College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Textbook Question
Chapter 14, Problem 8SEB
JOURNALIZE
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JOURNALIZE ADJUSTING ENTRIES FOR A MERCHANDISING BUSINESS Thefollowing partial spreadsheet is taken from the books of the Venice Vegetable Market, for the year ended December 31, 20--. Journalize the adjustments in a general journal.
JOURNALIZE ADJUSTING ENTRIES FOR A MERCHANDISING BUSINESS
The following partial spreadsheet is taken from the books of Vinnie'sVegetable Market, for the year ended December 31, 20--. Journalize the adjustments in a general journal.
Journalize Adjusting Entries for a Merchandising Business
The following partial spreadsheet is taken from the books of Vinnie’s Vegetable Market, for the year ended December 31, 20--.
Vinnie’s Vegetable MarketEnd-of-Period Spreadsheet (Partial)For Year Ended December 31, 20--
ACCOUNT TITLE
TRIAL BALANCE
ADJUSTMENTS
DEBIT
CREDIT
DEBIT
CREDIT
Merchandise Inventory
47,000.00
(b) 49,000.00
(a) 47,000.00
Supplies
11,000.00
(d) 7,500.00
Building
48,000.00
Accum. Depr.—Building
12,000.00
(e) 4,000.00
Wages Payable
(f) 1,200.00
Unearned Membership Fees
4,000.00
(c) 3,000.00
Income Summary
(a) 47,000.00
(b) 49,000.00
Membership Fees
18,000.00
(c) 3,000.00
Wages Expense
36,000.00
(f) 1,200.00
Supplies Expense
(d) 7,500.00
Depr. Expense—Building
(e) 4,000.00
111,700.00
111,700.00
Journalize the adjustments in a general journal.
Chapter 14 Solutions
College Accounting, Chapters 1-27
Ch. 14 - Under the periodic inventory system, the beginning...Ch. 14 - Under the periodic inventory system, the ending...Ch. 14 - The cash received in advance before delivering a...Ch. 14 - Unearned revenue is adjusted into an expense...Ch. 14 - Sales Returns and Allowances is classified as a...Ch. 14 - Under the periodic inventory system, what account...Ch. 14 - Under the periodic inventory system, what account...Ch. 14 - Under the periodic inventory system, what account...Ch. 14 - Unearned revenue is classified as what type of...Ch. 14 - Under the perpetual inventory method, what account...
Ch. 14 - Prepare the cost of goods sold section for Josephs...Ch. 14 - The Venice Theatre sold and collected cash of...Ch. 14 - Information relating to inventory for Janie Par...Ch. 14 - Using the spreadsheet provided below, prepare the...Ch. 14 - Prob. 5CECh. 14 - A firm is preparing to make adjusting entries at...Ch. 14 - What spreadsheet amounts are used to compute cost...Ch. 14 - Why are both the debit and credit amounts in the...Ch. 14 - What is an unearned revenue?Ch. 14 - Give three examples of unearned revenue.Ch. 14 - Prob. 6RQCh. 14 - Prob. 7RQCh. 14 - A firm is preparing to make adjusting entries at...Ch. 14 - ADJUSTMENT FOR MERCHANDISE INVENTORY USING T...Ch. 14 - ADJUSTMENT FOR MERCHANDISE INVENTORY USING T...Ch. 14 - CALCULATION OF COST OF GOODS SOLD: PERIODIC...Ch. 14 - CALCULATION OF COST OF GOODS SOLD: PERIODIC...Ch. 14 - ADJUSTMENT FOR UNEARNED REVENUES USING T ACCOUNTS...Ch. 14 - MERCHANDISE INVENTORY ADJUSTMENTS: PERIODIC...Ch. 14 - DETERMINING THE BEGINNING AND ENDING INVENTORY...Ch. 14 - JOURNALIZE ADJUSTING ENTRIES FOR A MERCHANDISING...Ch. 14 - JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY...Ch. 14 - ADJUSTMENTS FOR A MERCHANDISING BUSINESS:...Ch. 14 - JOURNALIZE ADJUSTING ENTRY FOR INVENTORY...Ch. 14 - PREPARATION OF ADJUSTMENTS ON A SPREADSHEET FOR A...Ch. 14 - WORKING BACKWARD FROM ADJUSTED TRIAL BALANCE TO...Ch. 14 - ADJUSTMENT FOR MERCHANDISE INVENTORY USING T...Ch. 14 - ADJUSTMENT FOR MERCHANDISE INVENTORY USING T...Ch. 14 - CALCULATION OF COST OF GOODS SOLD: PERIODIC...Ch. 14 - CALCULATION OF COST OF GOODS SOLD: PERIODIC...Ch. 14 - ADJUSTMENT FOR UNEARNED REVENUES USING T ACCOUNTS...Ch. 14 - MERCHANDISE INVENTORY ADJUSTMENTS: PERIODIC...Ch. 14 - DETERMINING THE BEGINNING AND ENDING INVENTORY...Ch. 14 - JOURNALIZE ADJUSTING ENTRIES FOR A MERCHANDISING...Ch. 14 - JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY...Ch. 14 - ADJUSTMENTS FOR A MERCHANDISING BUSINESS:...Ch. 14 - JOURNALIZE ADJUSTING ENTRY FOR INVENTORY...Ch. 14 - Prob. 12SPBCh. 14 - WORKING BACKWARD FROM ADJUSTED TRIAL BALANCE TO...Ch. 14 - A friend of yours recently opened Abracadabra, a...Ch. 14 - Jason Tierro, an inventory clerk at Lexmar...Ch. 14 - John Neff owns and operates Waikiki Surf Shop. A...Ch. 14 - Block Foods, a retail grocery store, has agreed to...
