
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Subject:- accounting

Transcribed Image Text:Current Attempt in Progress
Bramble Depot sells mobile devices and accessories. During September, the following transactions occurred.
1. Kevin Johnson bought a $220 gift card for his uncle Jason Johnson.
2. Sold $120 of merchandise to Samuel Johnson, who used his gift card for payment. (Omit the entry for cost of goods sold.)
3.
Performed a physical count of inventory and determined the correct value of inventory should be $23,000. The unadjusted
balance in the Inventory account was $20,000.
Prepare the entries to record the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent
manually. Record journal entries in the order presented in the problem.)
Sr. No. Account Titles and Explanation
1.
2.
3.
(To record cash received for goods to be provided at a later date)
(To record the sale of merchandise using a gift card)
(To adjust inventory to physical count)
Debit
[[[[
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