Top Posters
Since Sunday
b
4
o
3
s
3
j
3
b
3
m
3
K
3
g
3
L
3
w
3
m
3
j
3
Home Q & A Board Other Fields Homework Help Business Accounting
New Topic  
H3Ko H3Ko
wrote...
Go to Answer
Posts: 4891
Rep: 45 0
7 years ago
The trial balance for a merchandiser is as follows. A physical count of inventory at the end of the accounting year reveals $28,000 of inventory on hand. (Assume a perpetual inventory system.)

   Debit   Credit
Cash   $12,600   
Accounts Receivable   2,400   
Prepaid Rent   800   
Merchandise Inventory   30,000   
Accounts Payable      $4,200
Salaries Payable      1,000
Notes Payable      800
Common Stock      10,000
Retained Earnings      3,800
Dividends   1,000   
Sales Revenue      96,000
Sales Returns and Allowances   1,600   
Sales Discounts   400   
Cost of Goods Sold   23,000   
Salaries Expense   21,000   
Rent Expense   14,000   
Selling Expense   8,500   
Supplies Expense   500   ________
Total   $115,800   $115,800

Give journal entry to record the inventory shrinkage, and the entries to close the Sales Revenue account, the expense accounts and contra revenue accounts with a debit balance, and the the Income Summary account and the Dividends account.
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
Read 114 times
2 Replies
Replies
Answer verified by a subject expert
.unplugged..unplugged.
wrote...
#1
Top Poster
Posts: 1272
Rep: 267 0
7 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
This verified answer contains over 280 words.
1

Related Topics

H3Ko Author
wrote...
#2
7 years ago
Really appreciate your help. Sorry for taking so long to thank you, you deserve the recognition.
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1046 People Browsing
 137 Signed Up Today
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Related Images
  
 717
  
 974
  
 802
Your Opinion
Do you believe in global warming?
Votes: 422
Previous poll results: What percentage of nature vs. nurture dictates human intelligence?