Assume that a Steer Burger restaurant has the following perpetual inventory record for hamburger patties: (Click the icon to view the perpetual inventory record.) At July 31, the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory is $400. Make any adjusting entry needed to apply the lower-of-cost-or-market rule. Merchandise inventory would be reported on the balance sheet at what value on July 31? Make any adjusting entry needed to apply the lower-of-cost-or-market rule. (Record debits first, then credits. Exclude explanations from journal entries. For situations that do not make sure to select "No entry required" in the first cell in the "Accounts" column and leave all other cells blank.) Date Jul. 31 Accounts Debit Credit Data table Date Purchases Cost of Goods Sold Merchandise Inventory on Hand Jul. 9 $ 500 500 Jul. 22 $ 280 220 Jul. 31 240 460 Print Done

Assume that a Steer Burger restaurant has the following perpetual inventory record for hamburger patties: (Click the icon to view the perpetual inventory record.) At July 31, the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory is $400. Make any adjusting entry needed to apply the lower-of-cost-or-market rule. Merchandise inventory would be reported on the balance sheet at what value on July 31? Make any adjusting entry needed to apply the lower-of-cost-or-market rule. (Record debits first, then credits. Exclude explanations from journal entries. For situations that do not make sure to select "No entry required" in the first cell in the "Accounts" column and leave all other cells blank.) Date Jul. 31 Accounts Debit Credit Data table Date Purchases Cost of Goods Sold Merchandise Inventory on Hand Jul. 9 $ 500 500 Jul. 22 $ 280 220 Jul. 31 240 460 Print Done

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 9PA: On December 31, 2019, the balances of the accounts appearing in the ledger of Wyman Company are as...

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Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section and place a check mark () in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owners equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. Insert the new balance in the owners capital account. 10. Prepare a post-closing trial balance.
On April 5, a customer returns 20 bicycles with a sales price of $250 per bike to Barrio Bikes. Each bike cost Barrio Bikes $100. The customer had yet to pay on their account. The bikes are in sellable condition. Prepare the journal entry or entries to recognize this return if the company uses A. the perpetual inventory system B. the periodic inventory system
On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as follows: Instructions 1. Does Simkins Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Simkins Company for the year ended June 30, 2019. The merchandise inventory as of June 30, 2019, was 508,000. The adjustment for estimated returns inventory for sales for the year ending December 31, 2019, was 33,000. 3. Prepare the closing entries for Simkins Company as of June 30, 2019. 4. What would the net income have been if the perpetual inventory system had been used?
Assume that a Mega Burger restaurant has the following perpetual inventory record for hamburger patties: E (Click the icon to view the perpetual inventory record.) At December 31, the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory is $376. Make any adjusting entry needed to apply the lower-of-cost-or-market rule. Merchandise inventory would be reported on the balance sheet at what value on December 31? Make any adjusting entry needed to apply the lower-of-cost-or-market rule. (Record debits first, then credits. Exclude explanations from journal entries. For situations that do not require an entry, make sure to select "No entry required" in the first cell in the "Accounts" column and leave all other cells blank.) Date Accounts Debit Data Table Dec. 31 Cost of Merchandise Date Purchases Goods Sold Inventory on Hand Dec 9 S 460 460 22 2$ 280 180 Choose from any list or enter any number in the input fields and then click 31…
Assume that a Rocket Burger restaurant has the following perpetual inventory record for hamburger patties: (Click the icon to view the perpetual inventory record.) At July 31, the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory is $520. Make any adjusting entry needed to apply the lower-of-cost-or-market rule. Merchandise inventory would be reported on the balance sheet at what value on July 31? Make any adjusting entry needed to apply the lower-of-cost-or-market rule. (Record debits first, then credits. Exclude explanations from journal entries. For situations that do not require an entry, make sure to select "No entry required" in the first cell in the "Accounts" column and leave all other cells blank.) Date Jul. 31 Accounts Debit Credit Data table Date Jul. 9 Jul. 22 Jul. 31 $ Purchases 440 330 C Print Cost of Goods Sold $ 200 Merchandise Inventory on Hand 440 240 570 $ Done
Assume that a Steer Burger restaurant has the following perpetual inventory record for hamburger patties: View the perpetual inventory record. At February 28, the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory is $515. Make any adjusting entry needed to apply the lower-of-cost-or-market rule. Merchandise inventory would be reported on the balance sheet at what value on February 28? ... Make any adjusting entry needed to apply the lower-of-cost-or-market rule. (Record debits first, then credits. Exclude explanations from journal entries. If no entry is required select "No entry required" on the first line of the journal entry table.) Date Feb. 28 Accounts Debit Credit Perpetual inventory record - Cost of Goods Merchandise Date Purchases Sold Inventory on Hand Feb. 9 $ 520 520 Feb. 22 230 290 Feb. 28 260 550
Assume that a Mega Burger restaurant has the following perpetual inventory record for hamburger patties: Date Purchases Cost of Goods Sold Merchandise Inventory on Hand Jul. 9 $450 $450 Jul. 22 $280 170 Jul. 31 320 490 At July 31, the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory is $440. Make any adjusting entry needed to apply the lower-of-cost-or-market rule. Merchandise inventory would be reported on the balance sheet at what value on July 31? Make any adjusting entry needed to apply the lower-of-cost-or-market rule. (Record debits first, then credits. Exclude explanations from journal entries. For situations that do not require an entry, make sure to select "No entry required" in the first cell in the "Accounts" column and leave all other cells blank.) Date Accounts Debit Credit Jul. 31…
Chloe Company employs the perpetual inventory system. Cost of Goods Sold for the year before any adjustment is $275,450. The computer record shows the amount of ending inventory to be $55,382, while the physical count shows ending inventory to be $51,405. Record the adjustment into T accounts and then journalize the adjusting entry.
S6-8 (similar to) Question Help Assume that a Omega Burger restaurant has the following perpetual inventory record for hamburger patties: (Click the icon to view the perpetual inventory record.) At November 30, the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory is $489. Make any adjusting entry needed to apply the lower-of-cost-or-market rule. Merchandise inventory would be reported on the balance sheet at what value on November 30? Make any adjusting entry needed to apply the lower-of-cost-or-market rule. (Record debits first, then credits. Exclude explanations from journal entries. For situations that do not require an entry, make sure to select "No entry required" in the first cell in the "Accounts" column and leave all other cells blank.) Date Accounts Debit Credit i Data Table Nov. 30 Cost of Merchandise Date Purchases Goods Sold Inventory on Hand Nov. 9 $ 490 $ 490 22 $ 270 220 30 220 440 Print Done
Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise. Preparing a multi-step income statement and journalizing closing entries Triton Department Store uses a periodic inventory system. The adjusted trial balance of Triton Department Store at December 31, 2018, follows: Requirements Prepare Triton Department Store’s multi-step income statement for the year ended December 31, 2018. Assume ending Merchandise inventory is $36,300. Journalize Triton Department Store’s closing entries.
Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise. Journalizing purchase and sale transactions Journalize the following transactions that occurred in November 2018 for Julie’s Fun World. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Julie’s Fun World estimates sales returns at the end of each month.
Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise. Journalizing purchase and sale transactions Journalize the following transactions that occurred in February 2018 for Oceanic No explanations arc needed. Identify each accounts payable and accounts receivable with the vendor or customer Oceanic estimates sales returns at the end of each month.