Presented below is selected information related to Blue Co. for the month of January 2022. Ending inventory per Insurance expense $11,560 perpetual records $23,710 Rent expense 20,350 Ending inventory actually Salaries and wages expense 57,710 on hand 22,910 Sales discounts 11,620 Cost of goods sold 217,820 Sales returns and allowances 14,730 Freight-out 7,070 Sales revenue 403,550 (a) Prepare the necessary adjusting entry for inventory. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
Presented below is selected information related to Blue Co. for the month of January 2022. Ending inventory per Insurance expense $11,560 perpetual records $23,710 Rent expense 20,350 Ending inventory actually Salaries and wages expense 57,710 on hand 22,910 Sales discounts 11,620 Cost of goods sold 217,820 Sales returns and allowances 14,730 Freight-out 7,070 Sales revenue 403,550 (a) Prepare the necessary adjusting entry for inventory. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter14: Adjustments For A Merchandising Business
Section: Chapter Questions
Problem 3MC: Under the periodic inventory system, what account is debited when an estimate is made for the cost...
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