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- Journalize Adjusting Entries for a Merchandising Business The following partial spreadsheet is taken from the books of Vinnie’s Vegetable Market, for the year ended December 31, 20--. Vinnie’s Vegetable MarketEnd-of-Period Spreadsheet (Partial)For Year Ended December 31, 20-- ACCOUNT TITLE TRIAL BALANCE ADJUSTMENTS DEBIT CREDIT DEBIT CREDIT Merchandise Inventory 45,000.00 (b) 50,000.00 (a) 45,000.00 Supplies 10,000.00 (d) 7,000.00 Building 60,000.00 Accum. Depr.—Building 15,000.00 (e) 5,000.00 Wages Payable (f) 1,200.00 Unearned Membership Fees 3,000.00 (c) 2,000.00 Income Summary (a) 45,000.00 (b) 50,000.00 Membership Fees 20,000.00 (c) 2,000.00 Wages Expense 37,000.00 (f) 1,200.00 Supplies Expense (d) 7,000.00 Depr. Expense—Building (e) 5,000.00 110,200.00 110,200.00 Journalize the adjustments in a general journal. Page: 1 ROW NUMBER DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT ROW…arrow_forwardJournalize Adjusting Entries for a Merchandising Business The following partial spreadsheet is taken from the books of Vinnie's Vegetable Market, for the year ended December 31, 20--. Vinnie's Vegetable Market End-of-Period Spreadsheet (Partial) For Year Ended December 31, 20-- TRIAL BALANCE ADJUSTMENTS ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT Merchandise Inventory 45,000.00 (b) 50,000.00 (a) 45,000.00 Supplies Building 10,000.00 (d) 7,000.00 60,000.00 Accum. Depr.-Building 15,000.00 (e) 5,000.00 Wages Payable () 1,200.00 (c) 2,000.00 Unearned Membership Fees Income Summary 3,000.00 (a) 45,000.00 (b) 50,000.00 Membership Fees 20,000.00 (c) 2,000.00 Wages Expense 37,000.00 (f) 1,200.00 Supplies Expense (d) 7,000.00 Depr. Expense-Building (e) 5,000.00 110,200.00 110,200.00 Journalize the adjustments in a general journal. Page: 1 DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-- 1 Dec. 31 2 3 4 Dec. 31 5 6. 6. 7 Dec. 31 7 8. 8. 9. 9. 10 Dec. 31 10 11 11 12 12 13 Dec. 31 13 14 14 15…arrow_forwardJOURNALIZE ADJUSTING ENTRIES FOR A MERCHANDISING BUSINESS The following partial work sheet is taken from the books of Kellys Kittens, a local pet kernel, for the year ended December 31, 20--. Journalize the adjustments in a general journal.arrow_forward
- Entries for notes receivable, including year-end entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: Journalize the entries to record the transactions.arrow_forwardUsing the accounts listed below, review the following transactions for April Anglers and record any required journal entries. April Anglers uses the periodic inventory system:arrow_forwardJournalizing Sales Returns and Allowances Selected transactions are shown: June John B. Abramowitz returned merchandise previously purchased on account (Sale 1 No. 329), $77. 1 Marie L. Perez returned merchandise previously purchased on account (Sale No. 321), $35. L. B. Gruder returned merchandise previously purchased on account (Sale No. 8. 299), $25. 1. Enter the transactions on page 60 of a general journal. Enter the posting references when you complete part 2. GENERAL JOURNAL PAGE 60 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- June 1 Returned merchandise June 6 Returned merchandise June 8 Returned merchandise 2. Post the transactions to the appropriate general ledger and accounts receivable ledger accounts. GENERAL LEDGER ACCOUNT Accounts Receivable ACCOUNT NO. 122 BALANCE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT DATE 20-- June 1 Balance 4,370.00 ACCOLINT Cates D ef lowancRE ACCOUINT NOarrow_forward
