Descriptions of items that require adjusting entries on lenuary 31, 2017, follow

Question

Descriptions of items that require adjusting entries on lenuary 31, 2017, follow. a Store supplies still available at fiscal year-end amount to $2,250 b. Expired insurance, an administrative expense, for the fiscal year is $1,600. c. Depreciation expense on store equipment, a selling expense, is $6,900 for the fiscal year d. To estimate shrinkage, a physical count of ending merchandise inventory is taken It shows $10,430 of inventory is still available at fiscal year-end. General Journal Ledger Trial Balance Multiple Step Single Step IS Balance SheetRatios For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required dosing entries. View transaction list Journal entry worksheet 123 a.) Store supplies still available at fiscal year-end amount to $2,250. Noter Enter debits before credits Date Debit Credit Account Title Jan 31

Explanation / Answer

General Journal Debit Credit a) Store supplies Expenses                 Store Supplies (Store Supplies Expenses - $2250) b) Insurance Expenses $1,600.00          Prepaid Insurance $1,600.00 c) Depreciation Expense--- Store Equipment $6,900.00                        Accumulated Depreciation - Store Equip. $6,900.00 d) Cost of Good Sold                Merchandise Inventory (Merchandise Inventory - $10,430) Figures for Store supplies expense and merchandise inventory taken from unadjusted trial balance (Because its not mentioned in the question)

Related Questions

Navigate

• Browse (All)
• Browse D
• Subjects

---