prepare the adjusting entry necessary as a result : Peter Kalle Company had the following account balances at year-end: cost of goods sold $60,000; merchandise inventory $15,000; operating expenses $29,000; sales $108,000; sales discounts $1,200; and sales returns and allowances $1,700.
Give a general overview of group decision-making : Discuss the research that links these two organizational communication ideas together. For example, How does an organization's culture influence how its groups make their decisions?(Two pages).
Pros and cons of moving enterprise-wide applications : Discuss the pros and cons of moving enterprise-wide applications that have traditionally been supported on premises to the cloud
The adjusted trial balance of zambrana company : The adjusted trial balance of Zambrana Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2010: Sales $800,000, Freight-out $16,000, Sales Returns and Allowances $25,000, and Sales Discounts $15,000.
How might leaders use symbolic acts to strengthen a cultural : How might leaders use symbolic acts to strengthen a cultural value of teamwork and collaboration? How about a value of customer care and responsiveness?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Superior coop uses a standard cost system to account for

superior coop uses a standard cost system to account for the costs of its one product. variable overhead is applied

  Name at least three accounts that would normally appear

Name at least three accounts that would normally appear in the chart of accounts of a merchandising business but would not appear in the chart of accounts of a service business.

  Mishima inc report this amount on its balance sheet

Mishima, Inc. indicated in a recent annual report that approximately $19 million of merchandise was received on consignment. Should Mishima, Inc. report this amount on its balance sheet? Explain.

  Royal carpet cleaning provided 90000 of services during

royal carpet cleaning provided 90000 of services during 2011 its first year of operations. all customers paid for the

  Assuming the same size and profitability

Assuming the same size and profitability, which fund would you expect to have more in tax liabilities: Active Trading or Activist Investing?

  Create and foster the ethical compromises

The chapter identifies nine factors that led to the "perfect fraud storm." Explain how these helped create and foster the ethical compromises that occurred between 2000 and 2002.

  Process costing steps

Of the following process costing steps, which must be done last? A. Compute the equivalent units of production. B. Compute the costs per equivalent unit of production C. Measure the physical flow of resources. D. Identify the product costs to account..

  Report the adjusted balance

Prepare the adjusting journal entry on December 31. In separate T- accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance.

  Sam works at the enrico arpaci mens clothing boutique in

sam works at the enrico arpaci mens clothing boutique in beverly hills earning 30000 per year. at work he wears enrico

  Determining the starting date of credit period

Merchandise is ordered on June 13; the merchandise is shipped by the seller and the invoice is prepared, dated, and mailed by the seller on June 16; the merchandise is received by the buyer on June 18; the entry is made in the buyer's accounts on ..

  Gearz company has break-even point of 7000 units fixed

gearz company has break-even point of 7000 units fixed costs are 150000 and variable costs are 550000 in total. what is

  A manufacturing business

A manufacturing business

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd