At the end of the year, the following adjustments (a)–(j) need to be made: (a, b) Merchandise inventory as of December 31, $19,700. (c, d, e) Jones estimates that customers will be granted $400 in refunds of this year’s sales next year, and the merchandise expected to be returned will have a cost of $300. (f) Unused supplies on hand, $525. (g) Unexpired insurance on December 31, $1,000. (h) Depreciation expense on the building for the year, $800. (i) Depreciation expense on the store equipment for the year, $450. (j) Wages earned but not paid as of December 31, $330. journalise and post adjusting entries.
At the end of the year, the following adjustments (a)–(j) need to be made: (a, b) Merchandise inventory as of December 31, $19,700. (c, d, e) Jones estimates that customers will be granted $400 in refunds of this year’s sales next year, and the merchandise expected to be returned will have a cost of $300. (f) Unused supplies on hand, $525. (g) Unexpired insurance on December 31, $1,000. (h) Depreciation expense on the building for the year, $800. (i) Depreciation expense on the store equipment for the year, $450. (j) Wages earned but not paid as of December 31, $330. journalise and post adjusting entries.
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter5: Accounting For Retail Businesses
Section: Chapter Questions
Problem 35E: Appendix 1 Adjusting entry for gross method The following data were extracted from the accounting...
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At the end of the year, the following adjustments (a)–(j) need to be made:
(a, b) Merchandise inventory as of December 31, $19,700.
(c, d, e) Jones estimates that customers will be granted $400 in refunds of this year’s sales next year, and the merchandise expected to be returned will have a cost of $300.
(f) Unused supplies on hand, $525.
(g) Unexpired insurance on December 31, $1,000.
(h)
(i) Depreciation expense on the store equipment for the year, $450.
(j) Wages earned but not paid as of December 31, $330.
journalise and
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