A physical count of supplies on hand at the end of May for Masters, Inc. Indicated $1,257 of supplies on hand. The general ledger balance before any adjustment is $2,170. What is the adjusting entry for supplies that should be recorded on May 31? Multiple Choice о Debit Supplies Expense $1257 and credit Supplies $1257. Debit Supplies Expense $913 and credit Supplies $913. Debit Prepaid Supplies $913 and credit Supplies Expense $913. Debit Supplies Expense $1257 and credit Supplies $2170. Debit Supplies $1257 and credit Cash $1257.

On March 1, Sally Co. sold merchandise to Buck Co. on account, $58,900, terms 2/15, n/30. The cost of the merchandise sold is $35,200. The merchandise was paid for on March 14. Assume all discounts are taken. Required: Journalize the entries for Sally Co. and Buck Co. for the sale, purchase, and payment of amount due. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances. Nix'It uses the perpetual inventory system. Retained earnings Dividends Sales Sales discounts Sales returns and allowances Prepare the company's year-end closing entries. View transaction list Journal entry worksheet 1 2 Date July 31 3 4 Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits. $ 120,300 Cost of goods sold 7,000 Depreciation expense 175,000 Salaries expense 3,400 Miscellaneous expenses 6,000 Record entry General Journal Clear entry Debit Credit $ 106,500 10,800 35,000 5,000 View general journal >

The perpetual inventory records of Penny Co. indicate that $415,000 of merchandise should be on hand on December 31. The physical inventory indicates that $370,000 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for the year ended December 31.

Please make a LIFO chart

A company reported the following balances in some selected accounts: Inventory, 1 March $4,000, Transportation-in $200, Inventory, 31 March $6,000, Purchases $16,000, Purchase Returns and Allowances $500, Purchase discounts $700, Sales $35,000, Sales discounts $1,500.   The Cost of Goods Sold for the period is:   Group of answer choices $13,000 $16,000 $12,600 $13,400

Prepare the entries for transaction below and indicate what journal it is 21 august issued a $600 credit memo to ultracity co. For an allowance on good sold on august 19, 2020

Review the following transactions. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 330 water bottles for their merchandise inventory, on credit, for $14 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier. Prepare any necessary journal entries for Tolbert Enterprises. If an amount box does not require an entry, leave it blank. Apr. 7 Apr. 15

Complete the following: (Use Table 7.1) Invoice Date goods are received Terms Last day of discount period Final day bill is due (end of credit period) June 18   1/10, n/30