- Merchandising Journal Entries Instructions: Using the Excel General Journal Template prepare in good form the journal entries for the month of July for ABC Co. (providing explanations and calculations is optional)arrow_forwardplease answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Every entry should have narration please Prepare journal entries to record the following merchandising transactions of Cabela’s, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable—Boden. July 1 Purchased merchandise from Boden Company for $7,000 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Creek Company for $1,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $583. July 3 Paid $130 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $2,300 for $2,700 cash. July 9 Purchased…arrow_forwardWORKING BACKWARD FROM ADJUSTED TRIAL BALANCE TO DETERMINE ADJUSTING ENTRIES The partial spreadsheet shown below is taken from the books of Albers Pet Supply, a business owned by Carm Albers, for the year ended December 31, 20--. Albers is on the periodic inventory system. REQUIRED 1. Determine the adjusting entries by analyzing the difference between the adjusted trial balance and the trial balance. 2. Journalize the adjusting entries in a general journal.arrow_forward
- Journalizing Sales Returns and Allowances Selected transactions are shown. June 1 John B. Abramowitz returned merchandise previously purchased on account (Sale No. 329), $73. 6 Marie L. Perez returned merchandise previously purchased on account (Sale No. 321), $44. 8 L. B. Gruder returned merchandise previously purchased on account (Sale No. 299), $24. 1. Enter the transactions starting on page 60 of a general journal. Enter the posting references when you complete part 2. GENERAL JOURNAL PAGE 60 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- June 1 /√ Returned merchandise June 6 /√ Returned merchandise June 8 /√ Returned merchandise 2. Post the transactions to the appropriate general ledger and accounts receivable ledger accounts. GENERAL LEDGER ACCOUNT Accounts Receivable ACCOUNT NO. 122 BALANCE DATE ITEM POST. REF. DEBIT CREDIT…arrow_forwardInstructions In this assignment you will record eight transactions related to the sale and purchase of merchandise. You will record each transaction according to the procedures of a periodic inventory system. You will record each transaction according to the procedures of a perpetual inventory system. Include the date for each transaction. Include a brief explanation for each entry similar to the sample entry example. Please skip a line between each transaction entry. You may use the journals provided or create your own journals. If you create your own journals they must have a date column, description column, a debit column and a credit column. You may hand write the journal entries or type them. Transactions to Record Sample Ace Company issues a $200 Sales Allowance to a customer who received damaged merchandise purchased in Feb from Ace. Mar 1 Ace Company sells merchandise totaling $1,500 on account with terms 2/15, n/30, FOB destination. Cost of goods is…arrow_forwardPrepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system. (Hint: It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable-Aron.) August 1 Purchased merchandise from Aron Company for $7,500 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. August 5 Sold merchandise to Baird Corporation for $5,200 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $4,000. August 8 Purchased merchandise from Waters Corporation for $5,400 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. August 9 Paid $125 cash for shipping charges related to the August 5 sale to Baird Corporation. August 10 Baird returned merchandise from the August 5 sale that had cost Lowe's $400 and was Lowe's $400 and was sold for $600. The merchandise was restored to inventory. August 12 After…arrow_forward
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