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

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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